A major field exploration program will begin at leading Australian nickel producer Mincor Resources’ 72%-owned Bolobip copper-gold porphyry project site in Papua New Guinea.

The company says ground preparations are complete and an exploration camp has been constructed. The field exploration activities will be supplemented by airborne and ground geophysics which include induced polarization (IP) surveys and heli-borne magnetics. It says the program will be completed by July 2013.

Bolobip is a large coincident copper-gold anomaly in a multi-phase intrusive environment, about 60km east of the world-class Ok Tedi deposit. Initial studies have suggested that it has affinities to porphyry-style mineralization with similarities to Ok Tedi. The geochemical anomaly is about 1km in diameter and has never been drilled. The initial geochemical sampling work was completed by CRA in the late 1980s and early 1990s, with no substantial follow-up since.

“Mincor’s intention is to confirm the porphyry characterization of the target through field mapping and alteration studies, and to generate drill targets through the use of IP, which is capable of identifying disseminated sulphide mineralization, and a magnetic survey. Any targets identified would be ready for drilling either late in the current financial year or early in the new financial year,” says Mincor’s managing director David Moore.

The company has moved its focus to the Bolobip site after completing its exploration activities at the Edie Creek project, which is in the Morobe goldfields of PNG.

Mincor’s exploration program included blanket soil sampling and ground magnetics, detailed mapping, trenching and sampling, and a 12-hole diamond drilling program. Assay results from the drilling included 6 metres @ 1.39 grams/tonne gold and 23.7 grams/tonne silver from 13 metres and 0.9 metres @ 1.27 grams/tonne gold and 106 grams/tonne silver from 65 metres.

David Moore says while the exploration has clearly demonstrated the presence of an epithermal and mesothermal gold system at Edie Creek, the company’s interpretation is that this system is widely dispersed, and likely to have generated numerous small gold deposits rather than a single, viable ore deposit. Mincor has elected to cease expenditure on the project.

www.mincor.com.au

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