LCL Resources has announced its Ono gold project has an inferred mineral resource of 18.3 million tonnes (Mt).
LCL owns 100 per cent of the Ono project, located 150km from the Port of Lae, and has recently adopted a new strategy aimed at streamlining the business and reducing overheads.
New and existing shareholders have strongly endorsed this strategy, and with Ono’s mineral resource estimate, it isn’t hard to see why.
“The geology supports the existence of further shallow pods of mineralisation around the central Kusi intrusive centre as well as the possibility for deeper mineralisation within the Lower Limestone,” LCL executive chairman Chris van Wijk said.
“Further exploration is warranted to investigate the tenor and scale of mineralisation in the Lower Limestone unit as well as to test the obvious targets outlined by the soil geochemistry results.”
Independent mining consultancy WSP has been commissioned to estimate an inferred mineral resource incorporating all the drilling completed by LCL since it acquired Ono in 2022.
“[LCL] is investing in the use of 3D induced polarity to target mineralisation at depth in the Lower Limestone unit and to define the margins of the Kusi intrusive body,” van Wijk said.
“These results reflect the focus on the copper-gold assets within the portfolio. There remain a number of other copper-gold opportunities to follow up on in PNG which we are excited to continue exploring.”
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