RTG certainly don't have Kare now... They have signed a very conditional agreement.... and possibly with the wrong people. My thinking is that they're running out of steam with Bougainville and looking for a new speculative news flow to attract mug finance. While it's good to see someone new taking an interest in Kare, but the legal process still has a long way to go on this, even after (or if) the current court case in the Supreme Court resolves next year. The gold is there at Kare but don't hold your breath waiting for it.RTGMininghassignedadealtopotentiallyacquireamajoritystakeinPapuaNewGuinea’scontroversialMtKaregoldproject.
LornaNicholas|*********|December10,2019
RTGMininghasinkedadealinthehopesofacquiringan80%stakeinthehistoric2.1million-ounceMtKaregolddepositinPapuaNewGuinea.
ThejuniorexplorertodayannouncedithassignedamemorandumofunderstandingwithCanada’sGMGGlobalMiningGroupandTribuneMtKare,thetwopriorityapplicantsfortheproject.
Underthedeal,RTGwillacquirethemajorityinterestifandwhentheapplicationsareconvertedintoanewexplorationlicence.
RTGsaidthetermsoftheagreementequatetoapurchasepriceofaboutUS$8.80perounceofgoldintotalhistoricalmineralresource.
Thetotalresourceestimatecurrentlystandsat2.1Moz,including1.2Mozofmeasuredgoldresourcesand900,000ozofindicatedandinferredresources,valuingthedealataboutUS$18.48million(A$27.06million).
AnadditionalpaymentofUS$2.40perounceofgoldinhistoricalmineralresourceispayableuponadecisiontomine.
MtKareproject
MtKareislocatedabout600kmnorthwestofPortMoresbyinPNG’sEngaProvince.Itlies15kmsouthwestofBarrickGold’sPorgeragoldmine,thecountry’ssecondlargestmineandconsideredtobeoneoftheworld’stop10producinggoldmines.
GoldwasfirstdiscoveredatMtKareinthe1980sanditisestimatedthatmorethanA$60millionhasbeenspentontheareabyseveralcompanies,including454diamonddrillholestotallingalmost74,000m.
DelistedASXcompanyIndochineMininghadacquiredtheprojectin2011andannouncedthe2.1Mozhistoricalmineralresourceestimatein2013.However,thecompanywasplacedintovoluntaryadministrationin2015andtheexplorationlicence,whichexpiredin2014,wasnotrenewed.
In2017,thePNGMineralResourceAuthorityconfirmedGMGhadpriorityovertheexplorationlicenceapplication,butthiswaschallengedbyTribuneinthecourts.Thetwopartiesendedupsettlingtheirdisputesandagreeingtoworktogether.
RTGsaiditwouldfocusexplorationonthedepthpotentialofthedeposit,withMtKarebeingsituatedonthesamenorth-easttrendingstructureasthePorgeraminewithsimilargeologyincludingthesamehostrocks,mineralisationtypesandage,andsimilargeologicalstructures.
ThearearecentlycameintothespotlightinJulywhenFrenchnewsagencyAFPreportedonanallegedlinkbetweenthecontrolofMtKareandaPNGtribalmassacre.However,thisconnectionappearedunclearandIndochinereportedlytoldmediaitwasnomorethan“speculation”.
Othergoldprojects
RTGalsohasaproposalwithalandownerleadconsortiumtosecureanexplorationlicenceatthehigh-tonnagePangunacopper-goldprojectonPNG’sislandofBougainville.
Thecompany’sotherprojectsincludea40%stakeintheMabilocopper-gold-magnetiteprojectinthePhilippinesandduringtheSeptemberquarter,RTGenteredintoasaleandpurchaseagreementwithWhiteCliffMineralstoacquireits90%stakeintheChanachgold-copperprojectintheKyrgyzRepublic.
Wellpeople;itlooksliketheonlyonestocomeoutwithanythingisStevePromitzandtheboardIMHO.
HeisnowatLKE,youmaywanttoinvestinthat?
