Thursday, July 04, 2013 by Proactive Investors
Located in the centre of the Liamu Project area, Kiki is situated on the eastern flank of a geophysical aeromagnetic high anomaly and exhibits a window of elevated copper and gold geochemistry within potassic, phyllic, argillic and advanced argillic alteration.
Outcrop rock chip samples reported previously, returned up to 29g/t gold and 3.5% copper. The project covers 40 square kilometres, and is interpreted as being the remnants of a large volcano. There are 13 porphyry copper-gold prospects.
Goldminex had $1.6 million in cash at the end of March 2013.
The drilling program will be two 600 metre diamond drill holes, with the target a 700 metres by 400 metre strong chargeability anomaly partly overlapping elevated magnetic anomaly.
Goldminex's partner is Vale S.A. (NYSE: VALE), and whereby Vale can earn a 51% interest through funding expenditure of US$20 million (over four years starting in 2011) across six tenements within the Owen Stanley Ranges package - which includes the Liamu Project.