Papua New Guinea: GOLD, COPPER, SILVER
Mt. Penck
Mt. Penck (Gold-Silver - 102.8 sq km)Mt. Penck (EL1322) is situated 55km west of Kimbe, the Provincial Capital of West New Britain Island. Road access from Kimbe to Mt. Penck is good. The license is in good standing. The property covers a large, eroded extinct stratovolcano. The project site sits at 200-300meters above sea level and is bordered by the Bismarck Sea. Hills are covered in jungle with second growth forest and are currently being logged in parts, which is opening up the project area for exploration. Small villages and a loading dock are located at the base of Mt Penck.
Historical work by Placer Dome (1986) and BHP Havana (1970) were targeting copper mineralization systems. In 1985 BHP-Utah Minerals International identified gold anomalies, which initiated the exploration work for gold mineralization. Soil sampling (1986-1987) indicated anomalous arsenic geochemistry and a float rock sample from Kavola River yielded 49.4 g/t gold. RC drilling and aircore drilling (1989) totaling 1140.5m were drilled on the property. In 1990 geochemical sampling over the Kavola East prospect was done, with anomalies clearly outlined by arsenic and gold in soils. Several other prospects were similarly discovered; Peni Creek, Koibua, Koibua South and Kavola South.
Indo Pacific Mining (1994-1997) drilled 7 DDH totaling 1098.5m into the Koibua, Peni Creek and Kavola East prospects. Drilling depths averaged 100-200m. Trenching and rock sampling were also completed.
Kanon acquired the property in 2003. Vangold and NGG became joint owners of Kanon in 2004. Extensive hand trenching and sampling were done in 2004 in Kavola East prospect. 7 DDH (MPD001 to MPD007) were drilled in Kavola East (2004) totaling ~1000m. A soil sampling grid was conducted in 2005 covering the main prospects. In 2006 a total of 3640.8m were drilled in 31 DDH (MPD008-MPD038). In 2007 all historic and recent drillhole locations were re-surveyed, trenches were resampled to confirm grades, cross-sections were drafted and a drillprogram proposed for Kavola East and Peni Creek.
By 2007 Kanon had completed 38 DDH totaling more than 4700m. Results were encouraging with near surface drill intersections such as 72m at 1.79 g/t gold, 14m at 2.82 g/t gold and 2m at 36.7 g/t gold. Trenching by bulldozer and by hand by Kanon yielded intersections including 18m at 3.79g/t gold; 8m at 7.72 g/t gold; 18m at 1,72 g/t gold; 3m at 16.32 g/t gold and 3m at 180 g/t gold.
In 2009 a 4,212.7m diamond drill program was completed, focusing on Kavola East and the main prospects. Results for Kavola East include 69.5m at 1.82 g/t gold and 133m at 1.83 g/t gold, both starting from surface. Encouraging results were also returned from Koibua, Peni Creek and Kavola South, expanding the area of known mineralization. Gold mineralization to date is found in six prospects (Kavola East, Kavola South, Peni Creek, Koibua, Koibua South and Big Bend) within an area 1km by 1.1km, starting at surface to known depths of 130m. Kavola East remains open to the east and south.
In 2009, Barrick signed a letter of agreement with Coppermoly to sole fund up to AU$20 million on Simuku and Nakru, two copper-gold-moly porphyry deposits that are located within the same mineralized corridor in West New Britain that also contains the Mt Penck project. This corridor is an extensional feature that influenced the emplacement of intrusives and associated mineralization at Mt Penck, Simuku and Nakru. As of February 2010, Barrick has commenced their exploration program, with office based out of Kimbe. Penck is located less than 50km northwest from Simuku. Having the world's largest gold producer aggressively exploring in the same belt adds enormous confidence to the Mt Penck program.
News Releases
| February 01, 2010 | Vangold Acquires Remaining Interest In Papua New Guinea Gold Properties | |
| November 10, 2009 | Vangold Provided Update Barrick Due Diligence On Coppermoly Successfully Completed | |
| November 09, 2009 | Vangold Expands Known Gold Mineralization At Mt Penck, Papua New Guinea | |
| September 16, 2009 | Vangold Drills 10m at 2.98 g/t Gold Including 3.2m at 6.68 g/t Gold at Mt Penck | |
| July 06, 2009 | Vangold drills 16 metres of 3.7 g/t Au, 20.37 g/t Ag | |
| June 10, 2009 | Mt Penck Hole MPD042 Intersects 133M At 1.83G/t Gold From Surface | |
| June 04, 2009 | Mt Penck Intersects 69.5M At 1.82G/T Gold From Surface Including 29.4M At 2.32G/T Gold | |
| April 27, 2009 | Drilling Commences At Mt. Penck | |
| Maps & Figures | ||
 Mt. Penck Location Map |
 Mt. Penck License Area |
 Mt. Penck Tectonic Setting |
 All Trenching Kavola East Kanon 2007 |
 Peni Creek all Drilling |
 Peni Creek trench and results |
Reports
