Goldminex continues to advance its promising Kiki prospect within the flagship Liamu Project area, 120km east of Port Moresby in the Owen Stanley region.
A diamond drilling program was undertaken at the Kiki prospect to test geophysical chargeability and aeromagnetic targets.
With the key focus of activities at Liamu during the September quarter, limited field work was undertaken on the company’s other copper gold porphyry or nickel targets. Further copper and gold project opportunities within PNG were evaluated and project generation work was undertaken.
In September 2013 Vale gave notice that it was withdrawing from the Owen Stanley Farm-in
Agreement. With Vale’s withdrawal, Goldminex retained a 100% unencumbered interest in the five ELs and contained projects. This gives Goldminex a strong position to fully utilize the valuable exploration data generated from programs funded by Vale (US$16.6 million) during the alliance.
A new JV partner will be sought to assist progressing exploration over Owen Stanley Region targets.