Aussie firm eyeing Papua gold-copper project

Australian mining firm Nickelore Limited said on Wednesday it had entered into a heads of agreement (HoA) to acquire up to a 51% interest in a gold and copper project in Central Papua.

The project covers an area of approximately 91 square kilometers, comprises two general survey mining licences. ?Project area is approximately 45 km along strike from the Freeport Grasberg operations and the world class Wabu deposit,? the company said.

According to the company, some 3 billion tonnes of gold and copper mineral resources are located within 45km of the project area.

Nickelore has commenced its technical due diligence program on the project. The principal target of the future exploration program will be to identify a Au-Cu porphyry or Skarn type deposit similar to those of the Ertsberg-Grasberg complex, which is one of the world?s largest gold and copper mines. (denny)