Taruga Minerals Limited (ASX:TAR), a company focused on the exploration and development of precious and base metals, has announced that it has entered into a 12-month option to acquire 100% of two highly prospective projects in Papua New Guinea (PNG). The projects include the East Normanby gold project on Normanby Island and the Kol Mountain copper/gold project on New Britain Island.
The East Normanby gold project spans 491 square kilometres and features the Weioko gold deposit, which has seen 67 drill holes completed for a total of 5,792 metres. Highlight intercepts at Weioko include 108m @ 2.4 g/t Au and 68m @ 5.9 g/t Au. The Kol Mountain copper/gold project covers 123 square kilometres and includes the Esis and Bukuam copper-gold porphyry prospects. The project has significant historical exploration data from BHP and Rio Tinto, including 37 historic holes drilled for a total of 8,620m.
Chairman Paul Cronin commented on the acquisition, stating, ‘We are delighted to have secured this transformational opportunity in PNG for Taruga shareholders.’ He added that the company plans to undertake high impact work over the coming months, including drilling and exploration at the Weioko gold deposit and applying modern geophysics to advance the copper porphyry and skarn prospects at Kol Mountain.
To fund the option and exploration activities, Taruga has arranged a $1.5 million placement led by Discovery Capital, with directors committing to $600,000. Experienced PNG-focused geologist and vendor Peter McNeil will be engaged as a consultant to assist with the transition of in-country activities and exploration moving forward.
