Kainantu Resources Ltd (TSX-V:KRL) has announced encouraging results from its huge airborne geophysical survey at its KRL South and KRL North projects in Papua New Guinea (PNG), which includes the identification of two possible porphyry systems at the latter.
The survey spanned three blocks over 186 square kilometres (sq km) and included all prospective areas of KRL North and key areas of interest at the Tirokave area of KRL South, including the East Avaninofi and Yaoro Ridge prospects.
At KRL North, two large magnetic anomalies were identified to the southwest and southeast and have been interpreted as possible porphyries.
"The KRL airborne geophysics survey and subsequent analysis has proven to be a successful venture for the company, confirming the highly prospective nature of both KRL North and KRL South; supporting ongoing work at the projects. In addition, the survey has also identified other targets and prospects in the region," said Matthew Salthouse, the CEO of the company in a statement.
READ: Kainantu Resources reports making "significant steps" toward delineating drill targets at its Papua New Guinea gold projects in 1Q
At KRL South, magnetic signatures indicated a possible offshoot from the Elandora porphyry complex occupying the centre of the Tirokave ring feature, the company said, adding that an additional prospect was identified at Mt Yungateia, north of the Tirokave area.
Further regional targets with high prospectivity were identified at KRL South and further analysis is underway, Kainantu added.
KRL North and KRL South lie along the so-called Kainantu transfer structure, in a district associated with highly successful mining projects.
KRL North is near K92 Mining's flagship gold mine and due to this, Kainantu has continued fieldwork and studies to build confidence on the structural similarities and potential trend between the project and the Bilimoia mineral field.
Initial analysis from the airborne geophysics program conducted by K92 also appears to demonstrate a north-east linear zone of high conductivity trending towards KRL North, noted the firm.
At KRL South, the initial focus has been around the Tirokave area, which hosts extensive outcrops, including scattered dykes and plugs of the Elandora porphyry and intrusives associated with other successful projects in the region.
Trenching is currently underway at East Avaninofi and Yaoro Ridge, where the company is collecting samples and undertaking further mapping ahead of selecting potential drill targets.
Kainantu Resources has three highly-prospective gold projects - KRL South, KRL North and the May River project - all in premier mining districts of PNG.
Both KRL North and KRL South show potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the high-grade Kainantu gold district. The May River asset is close to the world-renowned Frieda River copper-gold project.
Contact the author at giles@proactiveinvestors.com