Montreal-based Acabit Exploration (ACX-M) is preparing to drill its extensive portfolio of prospecting licences on the Solomon Islands.
In April, the junior acquired 12 licences on the island group, which lies east of New Guinea and separates the Coral Sea from the Western Pacific. The properties, which comprise 6,500 sq. km (or one-fourth of the country’s total land mass), are prospective for gold, nickel and copper.
The company is negotiating additional financing so that drilling can begin in September. The first phase will include three holes on each of 14 epithermal targets (a total of 10,500 metres). Each hole will be drilled to a depth of 250 metres, and the cost of the program is estimated at $2.5 million.
The second phase will attempt to identify mineralized intersections. The company is also awaiting a geological report from Watts, Griffs & McOuat, which is due in September.
Meanwhile, Acabit’s board has resolved to change the company’s name to Western Pacific Mining Exploration.
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