viewPNG Gold Corporation

PNG Gold reports "encouraging" results from Imwauna property


Vancouver-based PNG GOLD Corp (CVE:PGK) reported Wednesday recent drill results from its exploration program at the Imwauna structure on Normanby Island in eastern Papua New Guinea, which the company says are encouraging as they support the geological model. 

Notable results from the four drill holes reported today include 10.72 grams per tonne (g/t) gold over 3.0 metres in hole IMH259. 

Geological modelling so far has found moderate south plunging, high grade gold zones along the Imwauna structure, the company said. Drilling is now underway in these zones to trace the mineralization to depth.

Three diamond drills are currently on site with a fourth arriving next month. The company intends to drill 21 additional holes totalling 4,665 metres on the Imwauna structure by mid December, with plans to continue drilling over the holiday season.

Recent drilling has shown indications of zone width and thickness increasing with depth, PMG added. 

Aside from the drilling at Imwauna, a seven hole program has also been completed on the Kela's prospect area, with low sulphidation veining found in most holes. Further drilling could be completed once assay results are received by the company. 

The Imwauna exploration licence - EL 1091 - is located on the north side of Normanby Island, around 80 kilometres northeast of Alotau, the provincial capital of Milne Bay province, eastern Papua New Guinea. 

PNG holds a 100 per cent interest in both the Imwauna and Sehulea properties on Normanby Island.

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