Our subsidiary, Lakeville Mines Limited, has applied for and we anticipate receiving five-year exploration licenses for the Mainoki and Karato areas in Bougainville.
CRA Exploration Pty. Ltd. (“CRA”), the predecessor to Bougainville Copper Limited (“BCL”), conducted extensive exploration in the Mainoki and Karato areas. CRA discovered strong copper mineralization consistent with a porphyry, similar to Panguna. Subsequent geochemical testing showed significant gold enrichment. The Mainoki and Karato areas were thought to be so prospective that the Papua New Guinea government negotiated the right to obtain a majority stake in any entity that would mine in these areas as part of its 1967 and 1975 agreements with BCL which were enacted into law as the Bougainville Copper Act.
We hope to prove out the prior exploration work done indicating these areas are similar to Panguna as highly prospective for copper and gold.
We hope to prove out the prior exploration work done indicating these areas are similar to Panguna as highly prospective for copper and gold.
1. Mooney, CRA Report, 1968.
2. Bering, Interpretation of Aerogeophysical data and Follow-up Investigation of Aerogeophysical anomalies on the Island of Bougainville, PNG, 1990.