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Additional information
Additional Information
Market: ASX
Sector: Gold Mining
Epic: ASX: MGK
News: Latest news
Web Site: Mil Resources
Other Articles: 08-07-200916-06-200910-06-2009

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Mil Resources

Mil Resources

MIL is a resources investment and development company with a number of activities:

  • 25% interest (and earning up to 90%) of the Amazon Bay ironsands project in Papua New Guinea;
  • global exclusive license to the MIL-Dow electrolytic magnesium process technology;
  • 100% ownership of magnesite resources near Leigh Creek, South Australia.
Wednesday, July 08, 2009

MIL Resources unveils five gold zones at POI in Papua New Guinea

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Gold assays from pan stream sampling at MIL Resources' (ASX: MGK) Poi prospect Papua New Guinea have returned high grade gold.

Investors may recall that Poi is 50% owned by MIL and 50% owned by unlisted Titan Metals.

Importantly for future work, five separate zones of gold anomalies have been defined at Poi from the geochemical sampling program.

Best pan concentrate assays from the five prospects were:

 

- Alusis: 35.6 g/t Au ; 28.4 g/t Au; 10.25 g/t Au
- Wacheri: 30.7 g/t Au
- Bona Flats: 17.6 g/t Au
- Upper Wacheri: 2.15 g/t Au
- Kebei Ridge: 0.51 g/t Au

Interestingly, the boundaries of the gold anomalism have still not been defined, providing further potential upside.

MIL has indicated that Poi "represents a large porphyry gold copper exploration target defined by a prominent syenite ridge; strong geophysical radiometric anomalism and structures striking over 10km, and high grade gold anomalism in stream geochemistry."

As yet, there is insufficient data to define a JORC resource.

There will be an intensified focus on the early identification of drill targets and to define boundaries of the gold anomalies. Additional stream geochemistry, geological mapping and sampling, gridding and trenching will be undertaken.

Importantly for investors, "work to date indicates that Poi has characteristics typical of porphyry gold copper systems found in island arc settings such as PNG," the company said in a statement.

Although early stage, the news from POI just continues to encourage investors given the similarities to large copper gold systems in the "ring of fire" gold arc in PNG.

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