By SINCLAIRE SOLOMON, The National
Company managing director Les Emery said in a statement yesterday the new application (ELA1851) was a particularly exciting development for the company as there had been almost no prospecting or geographical mapping work carried out in Finisterre Ranges and accordingly, the mineral potential of this area was unknown.
He said that geologically, it represented a possible strike extension to the Torricelli Mountains between Wewak in East Sepik and Vanimo in West Sepik.
Perth-based Emery, who visited the Yandera copper-molybdenum-gold prospect two weeks ago, also said the Yandera regional activities had progressed well.
He said that this year’s dry season had allowed Marengo Mining to instigate a reconnaissance stream sediment and geographical mapping survey in EL1665 Koinambe, located northwest of the Yandera central deposit.
Emery said two principal drainages were investigated over a one-month period by a small team comprising one geologist, two field assistants and a community relations officer.
“The local people were very pleased to see the company expanding into their area where various alluvial gold workings are currently exploited by the landowners.
“The results from this work will be available in the first quarter of 2011,” he said.
Marengo Mining is an Australian-based metals company whose core focus is exploring and developing the world-class Yandera project in the highlands of Madang.