Globally PNG is regarded as having some of the highest grade gold, silver and copper deposits in the world. Current reported resources exceeding 180 Million ounces.
GMG intends to continue exploration work to bring the project into the Feasibility Study (FS) and Bankable Feasibility Study (BFS) phases in the first two years of the license term.
Progress into the Mine Development (Mining Lease) phase will be in the second term of the license tenure, upon submission of a completed Detailed Scoping Study Report (DSS), FS report document, an EL License Renewal Application and a Mining Lease (ML) Application together with the Mine Development Plan documents.
Mt. Kare History
2011 – Indochine Mining Acquires Mt. Kare Mining Rights
2012 – 2015 – Exploration – 400+ drill holes, high grade zones announced 5-10g/tonne for gold – Indochine goes into administration 2015. Ceases to operate.
2019 – RTG Mining forms a Binding Term Sheet (BTS) with GMG and Tribune Mt. Kare. RTG to provide necessary funding.
Condition Precedent not met and the BTS terminated.
2020 – 2024 – GMG confirmed by PNG Government as the First Applicant and successful wardens hearings conducted in July 2024.
High Grade Gold
Earlier explorations at Mt. Kare have independently confirmed the presence of 2 million ounces of gold and 18 million ounces of silver. Previous explorations have tested 454 diamond holes totalling 73,639 meters.
Market Valuation
On current market prices, 2.1 million ounces of gold has a value of just over $US4.5 Billion. In addition, there are independently assessed silver deposits of 18 million ounces worth over $US430m. (NOTE: Market prices continue to fluctuate.)
JORC
Mt. Kare has independent confirmation by way of a JORC (Joint Ore Reserve Committee Code), independent assessment of mine reserves, of at least 2.1 million ounces of gold, from previous exploration activities between 2013 to 2015.
High Grade Zones
GMG believes after conducting Mineral Resource verification works concentrating on the Western Roscoelite Zone (WRZ) a further reserve gains in the JORC may be achievable.
