Business
PNG Copper Inc. Update
Timmins, Ontario--(Newsfile Corp. - November 26, 2021) - PNG Copper Inc. (CSE: PNGC) (the "Company") has filed its financial statements and MD&A for the quarter
About this update from Loyalist Exploration Limited
[{"type":"text","content":" Timmins, Ontario--(Newsfile Corp. - November 26, 2021) - PNG Copper Inc. (CSE: PNGC) (the \"Company\") has filed its financial statements and MD&A for the quarter and nine months ending September 30, 2021. During the quarter, drill hole WAKD001 was commenced at the Waki prospect, immediately east of the Omu prospect, to test a significant copper result obtained during mapping and sampling and to explore at depth an interpreted magnetic anomaly. The target depth of the hole was 250 meters. The hole encountered difficult, highly fractured and broken ground conditions during most of its length and drilling was abandoned at 96 meters in mid September. It is thought by the on-site geologists that the hole likely drilled through an unmapped fault zone. All fieldwork on the project was put on hold on September 29, 2021 by the incoming interim CEO David Lindley, pending a review of the exploration program. Damage to the Company's CS100 P4 drill, sustained during the recent drilling of the hole at the Waki prospect, is currently being assessed. Field staff were demobilized from site, leaving a small crew to look after the Company's equipment. A short program of drilling of the Doriri nickel-palladium-platinum prospect on the property has been recommended by the Interim CEO and approved by the Company's Board of Directors and is targeted to commence and be completed in Q1, 2022 with an estimated cost of approximately $165,000. The proposed program is the completion of four cored drill holes for a total of 235 metres. The proposed round of drilling will expand upon ten mineralized costean and four mineralized intersections from four drill holes obtained from exploration of the prospect between 2007 and 2012. The Company has also entered into an agreement with a current Director of the Company, pursuant to which he has agreed to fund certain exploration related expenses of the Company in PNG post September 28, 2021, including the proposed Doriri drill program. The Company has agreed to reimburse these expenses and has the option to do so by the issuance of common shares and warrants in lieu of cash. In addition, the Company has reached an agreement to amend the existing Option Agreement relating to the property to provide that the cash payments of A$150,000 payable by the Company in March 2022 and March of 2023 may be satisfied by the ...