Kainantu Resources Ltd (CVE:LRL) reported that it closed the first quarter of 2021 with US$2.8 million in cash as it advances projects in the high-grade Kainantu gold district of Papua New Guinea.
"The company is pleased to report progress and achievement against early-stage milestones set for the business on listing,” said CEO Matthew Salthouse in a statement.
“Over the next quarter, the company will continue to focus on targeted exploration at our highly prospective Kainantu projects; in addition to assessing options for strategic collaboration in region. The company expects to provide further updates on exploration efforts as our programme extends into the second half of 2021."
READ: Kainantu Resources making steady progress at KRL North project as it strikes access agreement with local landowners
The Canadian junior cited several highlights during the quarter that ended February 28:
- Completion of a private placement and raising C$4.1 million to support the development of highly prospective gold tenements in the Kainantu region
- Re-commenced trading on the TSX Venture Exchange and acquisition of the Kainantu projects
- Appointment of an experienced Asia-Pacific-focused board and executive management team
- Maintenance of a strong in-country ESG agenda in alliance with Asia-Pacific Energy Ventures
- High levels of support and engagement with national and local governments, as demonstrated by public statements from Mining Minister Johnson Tuke
- Consolidation and confirmation of rights to explore at KRL North and KRL South, as a key early-stage strategic milestone
- Access arrangements agreed with local stakeholders at KRL North to support long-term exploration efforts, in addition to overall community support during the recent Wardens' Hearings
- Focused mapping, sampling, and trenching at KRL South, primarily in the Tirokave area, aimed at establishing defined prospects for further targeted exploration
- Encouraging early-stage sampling and fieldwork at KRL North
Kainantu also said that, subject to obtaining necessary approvals, it intends to adopt a December 31, or calendar, year-end for reporting financial results (with quarterly reporting to be adjusted accordingly).
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