GMG intends to increase drilling depth to below the current previously explored depth of 350m to discover potential higher grade gold zones.

Location

Mt. Kare is located approximately 600km northwest of Port Moresby and 145km west of Mt Hagen in the Enga Province of PNG and is situated 15km southwest of Barrick’s Porgera Gold Mine.

Metallogenic Belt

The New Guinea Metallogenic Belt stretches across the entire country.

The Porgera Mine is the second largest mine in PNG and is regarded as one of the world’s top ten producing gold mines. It began production in 1990 and to date has produced more than 20Moz of gold.

The Mt. Kare area has been explored twice before. It is situated less than 15 kilometres from the long-established Porgera Gold Mine, which has produced over 17 million ounces of gold to date.

Both Mt. Kare and Porgera are located on the same geological structures. 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. 

Potential Gains

Major growth of high-grade zones is expected at Mt. Kare once mining commences based on assumptions and testing results showing the geological similarities with the Porgera mine.

Technical advice from an expert geologist and from underground miners is that the grade (grams per tonne of ore) may increase substantially to be similar to Porgera’s initial grades of 27 grammes per tonne, and that these high grade zones are potentially to be repeated at depth.

If these high grades of gold per tonne are achieved, the values suggested based on previous exploration could climb substantially. 

Silver Deposits

Earlier explorations at Mt Kare have independently confirmed 2 million ounces of gold and 18 million ounces of silver.  Estimated Valuation of $250 Million US.