Goldminex Resources (ASX: GMX) is preparing to kick off a new drilling program targeting porphyry related copper-gold mineralisation at the Kiki Prospect, which is hosted within the Liamu Project Joint Venture in Papua New Guinea.
In 2011, Goldminex entered into a farm-in agreement with Vale S.A. (NYSE: VALE).
The diamond drilling program will cover a minimum of 1200 metres, and depending on results - the program may then be extended.
The Liamu Project is positioned within the Liamu intrusive complex, which comprises a range of mineralised intermediate porphyries over a broad area.
In total the project covers around 40 square kilometres of intrusive complex with porphyry copper-gold mineralisation signatures, and has 11 kilometres square of anomalous copper/gold/molybdenum geochemistry.
About the Joint Venture
Vale can earn a 51% interest through funding expenditure of US$20 million across six tenements within the Owen Stanley Ranges package, which includes the Liamu Project. Vale completed the geophysical interpretation. Goldminex is currently the on-ground operator.
Goldminex had around $1.6 million in cash at the end of March 2013.
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