Siburan Resources (ASX: SBU) has targeted the acquisition of mineral projects in Papua New Guinea after initiating a preliminary prospectivity and geological review.
The preliminary review phase also includes discussions with local strategic partners seeking to form a joint venture with a Papua New Guinea focus.
Noel Ong, managing director, said “with the experience of our team and a well-funded exploration budget, we are confident of establishing a presence in PNG.”
Siburan has targeted a range of minerals, but the recent developments of Harmony Gold Mining’s (NYSE: HMY, JNB: HAR) interests in the Hidden Valley and Wafi – Golpu gold deposits highlight the country’s untapped potential gold resources.
Indochine Mining’s (ASX: IDC) recent acquisition of the developing Mt Kare project, which hosts a non – JORC resource of 1.7 million ounces gold, is also located in Papua New Guinea.
Papua New Guinea has been ranked as the eleventh largest gold producer in the world and is famous for multi-million ounce gold deposits such as Porgera and Lihir, but is also significant copper producer.