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Kainantu Resources reveals positive update on May River Project in Papua New Guinea

Published: 00:53 16 Feb 2023 AEDT

Kainantu Resources Ltd -

Kainantu Resources Ltd (TSX-V:KRL) has provided an update on the May River Project in Papua New Guinea (PNG), saying it is considering options to acquire 100% of the project on favourable terms in the near term.

The Asia-Pacific-focused gold mining company also said a highly successful study has been completed on the Mountain Gate Prospect at May River, with analysis completed on a total of 324 samples taken from surface and trenching.

“The company continues to take incremental steps to demonstrate the significant potential of May River as a blue-chip copper-gold project,” Kainantu Resources CEO Matthew Salthouse said in a statement.  

READ: Kainantu Resources closes final tranche of previously announced private placement financing for $2.5M in total 

“At Mountain Gate, the surface results of up to 0.52% copper clearly demonstrate the potential of the overall May River project,” Salthouse added.

Kainantu noted that significant gold-copper assay results were collected at Koras Creek in the Mountain Gate Prospect, with assay results ranging from 1,342 parts per million (ppm) (0.13%) copper to 5,222 ppm (0.52%) copper, covering a distance of 194 metres (m).

The company added that Koras Creek is likely a possible up-flow zone of a porphyry and, along with several other outcrops containing gold-copper mineralization and alteration distributed within a 700m by 1,400m area, suggests a shallow gold-rich porphyry copper body(s) underlies the Mountain Gate Prospect.

As well, Kainantu stated that follow-up exploratory work during 2023 over the Mountain Gate Prospect and surrounds will be geared towards rapidly identifying drill targets, as it believes the Koras Creek area, containing a potential mineralized porphyry apophysy, offers the best target thus far.   

Initial planning involves further mapping and sampling the prospect, extending the grid southeast towards the Eserebe Prospect grid and including the peripheral potential epithermals, in conjunction with an induced polarization (IP) survey over the Mountain Gate grid in order to delineate prospective porphyry targets for diamond drilling, according to the company.

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 projects are located in premier mining regions in PNG. 

Contact Sean at sean@proactiveinvestors.com

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