Marengo Mining has received final assay results from its 2012 drill program at the Yandera Copper-Molybdenum-Gold Project in Madang province.
While drilling is on hold at the site pending finalization of a feasibility study, Marengo says highlights from the Imbruminda prospect include 255 metres @ 0.42% copper including 90 metres @ 0.67% copper, 69 metres @ 0.53% copper including 21 metres @ 0.90% copper and 21 metres @ 1.21% copper.
The company’s focus during the March quarter was ongoing activities relating to the completion of a feasibility study for an open-pit mining operation and processing facility at the site. Copper-gold concentrate is to be delivered to Madang Port by pipeline and molybdenum concentrate will be delivered by road.
An integrated rock-waste and process tailings management facility at Yandera is also being designed, while a harbourside area for centralized infrastructure including power, to be reticulated to the site, is also under design. The feasibility study is being completed by a team from Marengo, Arccon, Mining One and Coffey.
Marengo’s president and CEO Les Emery says, “The company remains committed to the development of Yandera and is pleased with the support from our strategic partner NFC, the PNG Government, as well as financial support from major shareholder Sentient Group.”
Regional exploration activities are also on hold, pending the end of the wet season, however this time has been spent on data compilation and interpretation, which has so far eliminated certain areas as gold sources.
Marengo’s community affairs team has also engaged with local residents to provide updates on site activities and future plans and regular meetings are being held with government departments at provincial and national levels to ensure these authorities are aware of the development plans for what’s believed to be one of the largest undeveloped porphyry copper-molybdenum-gold systems in the southwest Pacific.