LCL Resources has begun exploration field work at its Puma prospect in southern PNG, as it looks to follow in the footsteps of the Kainantu gold-copper mine.
The maiden work program aims to provide surface data such as vein orientations and thicknesses in anticipation of a drilling campaign.
The Ubei area was previously explored by GoldMinex, which conducted an airborne VTEM (versatile time domain electromagnetic) survey and completed a pole-dipole induced polarisation survey between 2004 and 2013.
LCL Resources has reviewed that data to validate an historic target. The geochemical samples included outcrop rock chips of 4.29 per cent copper and 367.7 grams of gold per tonne and surface geochemistry indicates a mineralised corridor of up to 60m in width.
The Puma vein mineralisation, which is undrilled, is believed to be similar to veins at the Kainantu gold-copper mine, something LCL executive chairman Chris van Wijk said offered great promise.
“The Puma target has demonstrated the potential for some very high grades at surface and the historical IP (induced polarisation) which we have reprocessed demonstrates a very strong conductor,” he said.
“There is a good analogue system in the veins of the Kainantu deposit, with which our geologists are very familiar, so we feel positive that we have a robust target at Puma that is worthy of further work.”
Van Wijk said the exploration is in line with LCL’s long term strategy to understand the existing potential across all its assets in both PNG and Colombia.
“The directive from our major shareholders has been very clear: test the portfolio for world-class systems,” he said. “This work program is the first step towards a definitive test of this target.”
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