28 Jul 2010

PNG Marengo Mining reports positive find

11:09 am on 28 July 2010

Marengo Mining in Papua New Guinea has reported that drilling at its Yandera copper-gold project in Madang has confirmed significant extensions to the large copper systems at depth.

The Post Courier reports the mining company is confident copper deposits found at Yandera will elevate its ranking in the Asia-Pacific region.

In a statement released to the Port Moresby Stock Exchange, the company says results confirmed that the large porphyry copper-systems at the Yandera project extended for considerable depths.

The company also reported that higher gold values had occurred within broad sections of the hole; however no clear geological association had yet been recognised.

Marengo's managing director, Les Emery, says the find gives the company confident in the potential to increase the resource inventory at Yandera.

He says that would elevate the project to one of the more significant copper and deposits within the Asia-Pacific region.