Assay results from PNG Gold’s drilling program at its Imwauna gold project on Papua New Guinea’s Normanby Island, have extended the vein system by more than 2km.

Drill highlights from the Milne Bay province project include a very high grade section of 112 grams/tonne gold over 6 metres which includes a 4 metre zone grading 162 grams/tonne gold and a 1 metre zone grading 327 grams/tonne gold. Results from one hole averaged 28.72 grams/tonne gold over a 20.2 metre wide zone with multiple quartz veins.

One hole has confirmed 15.8 grams/tonne gold over 1.8 metres at a vertical depth of 190 metres which is the deepest intersection on the property to date. Another hole intersected 16.9 grams/tonne gold over 0.9 metres at a shallow depth of 40 metres. Significantly, both holes are in the high grade zone at the northern end of the Imwauna vein system.

Former president of PNG Gold Dick Whittington states: “These results open up the Imwauna vein system to new depths. To have grades of 15 grams/tonne at 190 metres vertical depth, along with only minor amounts of sulphides, is further evidence of the potential of the Imwauna vein system as a whole.”

Many veins at Imwauna, including Kela’s, remain untested and PNG Gold says further closely-spaced drilling will be required to fully delineate the orientation of any high grade zones within the deposit and assess the potential for extensions or repetitions either along strike or at depth. A 5000 metre drill program is planned for the Kela’s prospect.

In February, PNG Gold announced results from initial metallurgical test work from drill core samples from holes in the northern and central sections of the prospect. These showed extraction grades of 95% gold and 86% silver with indications of improved results with longer leach times and more controlled grinding.

Imwauna is on the north side of Normanby Island, about 80km northeast of the provincial capital Alotau. Historic drilling over 178 holes has outlined gold mineralization over a strike length of at least 900 metres to an average vertical depth of about 100 metres.

In other news, the company has appointed Lorne Warner as its interim president and chief executive officer after the resignation of Dick Whittington earlier this month. Lorne Warner is a professional geologist with more than 30 years’ production and exploration experience in the minerals industry. PNG Gold has also appointed Dr Gouwei Zhang as vice president of exploration, and Neil Halldorson as executive vice president of corporate development.

www.pnggold.com

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