Following a review of the recently acquired 100% owned Papua New Guinea (PNG) portfolio, Los Cerros Limited (ASX: LCL) has elected to include the Imou gold-copper Project in its Q2 exploration workplan.
The company has established a strategy to seek joint venture partners for the multiple porphyry-style targets within the recently acquired PNG portfolio.
Together with the Ono gold-copper project and the Veri Veri nickel project, the company now has three targets to be advanced in the first half of 2023.
The Imou Project is prospective for porphyry and epithermal Cu-Au mineralization and lies within a district hosting the multi-million-ounce Ok Tedi, Porgera and Frieda River projects.
In this context and widely forecast copper supply pressures, the Imou Project is considered of strong strategic value. Previous exploration by international majors Kennecott and Cyprus Amax and by Footprint Resources Pty Ltd (acquired by Los Cerros in November 2022) focussed on a 3km x 1km Cu- Au porphyry target.
Limited drilling reported wide intercepts of shallow Cu-Au porphyry associated mineralization including a higher-grade Cu-Au breccia zone.
Importantly, a causative porphyry was not intersected and the majority of significant Cu-Au intercepts occur from surface to 200m depth including-
• 305.3m @0.37% Cu, 0.37g/t Au (0.65% CuEq) from 4.7m, including 14m at 2.43% Cu, 2.78g/t Au (4.51% Cueq) from 186m in IM19DD0011
• 64m @0.23% Cu and 0.32g/t Au (0.47% CuEq) from 30m in IM19DD002
• 173.7m @0.4% Cu and 0.35g/t Au (0.66% CuEq) from surface in 99AR002
• 374m @0.25% Cu and 0.20g/t Au (0.4% CuEq) from 62m in IM19DD005
• 435.2m @0.26% Cu and 0.16g/t Au (0.38% CuEq) from 8.8m in IM19DD003
• 204m @0.24% Cu and 0.24g/t Au (0.42% CuEq) from 12m in IM19DD006
• 228m@0.23% Cu and 0.30g/t Au (0.45% CuEq) from surface in AR99001
The porphyry mineralization remains open along strike to the north and south. The high-grade copper-gold breccia intersected in IM19DD001 may extend to the south where a rock chip assay of 2.3% Cu and 0.24g/t Au was returned from a sample of intensely stockworked diorite (potentially derived from the causative porphyry) located from subcrop on a prominent ridge. This area will be one of the areas of focus for the upcoming field programme of mapping, sampling and trenching.
Whilst not contemplated in the initial field programme, the company is also eager to conduct further fieldwork at Michael’s Creek and Bikaru epithermal targets west of Imou. Surface investigations during 2020 conducted by Footprint at Michael’s Creek delivered very encouraging rock chip assays from outcrop sampling including: 58.5g/t Au, 23.4g/t Au and 12.2g/t Au associated with intermediate sulphidation veining. Likewise, the Bikaru epithermal target area has delivered historical rock chip sample assays including 63.6g/t Au and 25g/t Au
The company will predominantly focus 2023 PNG exploration expenditure on the Kusi gold-copper oxide skarn prospect within the Ono Project and is open to introduce a joint venture partner to fund ongoing porphyry style exploration at Imou and other PNG porphyry-style projects.
The company’s limited Q2 2023 field programme at Imou is intended to enhance the appeal of the porphyry project through demonstrating potential southern extensions and for higher grade, near surface Cu-Au porphyry mineralization.
“The porphyry mineralization at surface has been confirmed by numerous historical drill intercepts but we believe drilling at Imou has not intercepted the causative pulse or high-grade core of the porphyry system,” Managing Director, Jason Stirbinskis, said.
“Our review of the geological model has identified zones where we might find such a high grade early intrusive porphyry pulse and the company’s first field work is designed to find further evidence to support this concept.
“We are also eager to advance field work at Michael’s Creek and Bikaru epithermal targets in future programmes. The gold grades of surface samples within these epithermal systems are very encouraging and consistent with our strategy of focussing on high grade opportunities in the company’s workplan.”
For further information please visit: https://www.loscerros.com.au/
