Triple Plate Junction: Drilling at second target at Morobe JV begins
Triple Plate Junction (LON:TPJ) told investors today that drilling at a target on the Morobe joint venture in Papua New Guinea had begun by partner Newmont.
The Gumots target is one of a number of targets identified at Morobe, which covers 3,700 sq km, based on previous studies by Newmont.
It is the second target to be drilled following the completion of the JV and the initial programme is for 3,000m.
Drilling results from the first target - the Hides Creek prospect - are awaited, said Triple Plate.
Last month, the company revealed it had elected to have Newmont carry the costs of developing the project through to production after Newmont met its phase II earn-in requirement and earned a 70 per cent interest.
Under the deal, TPJ could then be carried to production in return for Newmont being granted an additional 5 per cent interest in the venture, leaving the company with a 25 per cent interest.
The company will not be required to provide funding for on-going exploration of any of the targets within the licence area covered under the Morobe joint venture.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
