THE Mineral Resources Authority (MRA) says the K3 million spent on putting together the first two geological maps will cut exploration costs for potential investors,
Managing director Philip Samar made the comment following the launching of Wau and Biaru geology maps in Port Moresby last Friday.
MRA geologists and geoscientists undertook the four-year regional geological mapping project to put together the maps for the two areas in Morobe.
“We’ve spent just under K3million from our own money getting on the ground to do this work, most of it went into helicopter hire because it’s expensive.”
Mining Minister Byron Chan said launching of the two geological map sheets at one-is-to-100,000 scale (1:100,000), were put together by all PNG geologists and geoscientists after months of data compilation both in the field and in-house. “It is the aim of the authority to cover the entire country’s geology at the same scale of 1:100,000.”
Samar told The National that, given drop in global mineral prices, investors should not be put through extra financial burden of carrying out exploration activities.
“We’re now spending government money to do this work. We never had the luxury of spending our own money doing the work. It is something I believe we need to continue to do.
Chan said: “MRA regards geological maps as the very foundation for which investors go and how far they should go with their exploration programmes.
“Currently, a vast area of the country exists only at the scale of 1:250, 000. This provides investors with a general understanding of our geology and its mineral potential at a regional level.
“By going down to a higher resolution of 1:100,000, investors are provided with more detailed information about the geology and prominent geological structures of the area in which they are exploring within.”
“Not only does this scale provide investors with a greater confidence of success or failure of locating a mineral prospect, it will already enable them to decide on which areas to target for exploration.”
Managing director Philip Samar made the comment following the launching of Wau and Biaru geology maps in Port Moresby last Friday.
MRA geologists and geoscientists undertook the four-year regional geological mapping project to put together the maps for the two areas in Morobe.
“We’ve spent just under K3million from our own money getting on the ground to do this work, most of it went into helicopter hire because it’s expensive.”
Mining Minister Byron Chan said launching of the two geological map sheets at one-is-to-100,000 scale (1:100,000), were put together by all PNG geologists and geoscientists after months of data compilation both in the field and in-house. “It is the aim of the authority to cover the entire country’s geology at the same scale of 1:100,000.”
Samar told The National that, given drop in global mineral prices, investors should not be put through extra financial burden of carrying out exploration activities.
“We’re now spending government money to do this work. We never had the luxury of spending our own money doing the work. It is something I believe we need to continue to do.
Chan said: “MRA regards geological maps as the very foundation for which investors go and how far they should go with their exploration programmes.
“Currently, a vast area of the country exists only at the scale of 1:250, 000. This provides investors with a general understanding of our geology and its mineral potential at a regional level.
“By going down to a higher resolution of 1:100,000, investors are provided with more detailed information about the geology and prominent geological structures of the area in which they are exploring within.”
“Not only does this scale provide investors with a greater confidence of success or failure of locating a mineral prospect, it will already enable them to decide on which areas to target for exploration.”