Mayur Resources completes major LIDAR survey in PNG
Mayur Resources (MRL) has completed a Light Detection and Ranging (LIDAR) survey in Papua New Guinea
The survey will model 543 square kilometres over two projects in the country
The data from the survey will help outline new JORC Resources and Ore Reserves at the Orokolo Bay project
At the Depot Creek project, the survey will help with planning the next phase of drilling
Mayur shares have gone untraded this year, last selling for 48 cents each on December 31, 2019
Mayur Resources (MRL) has completed a regional Light Detection and Ranging (LIDAR) survey across two Papua New Guinea (PNG) projects.
LIDAR surveys essentially use pulsed lasers and scanners from an aircraft to create precise 3D information about the shape of an area and its geological characteristics.
The company will use the details from the survey to outline further JORC Mineral Resources and new Ore Reserves at its Orokolo Bay Industrial Sands Project and Depot Creek Coal Project in the small country.
According to Mayur, the geological surveys are in a bid to bank more resources from Papua New Guinea.
Mayur Managing Director Paul Mulder said the LIDAR survey is an important step in de-risking both projects and fill in some gaps the company has with existing topographic data.
"Our resource geologists and mine planners can now move forward with confidence with resource and reserve estimation work as well as with mine designs and infrastructure configuration," Paul said.
As part of the survey, PNG transport company Trans Wonderland flew over 234 square kilometres at the Orokolo Bay project and 309 square kilometres at Depot Creek.
The models created from the survey will allow for accurate resourcing and reserving work to now be taken on by Mayur, and will also play a part in completing a feasibility study at Orokolo Bay.
On top of this, the LIDAR survey will help with planning for the next phase of diamond core drilling at Depot Creek.
Mayur is joining the ranks of some of the biggest global mining companies turning to Papua New Guinea as the next global resource capital. The country has always been prospective for mining, but political unrest and tough government regulations have deterred potential diggers.
In mid-2019, however, newly-elected Prime Minister James Marape changed the government's tune towards mining and said he plans to adjust "outdated" regulations.
Mayur wants to help grow the country's economy as it couples its resources projects with community engagement programs to help with the "Nation Building" of Papua New Guinea.
Mayur shares have gone untraded this year, last selling for 48 cents each on December 31.
The company has an $84.95 million market cap.