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Kainantu Resources Announces Acquisition of Kili Teke Copper-Gold Project from Harmony Gold (PNG) Exploration Limited
Kainantu Resources Announces Acquisition of Kili Teke Copper-Gold Project from Harmony Go...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"\n \n \n \n Kainantu Resources Announces Acquisition of Kili Teke Copper-Gold Project from Harmony Gold (PNG) Exploration Limited\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n April 6, 2022\n \n \n /CNW/ - Kainantu Resources Ltd. (\"KRL\" or the \"Company\") (TSXV: KRL) (FSE: 6J0) is pleased to announce that it has entered into a definitive agreement with\n \n Harmony Gold\n \n (PNG) Exploration Limited (\"HGEL\"), a wholly-owned subsidiary of Harmony Gold Mining Company Limited (\"Harmony\") to acquire 100% ownership of the Kili Teke Gold-Copper Project (\"Kili Teke\" or the \"Project\") in\n \n Papua New Guinea\n \n (\"PNG\") (the \"Acquisition\" or \"Transaction\") .\n \n \n Kili Teke is a significant advanced exploration porphyry gold-copper project with an existing mineral resource, and potential for further re-optimization and discoveries to increase overall value.\n \n \n \n Highlights:\n \n \n \n \n \n Matthew Salthouse\n \n , CEO of KRL, commented:\n \n \n \n \n KRL to acquire 100% of the Kili Teke project from HGEL:\n \n \n \n \n advanced exploration Au-Cu project in premier region of PNG;\n \n \n has an existing defined Inferred Mineral Resource of\n \n 237Mt\n \n @ 0.34% Cu (=0.8Mt Cu), 0.24g/t Au (=1.8Moz Au) and 168ppm Mo (=0.04Mt Mo), with an effective date of\n \n 30 June 2021\n \n ;\n \n \n over\n \n 36,000m\n \n of drilling completed to date;\n \n \n significant exploration resource upside, with near surface, high-grade Au skarn mineralisation not yet included in the defined Mineral Resource;\n \n \n potential for re-optimisation, bringing Kili Teke significantly closer to production as an open-pit mine to increase economic returns;\n \n \n \n Terms of Agreement:\n \n \n \n \n initial cash consideration of\n \n US$1 million\n \n , payable in two instalments:\n \n US$500,000\n \n on closing (targeted for\n \n May 31, 2022\n \n ); and\n \n US$500,000\n \n on receipt of post-closing regulatory approvals (expected in late 2022 or early 2023);\n \n \n KRL intends to work toward...