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Kainantu Resources discovers high-grade gold samples at its KRL South project in Papua New Guinea

Published: 11:25 05 May 2021 EDT

Kainantu Resources Ltd -
Recent sample results at KRL South included 40.13 grams per tonne gold

Kainantu Resources Ltd (CVE:KRL) has reported high-grade sampling results for the East Avaninofi prospect at its KRL South project in Papua New Guinea, which included 40.13 grams per tonne (g/t) gold.

The company also said its exploration campaign at KRL South has identified three distinct gold prospects with epithermal, skarn and porphyry-style mineralisation.  

“Building on earlier work, I am pleased to report that KRL's focused exploration programme has resulted in us defining three prospects in a relatively short period of time,” Kainantu Resources CEO Matthew Salthouse said in a statement.

READ: Kainantu Resources developing two projects in a high-grade gold district on Papua New Guinea 

“Located in the Tirokave area at the centre of our KRL South project, all prospects display widespread epithermal mineralisation and will remain a key focus for the company; with further progress to be reported in coming months,” Salthouse added. “On meeting this initial milestone, KRL's focus remains on identifying drilling targets in these areas in the near term.”

Kainantu noted that detailed mapping and sampling shows strong similarities between KRL South and other successful Kainantu mines, based on factors such as lithologies, geological cross structures, and geochemical data.

It added that further focused exploration activities are ongoing at each prospect, with updates forthcoming.

As well, the company recently completed a focused multi-element ridge-and-spur soil sampling program centred on the Tirokave area, in which more than 2,000 samples were taken, in order to identify gold prospects for further intensified exploration efforts for development of a near-term drill program.

It said the potential drill targets around the Tirokave area are part of its broader objective of defining a resource at KRL South. 

Both of Kainantu Resources’ projects - KRL North and KRL South - show potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the Kainantu district.

KRL North lies on the boundary of K92 Mining’s five-million-ounce gold mine with some of the highest head-grade being recovered in the world at the moment. 

Contact Sean at sean@proactiveinvestors.com

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