Vancouver – With the price of gold showing signs of life, Madison Enterprises (MNP-V) has resumed exploration of the promising Mt. Kare gold-silver property in Papua New Guinea.
The latest program consists of regional prospecting and geochemical sampling aimed at identifying new gold-bearing structures. The junior hopes to have a series of prospects ready for drill testing later in the year.
In 2000, Madison drilled four holes testing the western limits of the Roscoelite zone, the down-dip extension of mineralization in the C9 zone and a geochemical anomaly at the South Pump Creek prospect. The first two targets returned wide intervals ranging from 0.5-to-0.8 grams gold, where as the geochemical anomaly failed to yield any significant mineralization.
Mt. Kare hosts an indicated and inferred resource of 25.53 million tonnes grading 2.2 grams gold and 29 grams silver per tonne.
Madison has a 90% interest in the property with Kare-Puga Development, made up of Mt. Kare landowners, holding the remaining 10%.
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