Kainantu Resources Ltd (TSX-V:KRL) said it is making "significant steps" toward delineating drill targets at its Papua New Guinea gold projects.
Highlights from the first quarter of 2022 include the completion of an airborne geophysical survey over the KRL North and KRL South projects, with final analysis pending.
Kainantu said that field work and analysis at KRL North tcontinued to confirm the likely extension of high-grade mineralization from the adjacent K92 project.
READ: Kainantu Resources names mining veteran Nick Franey as chief geologist; company to release 1Q financial statements by May 30, 2022
All told, the Vancouver-based junior group spent $720,000 in exploration for the three-month period to end March 31, 2022, ending the quarter with $1.65 million in cash.
CEO Matthew Salthouse said the company was making significant steps towards the delineation of drill targets in Kainantu in line with its stated strategy.
“Exploration work to date continues to be encouraging with geochemical analysis, contour benching work, and an airborne geophysics program being undertaken during the quarter,” Salthouse said.
Contour trenching is ongoing at East Avanionfi and Yaoro Ridge that continues to increase the company’s confidence on the prospectivity of KRL Southg, the company added.
Kainantu Resources is an Asia-Pacific focused gold mining company with three highly prospective gold-copper projects located in premier mining regions in Papua New Guinea.
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