Porgera reserves upped by Placer

Underground drilling at the big Porgera gold deposit in Papua New Guinea has resulted in a reserve increase. Placer Dome Inc., reports that close-spaced drilling from an adit has enabled the project partners to increase reserves in the vii zone to 5.7 million tons grading 0.744 oz gold per ton. This is an increase from five million tons grading 0.639 oz gold per ton.

Placer’s partners in the Porgera joint venture include Highlands Gold Properties and Consolidated Goldfields Australia, which are both based in Australia. Placer holds a 25% interest in the project.