Goldminex Resources (ASX: GMX), with farm-in partner Vale (NYSE: VALE), have received drill core assays from the second drill hole at the Kiki Prospect, within its flagship Liamu Project in Papua New Guinea.
The Kiki Prospect is considered prospective for copper-gold style mineralisation, interpreted as a gold-bearing epithermal overprint on a porphyry related intrusive system, with mineralisation intensifying towards the southeast.
Better intercepts included 10 metres at 0.29 grams per tonne gold from 4 metres, and 1 metre at 12.8 grams per tonne gold from 373 metres.
Alteration, fracturing and veining is similar to that intersected in the first drill hole, although of lower intensity, and results will assist with vectoring into higher grade gold and copper grade.
The Kiki Prospect is situated on the eastern flank of a magnetic anomaly and it exhibits a window of elevated copper and gold geochemistry, within potassic, phyllic, and argillic alteration suites, with historic outcrop rock chip samples up to 29 grams per tonne gold and 3.5% copper.
Vale has decided to withdraw from the farm-in agreement.
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