EL2578 comprises 116 sub-blocks, covering an area of approximately 315km2 that encloses the Company’s existing Simuku exploration licence.
This includes areas near the boundary of the Simuku exploration licence that show encouraging signs for potential conductive and resistive anomalous zones.
The EL2578 licence is valid for an initial term of two years at which time the Company may apply for a further extension. The company’s minimum expenditure under the exploration is K50, 000 per annum for the initial two year.
The company also advises that it has signed a contract with Austhai Geophysical consultants to conduct an IP survey of the Simuku exploration licence.
The IP survey will follow up the highest ranked VTEM anomalies to delineate greater detail to allow for identification of drill targets.
This survey will be conducted in June this year in West New Britain province.
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