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RTG Agrees to Acquire the Priority Exploration Licence Applications for An 80% Stake in the 2.1m Oz Mt Kare Gold Project
Announcement to the Toronto Stock Exchange SUBIACO, WESTERN AUSTRALIA / ACCESSWIRE / ...
About this update from Rtg Mining, Inc.
[{"type":"text","content":"RTG Agrees to Acquire the Priority Exploration Licence Applications for An 80% Stake in the 2.1m Oz Mt Kare Gold ProjectAnnouncement to the Toronto Stock ExchangeSUBIACO, WESTERN AUSTRALIA / ACCESSWIRE / December 9, 2019 / RTG Mining Inc. (ASX:RTG, TSX:RTG, OTCQB:RTGGF) (\"RTG\" or \"the Company\") is pleased to announce that it has entered into binding Memorandum of Agreement (\"MOA\") with the two priority applicants for the Mt Kare Gold Project located in the Enga Province of Papua New Guinea (\"PNG\") to acquire a majority 80% stake in the project if and when successful in securing the new exploration licence. The two vendors are GMG Global Mining Group Limited (\"GMG\") and Tribune Mt. Kare Limited (\"Tribune\").Mt Kare has a Historical Mineral Resource (JORC 2004), which includes a Measured Mineral Resource of 1.2 million ounces of gold, an Indicated Mineral Resource of 0.3 million ounces and an Inferred Mineral Resource of 0.6 million ounces of gold (see next section for details of Historical Mineral Resource).MT KARE PROJECTMt 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. 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.Figure 1: Mt Kare Location MapThe Mt Kare Gold Project was discovered in 1987 by Conzinc Riotinto of Australia and has had in excess of A$60 million spent on it by several companies, including 454 diamond holes totalling 73,639 metres. In 2011, Indochine Mining Limited (ASX:IDC) (\"Indochine\") exercised an option to acquire the project and in 2013 announced a Historical (JORC 2004 compliant) Mineral Resource Estimate summarised below in Table 1. These resources were reported in accordance with JORC Code 2004 in Indochine's ASX announcements dated 10 July 2013. Refer to the cautionary statement below.Historical Resource CategoryTonnes(Mt)Aug/tAgg/tAu Metal(Moz)Measured20.21.8420.91.2Indicated8.31.298.10.3Inferred141.276.00.6Table 1 Mt Kare 2013 JORC (2004) Compliant Mineral Resource (cut-off grade 0.5g/t Au)* * The Historical Mineral Resource estimates were originally compiled and announced by Indochine and last repeated in their...