Following a review of the recently acquired wholly-owned PNG portfolio, Los Cerros Limited (ASX: LCL) has identified potential regarding the Ubei Project in the Owen Stanley range of southern Papua New Guinea (PNG).
The company’s portfolio review is part of gaining deeper understanding of project prospectivity and potential to attract joint venture partners whilst focussing company exploration and drilling expenditure on the high grade oxide skarn Kusi Prospect.
The Ubei Project is a 4km x 4km surface geochemical anomaly defined by rock chip samples with individual samples frequently grading >2% Cu and >2g/t Au. Peripheral epithermal Cu-Au vein corridors including the Puma, Lion, Cheetah and Tiger veins surround an undrilled EM/IP geophysical anomaly, thought to be mapping a buried Cu-Au porphyry.
The Ubei geochemical anomaly forms part of a 60km long northwest trending copper-gold corridor (the Liamu Copper Trend) including the Liamu Project 30km to the NW and extending to Veri Veri in the SE. The trend is entirely under Los Cerros tenure and interpreted to be prospective for multiple porphyry and epithermal style copper-gold deposits.
“The Ubei Project is a large, compelling target requiring commitment to an integrated exploration program testing both vein-hosted copper-gold potential such as the Puma vein and porphyry-style copper-gold,” Managing Director, Jason Stirbinskis, said.
“Whilst the company’s focus is drill testing the high-grade gold-copper Kusi oxide skarn, which will commence in March 2023, the company will concurrently explore the potential for joint venture funding for Ubei.
“The review of the recently acquired PNG portfolio has now identified two major target areas (Ubei and Imou) worthy of joint venture expenditure. The review has yet to commence on the remaining projects within the PNG portfolio. Namely Tauya (6km along strike from the giant Yandera Cu-Mo-Au porphyry project) and Liamu (30km NW of Ubei and within the interpreted Liamu Copper Trend).
“Review results to date indicate the company is well placed to attract joint venture partners as a result of the Footprint acquisition, offering multiple targets plus intimate geological knowledge and optimal strategy for exploring these systems through the company’s employment of Footprint principals.
“The joint venture strategy will be reviewed pending drill results from the Kusi programme.”
For further information please visit: https://www.loscerros.com.au