Projects Goldminex is focused on the discovery of greater than 2Moz gold or gold equivalent deposits in PNG and has extensive prospective tenement holdings covering 6,700km². Goldminex’s priority exploration area is the Owen Stanley Ranges project area and includes • Liamu • Gewoia • Wavera • Bonua The Company has identified a number of additional areas which have returned anomalous gold, copper and nickel values. These will be evaluated as part of the ongoing Regional Exploration / Generative programs to ensure a consistent pipeline of prospective projects is maintained • Sibium • Inaf • Wedei • Ibaubi • Iyewe • Kaildedoana At the Awari Project in the Sepik Province, the compilation of the 2009 exploration data identified several mineralised zones warranting additional follow-up, in particular, the high-grade zone at Langamut Creek.
Regional prospect locality map – Owen Stanley Ranges
Exploration Program The Liamu Project covers a 35km2 intrusive and volcanic complex and is located at the junction of two major structural lineaments with anomalous gold geochemistry. It covers a large portion of a volcanic intrusive centre located along the Keveri Fault system. The Keveri Fault is interpreted as dilational in this zone, providing an ideal space for the emplacement of alkaline intrusive including, diorite, lenziodial, tonalite intruded by feldspar porphyry and mafic volcanics. Historically the southern and central zones of Liamu have supported small scale alluvial gold mining. Other circular features observed surrounding the Liamu structure will be assessed for gold and copper mineralisation potential. The collection of panned concentrate, -80# and BLEG samples in addition to rock float samples from drainages has proven to be an excellent exploration tool for rapidly covering large areas . In 2010 Goldminex commenced an intense mapping, soil and rock chip sampling and drainage geochemistry sampling program over the central altered portion of the Liamu project area which has revealed further excellent gold and base metal results. The central 15km2 area exhibits widespread propylitic alteration with areas of argillic and sericitic altered, highly fractured and faulted intrusives hosting numerous high-grade gold and base metal mineralised shears. These shears commonly shed pannable gold within drainages. Peripheral to this area rock chip samples have revealed zones of elevated Zn-Cu-Pb-Ag, typical or porphyry systems.
These 2010 intercept highlights (detailed below), in addition to the 13.5m @ 12.9g/t Au and 8m @ 5.8g/t Au announced Q4 2009, indicate a structurally controlled high-grade gold mineralised porphyry intrusive system. Further detailed sampling is underway to gain greater understanding of the controls and dimensions of the system.
The mineralised system remains open over a 3km wide zone extending immediately to the south of the area under current investigation. Work will commence in this region in Q2 2010 to identify extensions to the known mineralised areas. Planned work at the Liamu Project for the Q2 2010 has the following objectives:
Highlights from rock chip sampling in Q1 2010 include: · 15m @ 28.1g/t Au; 5.1 ppm Ag; 0.10%Cu; 1.45% Pb and 1.95% Zn from a semi-continuous chip sample obliquely across strike trend of an altered syenite intrusive hosting 1-20cm wide quartz-carbonate-pyrite-base metal sulphide sheeted veins with a frequency of 1/m.
· 10m @ 17.2.0 g/t Au; 37.4 g/t Ag; 0.13% Cu; 2.1% Pb; 2.7% Zn from a semi-continuous chip sample across a propylitic altered intrusive overprinted by weak argillic-silica alteration associated with two quartz-carbonate-pyrite-base metal sulphide mineralised, NE trending shears. The mineralised shears are 40cm and 1m wide, 1m apart and comprise approximately 15% of the outcrop. Sulphides in the shear comprise approx 15% pyrite and approx 2-3% base metals.
· 2m @ 68.6g/t Au, 25.7 ppm Ag, 2.02% Pb, 1.52% Zn from a continuous chip sample along a 20 - 30cm wide, NW trending mineralised structure hosting silica-base metal vein mineralisation within a silica-clay altered matrix.
· 8.02g/t Au, 6.8 ppm Ag, 0.32% Cu, 0.39% Pb, 2.22% Zn from a selected chip sample collected from an oxidised NW trending shear hosted in silica-clay altered felsic intrusive with base metal mineralisation. Base metal sulphides occur as stockwork veinlets. Collected 5m from the sample below.
· 3m @ 9.33g/t Au, 12.4 ppm Ag, 0.29% Cu, 1.22% Pb, 2.13% Zn from a 3m continuous chip sample sub-parallel to a 15cm wide structure withina pale grey, moderately silicified, medium-grained felsic intrusive hosting base metal stockwork mineralisation on fractures.
· 5.17 g/t Au, 6.2 ppm Ag, 0.23% Cu from a random chip of a 10-20cm wide silica-clay base-metal shear along the contact of silica-clay altered monzonite and an andesite. This 20m exposure is along a NE striking mineralised contact. Collected 5m from the sample above.
· 3m @ 9.43g/t Au, 13.2 ppm Ag, 0.42% Cu, 2.43% Pb, 6.29% Zn from a semi-continuous chip sample of strongly clay altered and oxidised rock containing disseminated base metal sulphide and quartz – carbonate veins.
· 73.8g/t Au, 73.4 ppm Ag, 1.67% Cu, >10% Pb, >10% Zn from a selected grab sample of mineralised float of strongly altered, acid bleached dioritic intrusive.
Ridge and spur auger soil sampling traverses in areas that intersect interpreted trends of the altered and/or mineralised zones have returned areas with strong gold contrast and good continuity, indicating that this method is an effective exploration tool to delineate along strike extensions to the mineralised structures noted in the creeks. Trenching is utilised to define the positions of potentially mineralised horizons beneath soil and saprolite cover. The results of these activities are used in the development and prioritising of drill targets. Extensions of the Berefana Creek mineralisation which was reported Q4 2009 have been successfully revealed by recent trenching.
Target Generation Activities to generate and identify additional exploration targets considered to demonstrate the potential to host greater than 2Moz gold or gold equivalent within the extensive Owen Stanley tenement portfolio is continuing. Main generative activities include:
Other Owen Stanley Projects Wavera Project (EL 1576) The Wavera porphyry complex is an ovoid shaped multi-phase intrusive centre, clearly defined as an electromagnetic low with dimensions of 3km long by 2km wide in the regional VTEM survey conducted in 2008. The porphyry complex is dominated by intermediate and felsic intrusives with zones of strong NE trending fracturing, argillic alteration with >1% disseminated sulphides within a more extensive propylitic alteration halo. Limonite staining on fractures is common. Reconnaissance exploration drainage sampling conducted to date has revealed several panned concentrates returning greater than 10ppm Au and up to 296ppm Au, indicating several drainage catchments are shedding gold. Rock float samples from the porphyry also returned gold anomalous assay results of greater than 1g/t Au. Follow-up of these reconnaissance anomalies is planned in addition to detailed mapping and sampling where warranted. To the northeast of Wavera, mapping at Iyewe in December 2009 located narrow nickel sulphide veining within a 2 – 3m wide fault. The veins are located <1km upstream from the site of the 2009 drilling at Iyewe Creek. Further investigation of this area will be after Q2 2010. Bonua Project (EL 1576) Bonua is a structural flexure identified from satellite imagery and interpreted as a dilational fault jog environment with potential to host gold mineralisation. A review of the historic PNG exploration database confirms gold anomalism from a number of drainages in the area all of which warrant further investigation. The elevated gold in drainage geochemistry supports the mineralisation potential of porphyries within this area. A regional drainage sampling program is planned and landowner access negotiations are currently underway. Gewoia Project (EL 1607) The Gewoia Project comprises a near-circular structural feature covering approximately 90 km2 and is underlain primarily by the Pliocene Sisara Volcanics, in a large basin floored by Quaternary sediments. It is flanked to the SW by Cretaceous rocks of the Papuan Ultramafic Belt. A major volcanic zone including a 30km diameter caldera and the active Mt Lamington volcano is located to the NW of the project area. Geomorphologically the Gewoia region may be interpreted as a volcanic complex consisting of an outer crater wall, an inner smaller crater and three resurgent domes. A brief exploration program in Q4 2009 targeted structural and lithological areas selected on the basis of historic gold anomalous geochemical results and internal data. This partially completed program was terminated by the onset of the wet season limiting access. Base metal sulphide mineralisation was observed in structural settings within andesitic volcanic, usually associated with argillic alteration. Only a small portion of the Gewoia area has been covered to date and areas of alteration and mineralisation warrant follow-up. A wider reaching program is planned in this very large area with an emphasis on investigating any indications of silicification and argillic alteration. Awari Project (EL 1420) The Awari Exploration License covers an area of 240km2 located in the Sepik Province, 45km northeast of the multi-million ounce Porgera Gold Mine, on the Porgera Transfer Structure. Since the Exploration License was granted in December 2008, Goldminex has acquired and processed data from previous exploration carried out in the area. Limited diamond drilling by Kennecott Exploration had returned 7.7m@11.4g/t Au. Trenching at Anomaly Hill, within the Awari Prospect, by previous explorers returned encouraging results including 5m at 38.5g/t Au.
Regional exploration at Langamut Prospect, 2km south of Anomaly Hill, found outcropping E-W trending vein mineralisation which returned 29m at 4.59g/t Au in Trench 6 and 2m at 4.34 g/t Au in Trench 3. The Langamut and other prospects within EL 1420 warrant additional investigation. An Exploration License Application (ELA 1768) covering an area of approximately 785km2 to the northeast of the Awari EL 1420 has been lodged with the MRA. The application is interpreted as incorporating the northeast continuation of the Porgera Transfer Structure which is considered to be an important tectonic component in the placement of the 30Moz Au Porgera gold deposit located 60km southwest of Awari.
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