Petromin unveils new discovery at Ipi River

By GYNNIE KERO

PAPUA New Guinea’s national oil, gas and minerals company Petromin yesterday announced a new discovery at its Ipi River prospect in Central province, The National reports.
 The company said in a statement that the second drill hole PDH002 in its 100%-owned Ipi River prospect had intersected porphyry mineralisation from 10m to end of hole at 461m east of hole PDH001.

Petromin’s diamond driller, Donald Kiap (left) and the drill crew preparing the SC11 drilling rig for drilling on the second exploration hole (PDH002).

“Preliminary assay results from its first drill hole PDH001 are currently being received and compiled for analysis and reporting,” Petromin said.
“Best gold, copper and molybdenum assay in the hole was 0.558 grammes per tonne (g/t), 0.47% and 0.11% respectively.
“Copper and molybdenum assays from 276m to end of hole depth of 427m are not yet available.
“Petromin’s exploration team is expecting better copper grades in the deeper parts of the hole close to the potassic core or centre of the mineralisation.
“The initial assays for PDH001 and more than 450m of mineralisation observed in PDH002 continue to confirm the geochemical sampling and 3D IP geophysical survey and interpretation carried out by Petromin exploration team last year, identifying the porphyry target zone area of 1.63km by 1.27km and a depth of 0.6km.
“A third hole, PDH003 is being designed to further test the centre of the porphyry system as hole PDH001 stopped 200m short of reaching the modelled centre of the mineralisation to the west.”
The company plans to announce all the results of drill hole PDH001 and PDH002 over the coming months as final assay results are received.
The Ipi River prospect at EL-1352 is about 50km north-west of the company’s current Tolukuma gold mine, on the foot hills of the Owen Stanley Range, not far from Bereina on the coast.
Petromin managing director and chief executive officer Joshua Kalinoe said the accelerated exploration and drilling programme at the Ipi River prospect was part of Petromin’s overall growth strategy, consistent with its mandate of meaningfully participating in the mining and petroleum industry for the collective gain of all Papua New Guineans.
He said the initial assay results from drill hole PDH001 were very encouraging and confirmed “our geological and geophysical modelling that the Ipi River prospect is a genuine porphyry target”.
He said the PDH002 had now confirmed that the mineralisation in the porphyry system extends and was still open to the east for more than 230m.
Core samples for PDH002 are being processed for assay.
The exploration programme is being undertaken by Petromin’s wholly-owned upstream exploration and production company Eda Minerals Ltd and is led by Petromin’s chief exploration geologist Dr Wilfred Lus and a national team of geologists and drilling personnel.