Resource giant Minorco (MNRC-Q) and junior Triarx Gold (TXTX-C) have expanded their joint gold-copper exploration program in Papua New Guinea.
The original joint-venture agreement, announced in July 1997, gave Minorco the opportunity to earn a 51% interest in the Tingi Valley and Poru properties by spending US$11 million over four years and an additional 29% interest by producing a bankable feasibility study.
The agreement has been expanded to US$13 million over six years.
Tingi Valley is described as a porphyry gold-copper target similar in geology and size to the huge Ok Tedi mine, with which it is on trend.
Poru is an epithermal gold target contained in a discrete volcanic sequence or diatreme.
Triarx retains the right to explore areas outside those designated in the joint-venture agreement. The junior has about 50 million shares outstanding, or 52 million fully diluted.
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