Thursday, 24th April 2008 (558 views)

New drilling at the Imwauna project in the Milne Bay province of Papua New Guinea has identified two "significant targets" of high-grade gold mineralisation, the company developing the property has said.

New Guinea Gold said the zones were discovered at depth, between 50 metres and 150 metres below previously drilled mineralisation.

The best results from the programme included grades of 94.4 g/t gold over 3.7 metres and 16.5 g/t gold over 7.2 metres.

There were also values of 32.4 g/t gold over 10.3 metres, 36.2 g/t gold over 5.6 metres and 34.5 g/t gold over 2.8 metres.

Historical resources estimates for the Imwauna project based on a 15-hole drilling programme put its inferred deposits at 990,000 tonnes with an average grade of 6.1 g/t gold for a total of 194,000 ounces of gold.

The property is one of ten gold operations New Guinea Gold is pursuing in Papua New Guinea. The others include Sinivit, Feni and Crater Mountain.

 

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