Goldminex Resources (ASX: GMX) has kicked off an initial 1200 metre diamond drilling program to test for porphyry copper-gold potential at the Kiki Prospect, located within the company’s flagship Liamu Project in Papua New Guinea.
Located in the centre of the Liamu Project area, Kiki is situated on the eastern flank of a geophysical aeromagnetic high anomaly and exhibits a window of elevated copper and gold geochemistry within potassic, phyllic, argillic and advanced argillic alteration.
Outcrop rock chip samples reported previously, returned up to 29g/t gold and 3.5% copper. The project covers 40 square kilometres, and is interpreted as being the remnants of a large volcano. There are 13 porphyry copper-gold prospects.
Goldminex had $1.6 million in cash at the end of March 2013.
Drilling program
The drilling program will be two 600 metre diamond drill holes, with the target a 700 metres by 400 metre strong chargeability anomaly partly overlapping elevated magnetic anomaly.
Vale farm-in
Goldminex's partner is Vale S.A. (NYSE: VALE), and whereby Vale can earn a 51% interest through funding expenditure of US$20 million (over four years starting in 2011) across six tenements within the Owen Stanley Ranges package - which includes the Liamu Project.
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