Monday, October 29, 2012

Quintessential Resources granted exploration licence for PNG porphyry project

By Angela Kean of proactive investors

Quintessential Resources (ASX: QRL) has been granted exploration
licence (EL) 2045 covering the 2,563 square kilometre Aria River
Project in Papua New Guinea which is prospective for porphyry copper
and gold.
Aria River is situated on New Britain Island and is located adjoining
and immediately east of Newcrest Mining (ASX: NCM) and Frontier
Resources' (ASX: FNT) Andewa joint venture project that is currently
being drilled and shows the potential for a large porphyry gold
The Aria River tenement contains the Stoneleigh Prospect, which is a
large zone of anomalous copper, gold, molybdenum and arsenic
associated with a volcanics and limestone and located at the central
western edge of the exploration licence.
Extremely limited historic work by BHP Minerals showed copper of
greater than 0.1% in two different rock types, along with effectively
all the samples collected being anomalous in molybdenum and arsenic
with trace gold.
Quintessential is currently considering joint venture opportunities to
advance the project.

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