Resource giant Minorco has entered the Papua New Guinea resource sector by forming a joint venture with a Toronto-based junior holding several projects in the Southeast Asian nation.
The recent agreement with Triarx Gold (TXTX-C) allows Minorco to earn a 51% interest in the Tingi Valley and Poru properties by spending US$11 million over four years.
Minorco can earn an additional 29% once it produces a bankable feasibility study for the properties.
Tingi Valley is described as a porphyry gold-Copper target similar in geology and size to the Ok Tedi mine, with which it is on trend.
Poru is an epithermal gold target contained in a discrete volcanic sequence or diatreme similar to the Porgera gold mine.
The agreement is still subject to final documentation and final approval from the government of Papua New Guinea.
Triarx retains the right to explore areas outside those designated in the joint-Venture agreement.
The junior has 58 million shares outstanding (fully diluted).
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