Fosterville South Exploration Acquires Significant Mineral Exploration Land Package

by PNG Business News - April 28, 2023

Photo: Bryan Slusarchuk. Credit: Bryan Slusarchuk LinkedIn Page

Fosterville South Exploration Ltd (FSX) has recently announced its agreement to acquire a significant 2166 sq. km mineral exploration land package in Papua New Guinea (PNG) from Wild Dog Resources Inc (WDR), a privately held company. This package includes multiple exploration licenses (EL) and exploration license applications (ELAs) containing both early stage and advanced stage exploration targets with high-grade epithermal vein and porphyry style mineralization.

FSX CEO Bryan Slusarchuk is confident that the acquisition will put the company in a strong position to advance the projects on the ground, following up on the substantial amount of fieldwork and development of drill targets already completed by WDR over the past two years. The FSX team members have significant experience operating within Southeast Asian Island arc epithermal and porphyry mineralization environments, and specifically in PNG.

“Papua New Guinea is home to multiple world-class mining, development, and exploration projects and the country hosts some of the most incredible geology on earth," said Slusarchuk. "Through the rapid growth of K92 Mining in PNG, the recent announcement regarding Wafi-Golpu moving forward, and the ongoing corporate discussions between Newmont and Newcrest, the amazing mineral potential of PNG is becoming more widely known. Many shareholders of FSX have invested in the PNG mining sector and we are confident they will share management’s enthusiasm for this acquisition.”

WDR CEO Alan Martin also expressed his excitement for the deal, stating that the company has assembled a commanding land position within the heart of one of the world’s best regions for gold and copper exploration. "Putting together these projects, developing excellent community relations, and then advancing targets through fieldwork has put WDR in a position to now take the next step in PNG. Through this transaction with FSX, we are emerging as a company with a very strong cash position to deploy on the ground and a team with a track record of success in PNG within a superb share structure."

The acquisition will give FSX a strong foothold in PNG, a region with a rich history of mining, development, and exploration projects. The total land package to be acquired by FSX includes both early stage and advanced stage exploration targets with high-grade epithermal vein and porphyry style mineralization present. This provides FSX with a significant opportunity to expand its operations and potentially make significant discoveries.

Moreover, the deal will make WDR shareholders large shareholders of the combined entity, and they will work together with FSX within this well-funded entity to explore for Tier 1 Copper-Gold deposits in PNG. The merger is expected to unlock the potential of the assets, and both companies are optimistic about the outcome.



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