Junior extraction company, Gold Crater Mining Limited, has announced of an estimated high-grade resource at its HGZ project in PNG.The inferred 44,500 tonnes grading at 11.9 grams per tonne for 17,100 ounces is principally contained in three major gold veins at the project, with a previous target suggesting the possibility for 50,000-250,000t at 13-30gpt for 60,000-100,000oz.
According to PNG Industry News, Crater said the potential to increase the resources was considered substantial and the company said all-infrastructure was in place to access the mineralisation.
Craters Technical Director, Richard Johnson said: “This maiden resource marks a significant milestone for the Company, confirming the potential for profitable gold mining from the HGZ project. The report also provides us with more detail of the high grade veins enabling us to target more selective mining of the three main high grade veins. going forward. While the initial JORC resource may seem modest, the gold is accessible and all infrastructure is in place, allowing the Company to move quickly to mining of the three veins as well as other cross cutting structures.” LooPNG