THE Niuminco Group Ltd says its application for an extension to Edie Creek mining lease (ML 511) in Morobe, Papua New Guinea has been approved for 10 years from Oct 5, 2021 to Oct 5, 2031.
ML 511 covers 3.89 square kilometers, around five kilometres from Harmony Gold’s Hidden Valley Mine.
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| Map drawing by Niuminco Group Ltd |
Managing director and company secretary Tracey Lake said: “ML 511 includes high grade Au-Ag veins and lower grade bulk tonnage options with substantial economic potential.
“Within the mining lease, Niuminco has developed a 120-person camp, mining/processing infrastructure, maintenance and administration facilities.
“It has undertaken measured scale-up of mining and processing over the past 11 years with over AU$10million spent on exploration during that period.
“In the financial year ending June 30, 2022, the Edie Creek Mine produced 262.6 ounces (8,165.5grams) of gold and 244.5 ounces (7,606.2grams) of silver at an average recovered gold grade of 126 grams per tonne for sales of K1,643,278 (AUD$652,612 @ avg 2022 exchange rate).
“The Edie Creek mining lease remains significantly underexplored with only 51 holes drilled for approximately 6,800 metres since drilling commenced in 1988 (24 drilled by NIU since 2011).
The National / Pacific Mining Watch
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