Island Passage Development (IPD) is commencing a new mineral exploration study in Bougainville, the first of its kind since 2001.
A subsidiary of Island Passage Development Canada, IPD will be joining forces with Isina Resource Holdings (IRHL) to explore 251 square kilometres of a mineral property in south central Bougainville.
This is a milestone for the area, which hasn’t seen large scale exploration activity outside of the special mining lease held by Bougainville Copper since 2001.
“As the recognised owners of our minerals, we (the Kongara people) are proud to be the first landowner company to invite an outside partner, Island Passage, to join with us to explore and develop what we have,” IRHL director Steven Topesi said.
IPDC co-founder and chief executive officer Donald McInnes also commented on the significance of the occasion.
“For 17 years beginning in 1972, Bougainville was host to one of the world’s largest copper-gold mines,” he said. “Today, the world is chasing new supplies of critical and precious metals, and demand is driving gold and copper to new highs.
“Island Passage Development is committed to working with the customary landowners of Bougainville through an innovative partnership to reassess the mineral potential and to provide a sustainable future under a new mining lease that is ahead of its time.”
The two companies will explore under an EL02 licence, marking the first valid licence for metals exploration in Bougainville issued under the Autonomous Bougainville Government’s 2015 Mining Act.
Subscribe to PNG Mining and receive the latest news on product announcements, industry developments, commodities and more.
