PNG Gold Corporation ("PNG Gold") is a well-funded, sustainable exploration company with an advanced stage drilling program in Papua New Guinea. PNG Gold holds a 100% interest¹ in EL 1091 Normanby and EL 1069 Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea. The exploration license 1091 consists of flagship prospect Imwauna, along with numerous other prospects, including Kelas. The Imwauna gold deposit is a high grade, near surface, low sulfidation, epithermal vein gold system.
PNG Gold's mission is to become the premier, sustainable exploration and development mining company in Papua New Guinea.
- EL 1091 NORMANBY - 68 km2 project including flagship prospect, Imwauna, neighboring prospect, Kelas, in addition to untested prospects, Wahola, Dimwadimwala, Ebessowa, Mwatebu, Knob, and Salupa Awa
- EL 1069 SEHULEA - 30.5 km2 project including untested prospects Wenasia and Gwamogwamo
- Favorable infrastructure - new 100+ person camp, logistics base in Alotau, manageable site access
- Potential for open-pit and underground development
- OVER 260 HOLES DRILLED AT IMWAUNA AND KELAS TO DATE:
- Historic: 219 holes, 29,049m
- FY 2012: 45 holes, 10,894m (majority completed in Q4 2012 under new management)
- Company-owned diamond drills actively drilling on site (4 new drills acquired Q4 2012 to Q1 2013)
- Capacity to drill NQ core ~1,000m+/HQ core ~700m
- Planned ~4,000m/month drill rate
- Projected 2013 drill cost has been reduced by half of last year's contracted rate2
TABLE OF SIGNIFICANT IMWAUNA DRILL RESULTS
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1 The Papua New Guinea government retains the right to purchase up to 30% of EL 1091 and EL 1069.
2 Drill cost defined as = (amount paid to drilling contractor + drilling consumables including fuel and lubricants + local drilling labor costs + depreciation on company owned equipment) + 11% contingency / drill rate (2013E = 4,000m/month).