Kainantu Resources developing two projects in a high-grade gold district on Papua New Guinea
Last updated: 06:42 24 Nov 2023 AEDT, First published: 00:00 02 Dec 2021 AEDT
Snapshot
- Kainantu Resources announces title transfer payment for Kili Teke gold-copper project
- Kainantu Resources will use blue-chip exploration ground in Papua New Guinea as a cornerstone to create a regional gold play
- Kainantu’s Matt Salthouse talks through the 'terrific opportunity' offered by Kili Teke
About the company
KRL is an Asia-Pacific focused gold mining company with four highly prospective gold-copper projects, Kili Teke, KRL South, KRL North and the May River Project. All projects are located in premier mining regions in PNG. Both KRL North and KRL South show potential to host high-grade epithermal and porphyry mineralisation, as seen elsewhere in the high-grade Kainantu Gold District. The May River project is near the world-renowned Frieda River Copper-Gold Project, with historical drilling indicating the potential for significant copper-gold projects. Kili Teke is an advanced development project with an existing inferred mineral resource. KRL has a highly experienced board and management team with a proven track record of working together in the region; and an established in-country partner.
How it is doing
Kainantu Resources Ltd (TSX-V:KRL) told investors it has made the post-closing payment of US$500,000 to Harmony Gold Exploration Ltd for the release from escrow of the tenement transfer documents for the Kili Teke gold-copper project in Papua New Guinea.
The company gained full ownership of the project in September and CEO Adam Clode said it will now undertake an optimisation study and establish an objective framework to complete a preliminary economic assessment over the next six months.
Following that, it plans to commission a broader economic study that will most likely involve in-fill drilling amongst other technical assessments.
“As a smaller company we are focused on evaluating an accelerated path to revenue and appropriate returns for a high-grade, moderate throughput open pit mining operation,” Clode said in a statement.
Kainantu Resources Ltd (TSX-V:KRL) is kicking off a financing round to raise funds for exploration at its Papua New Guinea property.
The private placement includes up to 100 million shares at C$0.02 per share, with a potential gross proceeds of up to C$2 million.
Kainantu Resources Ltd (TSX-V:KRL) announced it has appointed Adam Clode as interim CEO and Dain Currie as Chairman, filling the vacancies left by Matthew Salthouse and Marcus Engelbrecht.
Clode, known for his success in developing resource projects globally, brings a wealth of experience, having worked on gold assets in Ghana, managed Equinox's Lumwana copper project in Zambia, and contributed to major projects such as RWE (ETR:RWE)'s Pembroke Power Station and African Minerals' Tonkolili Iron Development in Sierra Leone.
Insight: Kainantu Resources will use blue-chip exploration ground in Papua New Guinea...
“It’s an early stage exploration play,” says Matthew Salthouse of Kainantu Resources Ltd (CVE:KRL).
“What we’re looking to do is create a platform for a cornerstone business that brings together expertise in the highly prospective Asia-Pacific region.”
What management says
Kainantu (KRL) has been looking for a project like this for a while, Salthouse told Proactive.
The deal gives KRL a significant copper-gold asset that's more advanced in its development than the current portfolio and also brings with it a resource.
It’s in Papua New Guinea in an area that KRL knows well and is a terrific opportunity to build out the portfolio, he adds.