Photo Credit: Kainantu Resources Ltd
The May River project in West Sepik has been acquired by Kainantu Resources Ltd (KRL) under formal agreements.
Chief executive officer Matthew Salthouse said, “The May River project is an exciting acquisition for KRL, given its location in an exceptionally prospective and proven district for significant copper-gold projects.”
May River, according to Salthouse, will provide the Asia-Pacific gold mining business with access to a number of very promising copper-gold possibilities near the world-renowned Frieda River copper-gold project.
“The deal also demonstrates KRL’s ability to execute value accretive acquisitions, in line with our broader strategy of developing a portfolio of high-quality gold and copper-gold projects in the Asia-Pacific and advancing these through the value curve.
“The May River acquisitions fits KRL’s strategy and we are excited to access the ground and advance the existing data.
“The KRL looks forward to continuing to work with the key stakeholders of Niuminco and Hardrock in developing both the May River project and KRL as an emerging mining company.”
The May River project is located near the Frieda and Sepik rivers in West Sepik. It's less than 15 kilometres from PanAust's Frieda River project. The Project is situated on a large tenement area, with previous holders having carried out exploration and drilling that revealed considerable copper and gold prospectivity. The larger regional geology suggests that a number of highly promising zones exist across the Project.
KRL entered into two agreements to buy the highly promising copper-gold mining concessions known as the May River project, indirectly through the acquisition of two holding companies.
KRL will take full ownership and administration of the project once the purchases are completed.
It will continue to engage with Niuminco and Hardrock management (as well as key stakeholders in PNG) to acquire the required regulatory approvals for the Acquisitions in order to complete and consolidate the Project. Under the Hardrock Agreement, KRL is presently performing the field work required for the Study. Initial fieldwork looks to be promising, and KRL will provide an update.
Reference:
Kero, Gynnie. The National (21 June 2021). Kainantu “Resources excited about project’s potential”.
Kainanturesources.com. “Acquisition of Highly Prospective Copper-Gold Project”.
