Pilbara Minerals' (ASX:PLS) wholly-owned subsidiary New Global Mining PNG has been granted a 1,101 square kilometre tenement package, The Malaumunda Regional Project, in Papua New Guinea.
The Malaumanda Regional Project covers a large contiguous tenement package which gives Pilbara a dominant land holding in one of the more prospective and underexplored gold and copper provinces in the world.
Numerous geochemical gold-copper anomalies and geophysical targets, both epithermal and porphyry, have been identified within the tenement areas, with Pilbara to initially focus on the porphyry prospects.
Notably, the southern boundary of the Regional Malaumanda Project lies 20 kilometres north of the goliath 28 million ounce Porgera Gold Mine.
Pilbara has also received rock chip sample results taken at its Tamo project, also in PNG, earlier this year, where three targets were investigated with ground reconnaissance, float and rock sampling.
A total of 138 samples were collected and returned altered volcanic intrusives, ranging from micro-diorite to altered andesites and gabbros.
Various stages of alteration from weak propylitic to strong argillic alteration on fractures or related to quartz veinlets, and minor breccias were identified with associated haematitic alteration or enrichment.
Pilbara's prospects in Papua New Guinea have been bolstered with the promising acquisition and early exploration results from Tamu.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.