- PNG Copper Inc. (PNGC) has filed its financial statements and MD&A for the third quarter
- During Q3, drill hole WAKD001 commenced at the Waki prospect to test a significant copper result obtained during mapping and sampling and to explore at depth an interpreted magnetic anomaly
- The hole was abandoned at 96 metres in mid-September
- All fieldwork on the project was put on hold on September 29, 2021 by the incoming interim CEO David Lindley, pending a review of the exploration program
- A four drill hole drilling program at the Doriri nickel-palladium-platinum prospect on the property is targeted to be completed in Q1, 2022
- PNG Copper Inc. (PNGC) is unchanged trading at $0.07 per share as of 10:57 a.m. EST
PNG Copper (PNGC) has filed its financial statements and MD&A for Q3.
During the quarter, drill hole WAKD001 was commenced at the Waki prospect to test a significant copper result obtained during mapping and sampling and to explore at depth an interpreted magnetic anomaly.
The target depth of the hole was 250 metres.
The hole encountered difficult, highly fractured and broken ground conditions during most of its length and drilling was abandoned at 96 metres in mid-September.
It is thought by the on-site geologists that the hole likely drilled through an unmapped fault zone.
All fieldwork on the project was put on hold on September 29, 2021, by the incoming interim CEO David Lindley, pending a review of the exploration program.
Damage to PNG’s CS100 P4 drill is currently being assessed. Field staff were demobilized from the site, leaving a small crew to look after the company’s equipment.
A short four drill hole program at the Doriri nickel-palladium-platinum prospect on the property has been recommended by the interim CEO and approved by the board of directors.
It is targeted to be completed in Q1, 2022 with an estimated cost of approximately $165,000.
PNG has also entered into an agreement with a current director of the company who has agreed to fund certain exploration-related expenses of the proposed Doriri drill program.
PNG has agreed to reimburse these expenses and has the option to do so by issuing common shares and warrants in lieu of cash.
In addition, PNG has reached an agreement to amend the existing option agreement relating to the property to provide that the cash payments of $150,000 payable by the company in March of 2022 and 2023 may be satisfied by issuing shares in lieu of cash.
PNG believes these changes will assist the company in pursuing its opportunities under the option agreement.
PNG Copper Inc. (PNGC) is unchanged trading at $0.07 per share as of 10:57 a.m. EST.