TAR – Taruga Minerals Limited
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Option to Acquire High-Grade Gold/ Copper portfolio in PNG
Highlights
• Taruga has entered into a 12-month option to acquire 100% of two projects in Papua New Guinea, the East Normanby gold project on Normanby Island, and the Kol Mountain copper/gold project on New Britain Island.
• The East Normanby gold project covers a tenement package spanning 491km2 across Eastern Normanby Island (EL2590, ELA2830, ELA2831) and features the Weioko gold deposit, where 67 drill holes have been completed for a total of 5,792m.
• Weioko highlights include:
o 108m @ 2.4 g/t Au (including 28m @ 4.9 g/t Au and 4m @ 21.9 g/t Au) (Trench WT1S),
o 68m @ 5.9 g/t Au (including 4m @ 58.9 g/t Au within a zone of 44m @ 8.7 g/t Au) (Trench WT1N),
o 64.6m @ 2.2 g/t Au (from surface) including 2.9m @ 33.9 g/t Au (Hole PWED047),
o 36m @ 2.7 g/t Au (from surface) including 18m @ 3.6 g/t Au (Hole PWED035), and
o 51.4m @ 2.0 g/t Au (from surface) including 3m @ 16.3 g/t Au (Hole PWED041).
o Several drill holes finished in mineralisation with extensional targets possible. The orebody is considered open at depth and along strike.
• The Kol Mountain copper/gold porphyry complex which includes the Esis and Bukuam copper-gold porphyry, and the Kapea Shear gold targets, covers 123km2 across one granted permit (EL2513) where 37 historic holes have been drilled for a total of 8,620m, and includes earlier exploration by BHP, Rio Tinto and Ok Tedi. Highlights include:
o 222m @ 0.38% Cu (from 3m) NBE001, and 184m @ 0.3% Cu (from 2m) NBE002 – Esis Porphyry
o Several holes at the Esis prospect ended in copper mineralisation and also intersected a near-surface supergene enriched zone with higher grades (16m @ 0.57% Cu) DW7. The historic data indicates the presence of low level gold results but does not include gold assays for all mineralised intervals.
o 35m @ 3.8g/t Au including 5m @ 13.1g/t Au (Kapea Shear South) and 17m @ 5.0g/t Au (Kapea Shear North) at Kapea Shear Zone within the Bukuam Porphyry target.
• $1.5m Placement led by Discovery Capital, with Directors committing to $600,000.
• Experienced PNG focussed geologist and vendor Peter McNeil to be engaged as a consultant to assist with transition of in-country activities and exploration moving forward.
