Kainantu Resources Ltd (TSX-V:KRL) (KRL) has updated investors on the exploration campaign at its KRL North site adjacent to K92, along with an update on the definition of drilling targets at KRL North, anticipated to start in the first half of 2023.
The company said it remains focused on the potential for high-grade gold mineralisation to extend from the K92 Mining/Bilimoia minefield into KRL North; with the evidence to date supporting this continuity.
"KRL remains encouraged by the prospective nature of our KRL North project, sitting adjacent to K92. Fieldwork and geophysics support the potential for the continuity of high-grade mineralisation extending from the K92 area into KRL North, especially around the southern boundary of our project,” Matthew Salthouse, CEO of KRL said in a statement.
READ: Kainantu Resources highlights expanded exploration in nine months ended September 30
“Work through 2022 has added to the company view of KRL North as a high-quality asset in our portfolio, which will be the focus of a targeted drilling program during 2023," he added.
Key highlights include:
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Fieldwork and geophysical analyses continue to support an extension of the Maniape and Arakompa high-grade Au vein system across into the southern area of KRL North
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Fieldwork continues to deliver further Au anomalies at KRL North in near proximity to the border with K92, including rock chip samples containing up to 2.28 parts per million (ppm) gold (Au) - and associated 9.4 ppm silver (Ag), 2,477 ppm arsenic (As), 200 ppm antimony (Sb), 418 ppm lead (Pb) and 1,254 ppm zinc (Zn) and rock float samples returned copper (Cu) anomalous results (356-2,755 ppm) with associated Ag, Pb and Zn highs (6.6 ppm, 11,908 ppm and 9,993 ppm respectively)
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The 2022 field campaign continues to build confidence towards a targeted drill programme during H1 2023, and;
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The company has also identified potential for a larger additional goldfield at KRL North, inclusive of the Young Creek/Ramu Gorge areas for focus in 2023.
During 2022 and based in part on geophysical results, KRL undertook further soil sampling and mapping adjacent to the ring feature identified on the southern boundary of EL 2558, along with more detailed mapping and sampling of the Maniape River drainage in the SW corner of KRL North. Soil sampling at KRL North during H1 2022 involved taking a total of 693 samples.
The work to date at KRL North supports the company's view of the prospectivity of the area and the likelihood of a targeted drilling programme intended to yield high-grade intercepts. Moving towards a targeted drilling programme at KRL North is an operational priority for the company.
In preparation for drill targeting, expected to commence in 2023, preliminary drill plans and sections have been proposed for certain prospects within KRL North, based predominantly on the geophysical modelling profiles, mainly in order to gain a sense of what logistical challenges can be expected, as well as calculating preliminary budgets and schedules.
Kainantu Resources is an Asia-Pacific-focused gold mining company with three highly prospective gold-copper projects, KRL South, KRL North and the May River Project, all located in premier mining regions in PNG (Papua New Guinea).
Contact the author at jon.hopkins@proactiveinvestors.com