Minorco, Triarx expand in PNG

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.

Print

Be the first to comment on "Minorco, Triarx expand in PNG"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close