Augustus Minerals targets Mt Kare gold-silver project near Barrick Gold's Porgera mine
What happened
Augustus Minerals is strategically pursuing the Mt Kare gold-silver project in Papua New Guinea. The company’s subsidiary, ACM PNG, holds a second-in-time exploration license application over Mt Kare, which is situated 15 kilometres from Barrick Gold’s Porgera gold mine. Mt Kare is classified as a rare alkalic-epithermal gold deposit and has previously shown high-grade drill hits.
From smh.com.au
Why it matters
The Mt Kare project is located within the New Guinea Metallogenic Belt, a geological area that hosts major gold deposits. Augustus Minerals executive chairman Brian Rodan Augustus noted that Mt Kare and Porgera are geological cousins. The pursuit of this high-potential resource could increase interest in the gold sector of Papua New Guinea.
From smh.com.au
Who's involved
- Brian RodanExecutive chairman of Augustus Minerals, who commented on the geological relationship between the projects.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Papua New GuineaSpeculative
The resource sector in Papua New Guinea might see increased foreign investment and exploration activity.
Keep exploring
The entities involved
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Papua New Guinea
country in Oceania
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New South Wales
state of Australia