Minorco, Triarx expand in PNG

Resource giant Minorco (MNRC-Q) and junior Triarx Gold (TXTX-C) have expanded their joint gold-copper exploration program in Papua New Guinea.

The original joint-venture agreement, announced in July 1997, gave Minorco the opportunity to earn a 51% interest in the Tingi Valley and Poru properties by spending US$11 million over four years and an additional 29% interest by producing a bankable feasibility study.

The agreement has been expanded to US$13 million over six years.

Tingi Valley is described as a porphyry gold-copper target similar in geology and size to the huge Ok Tedi mine, with which it is on trend.

Poru is an epithermal gold target contained in a discrete volcanic sequence or diatreme.

Triarx retains the right to explore areas outside those designated in the joint-venture agreement. The junior has about 50 million shares outstanding, or 52 million fully diluted.