Kainantu Resources Ltd (CVE:KRL), the Asia-Pacific-focused gold exploration company, has confirmed the extension of rights to explore and the consolidation of its tenements at its core projects in the highly prospective Kainantu region of Papua New Guinea.
The company said its principal holding subsidiaries were demerged from Asia Pacific Energy Ventures Pte Ltd and Pacific Energy Consulting Limited (PEC) in June 2020. As part of the demerger, the company's core project tenements EL 2558 and EL 2559 remained with PEC, pending their transfer to Kainantu.
Now Kainantu said it has successfully transferred EL 2558 and EL 2559 into its own name and with direct control.
READ: Kainantu Resources will use blue-chip exploration ground in Papua New Guinea as a cornerstone to create a regional gold play
"Extending the right to explore and consolidating the tenement package at Kainantu achieves an early-stage strategic objective for KRL and supports our plans to accelerate activities across our highly prospective gold projects during the course of 2021,” said Kainantu CEO Matthew Salthouse in a statement Wednesday.
“Ongoing fieldwork remains encouraging, with further updates expected in the near future. The region is one of the most highly prospective in the country and we are committed to ensuring best practice operations and working in partnership with our local stakeholders."
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