New Guinea Gold (NGG) is a premier junior explorer and miner, with an exploration lease surrounding its Sinivit Gold Mine in East New Britain Province, PNG. Having commenced mining in 2007, NGG is actively seeking to expand production through extension of known mineralisation and further discovery.
The Sinivit Project is located 50 Kilometres south south-west of Rabaul in the Baining Mountains of the Gazelle Peninsula. The mine is currently a series of shallow open pits from which gold oxide ore is extracted. The mine covers the central 900 metres of the Wild Dog structure which is hosted within the reginonal scale Nengmutka vein system. This vein system has a known strike length of over a 10 km and is covered by NGG's exploration lease EL 1140
The Company’s shares are traded on the TSX-Venture Stock Exchange and OTC market.
The Sinivit Gold Project is located 50 kilometres south-southwest of Rabaul in the Baining Mountains of the Gazelle Peninsula, East New Britain Province, Papua New Guinea. It can be accessed by road from the town of Kokopo (one hour drive) and port of Rabaul. A jet airport at Kokopo has several daily flights to Port Moresby and Lae.
Commercial production commenced in April 2008.
NGG is mining the oxide cap of a quartz, telluride, copper and gold system. Although the initial project has a relatively short life, New Guinea Gold has an active exploration/development program with the objective of defining additional gold mineralization. The known mineralization is open at depth and there are numerous other, as yet unexplored, targets within the Sinivit properties. The potential to increase mineralization at the project is described in the Independent Technical Reports. The Company cautions, however, that there is no certainty that further mineralization will be defined.
Sinivit Exploration for 2010 includes
Sinivit Oxide - drilling at the northern extension of the northern oxide zone. This will be additional mineralisation to the original resource. A second phase of 30m deep RC drilling from the base of the pit is planned for when the pit reaches a depth equivalent to the limit of the former RC drilling. This work will be carried out over the next 12 months, and will define oxide, transitional and sulphide mineralisation directly below the pit.
Sinivit Sulphide - Copper, gold, tellurium mineralisation extends to depth over a known strike length in excess of a kilometre. To better target significant major sulphide concentrations we intend to complete a 3D Induced Polarisation (IP) grid survey in April. Drilling would then test the anomalies that have been defined.
IP is a method whereby conductivity and resistivity of the sub-surface rock can be recorded. Sulphides will normally have a higher conductivity than surrounding wall rocks and can then be located by this method.
Trenching is well underway to expose the surface of this zone over its entire 900m length. RC drilling will follow in April and May.
Tellurium has an attractive theoretical in ground, or in vat value at Sinivit, both in the crushed oxide mineralisation presently in vats and in the mineralisation yet to be mined.
An extensive sampling program of material in vats, previously drilled RC drill holes, diamond core holes and channel sampling in the pits is underway to provide a better understanding of the overall tellurium content of the system.
Samples were dispatched to an interested buyer in the USA in early March for metallurgical testing to determine if the tellurium can be economically recovered.
Other Exploration outside Sinivit and Kavarsuki
The Sinivit or Wild Dog structure can be traced for plus 10 km with anomalous gold/copper/tellurium.
The IP survey will cover the area immediately south of the mine. Excavator trenching will also be completed over this zone during the next half year.
Sinivit can be summarized as follows:
• The Sinivit resources have been defined near surface over a one-kilometre length of a ten kilometre long structural zone. This structural zone is known to contain sporadic, largely untested or unexplored gold mineralization over its entire length.
• The primary mineralization is gold/copper/telluride and the initial mine will process the oxide cap of this mineralization. Mineralization is open both along strike and to depth.
• Head grade for the oxide mineralization is projected at 5g/t gold, with open pit mining and vat leach processing. Mining and processing are relatively simple.
• Average grade of the unoxidised gold/telluride mineralization, from drilling completed to date, is expected to average between 10 and 14g/t gold.
| Ces E Iewago - Chairman |
Mr Iewago, BACom, MBA, FAICD, is an accountant by profession whose expertise is in investment Banking and Finance, having served in senior executive roles of major financial institutions in Papua New Guinea ("PNG") over the last decade.
Ces was formerly a Managing Director of Public Officers Superannuation Fund, the largest Superannuation fund in PNG from September 2000 to early 2004. He was previously resident Director and General Manager of Investment Bank, Merrill Lynch in PNG (1997 to 2000), responsible for both its retail and corporate business. He was also Deputy Managing Director of Resources & Investment Finance Limited, PNG's first and only Merchant Bank from 1990 to 1996, responsible for Marketing, Corporate Business and Portfolio Management. He joined the Board of New Guinea Gold on December 5, 2005.
Arthur Alexander - Director
Mr Alexander has over 30 years result-driven executive, Senior Management, and Consultancy experience in private and public sectors across Australia. Arthur has a comprehensive knowledge and experience in different types of organisations with BHP Coal, Suncorp Metway, Ampol Caltex, Queensland Health, and Australia Bureau of Statistics. Arthur has extensive experience in the development and execution of corporate and business strategy, project management, comprehensive business review and analysis, organisational change management, human capital, team development, workplace culture, leadership, management and mentoring programs. Today Arthur is a managing director, organisational consultant for ITAS Consultancy as well as a director for New Guinea Gold Corporation.
| Lachlan McIntosh - Director |
Mr McIntosh is a Senior Managing Director, Corporate Finace of NYSE Listed FTI Consulting and Chairman of the ASX-listed entity Eureka Group Holdings Limited. In additon, Mr McIntosh was a Director of ASX 200 mining services company Industrea Ltd until its takeover by GE in November 2012. He advises a number of Mining Services and Mining Companies and is a chartered accountant who brings financial discipline to all matters in which he is involve. He brings extensive mining and mining services expeience.
| Greg Heaney - Director, President & CEO |
Greg is an experienced Managing Director, CFO and Company Director who has more than 28 years experience in financial and general management for large publicly listed companies in Australia and overseas. Greg is currently a Director and lead consultant with Itas Consulting. Since late 2005, Greg has been a Managing Director and an active Non-executive Director of several small to medium enterprises in the manufacturing, building and engineering sectors.
Prior to that Greg held the positon of Chief Finan
cial Officer for both Roche Mining and Queensland Cotton Holdings LImited. Greg was a Director of the Roche Group of companies.
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