Kainantu Resources Ltd (TSX-V:KRL), the gold mining company operating in Papau New Guinea, has filed interim results for the first half of 2022.
In the six months ended June 30, the company posted a net loss of $520,000, nearly half the $940,000 loss it posted in the first half of 2021.
“Key highlights for KRL over the period included executing a definitive agreement to purchase the advanced stage Kili Teke copper-gold project, which is a transformational opportunity for the company,” CEO Matthew Salthouse said in a statement. “In addition, the geophysics and field campaigns across KRL North and KRL South increased the company’s understanding and confidence in the highly prospective nature of our projects."
READ: Kainantu Resources notes successful airborne geophysical survey at KRL North and KRL South projects in PNG
The Kili Teke project includes an Inferred resource of 237 million tonnes (Mt) at 0.34% copper, 0.24 grams per tonne (g/t) gold, and 168 parts per million (ppm) molybdenum.
Salthouse continued, "In the second half of 2022, KRL will continue our targeted and disciplined approach to capital management and exploration and take further steps to consolidate our portfolio of projects; and a particular focus on our KRL North project, adjacent to K92, where exploration results remain extremely encouraging.”
During the quarter, a comprehensive airborne geophysical program was conducted over the KRL North and KRL South properties, covering a total area of 186 square kilometers.
Both KRL North and KRL South show potential to host high-grade epithermal and porphyry mineralization, the company said, as seen elsewhere in the high-grade Kainantu Gold District. The May River project is in close proximity to the world-renowned Frieda River Copper-Gold Project, with historical drilling indicating the potential for significant copper-gold projects.
An additional prospect at Mt. Yungateia was identified to the north of the Tirokave area, reflecting a coincident conductivity/magnetic high towards the southeast, and further regional targets deemed highly prospective were identified around the Ontenu area.
In KRL South, trenching was advanced at the East Avaninofi and Yaoro Ridge prospects as part of ongoing work around the Tirokave area of interest.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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