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Kainantu Resources identifies three high-priority exploration targets at Ontenu area of KRL South project

Published: 21:45 14 Sep 2022 AEST

Kainantu Resources Ltd -
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

Kainantu Resources Ltd (TSX-V:KRL) (KRL) has told investors that three high-priority targets have been identified at the Ontenu area of its KRL South project in Papua New Guinea (PNG).

Historic fieldwork in the area along with an airborne geophysical survey by the company in the first half of 2022 have shown it to host several highly prospective copper-gold targets, the company noted.

The explorer said it was now engaging with the local community in a bid to support fieldwork at Ontenu in the second half of this year ahead of a potential drill program.

"Building on extensive exploration work at KRL South since listing, the company has successfully expanded activities in the broader project; with the Ontenu area identified as highly prospective for gold and copper," said Matthew Salthouse, the CEO of KRL, in a statement.

READ: Kainantu Resources says transformative acquisition of Kili Teke copper-gold project in PNG is on track

"In addition to other initiatives in Kainantu, KRL will accelerate activities around Ontenu with three targets already identified for immediate work. All are on trend and in proximity to other successful high-grade miners in the region. We are confident Ontenu will yield further encouraging results, adding value to the portfolio of high quality KRL projects," Salthouse added.

Ontenu lies on the world renowned so-called Kainantu transfer structure and sits around 27 kilometres (km) south-west of the K92 Mining Inc operating mine.

Over coming months, a focused grided soil sampling program of around 1,000 samples will take place at the three priority targets ai Ontenu, in addition to further mapping and rock sampling.

The aim is to produce zoned geochemical and alteration mapping to aid vectoring towards drill targets, the company said.

Research of historic records held by the PNG Mineral Resource Authority (MRA) has confirmed that Ontenu was first identified by Renison Gold Corp in the 1980s, with three holes drilled, including 100 metres (m) at 0.32 grams per ton (g/t) gold and 0.1% copper from 14m downhole.

Highlands Pacific and Barrick conducted further exploration activities at the area with Barrick defining a 1km by 0.4km gold-copper-moly soil geochemical anomaly within a grid area of more than 15 square kilometres (sq km). The major also completed 7 sq km of surface mapping.

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.

The company also recently executed an agreement to acquire the Kili Teke project in the western highlands of PNG

Contact the author at giles@proactiveinvestors.com

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