Nord Pacific beefs up its projects in PNG and Australia

Nord Pacific Resources (NORPY-Q) has produced new resource estimates for advanced projects in Papua New Guinea and Australia.

At the Tabar Islands gold project, on Simberi Island in PNG, the company has located an estimated 444,000 oz. gold from near-surface oxide deposits.

The grade and tonnage estimate indicates the deposit contains 11.9 million tonnes of material at an average grade of 1.2 grams gold per tonne, based on a cutoff grade of 0.5 gram. The estimate forms part of a feasibility study, which is nearing completion.

Also, the company believes there is potential for drilling to outline additional oxide and sulphide resources.

Meanwhile, on nearby Tatau Island, drilling is scheduled to begin on the Tugi Tugi anomaly. Channel sampling of bulldozed benches has returned significant gold values, including 30 metres of 3.5 grams and 50 metres of 3.6 grams.

In New South Wales, Australia, the company has come up with a preliminary resource estimate for the Tritton copper project, which lies 22 km southwest of the Girilambone copper mine.

Based on data from 105 holes drilled to a depth of 800 metres, the upper and lower zones contain a total of 7.25 million tonnes grading 3.28% copper, 0.26 gram gold and 13 grams silver (or 525 million lb. copper, 60,000 oz. gold and 3 million oz. silver).

The lower zone is open below 800 metres, and drilling to 1,000 metres will be completed by year-end.

Recent drilling returned 12 metres averaging 7.32% copper, 12 metres of 3.13% copper, 31 metres of 2.28% copper, and 38 metres of 2.14% copper.

Pierce Carson, Nord’s president, describes Tritton as a significant copper resource that is enhanced by silver and gold values.

Back on the PNG mainland, Nord owns a 35% interest in the Ramu nickel-cobalt-chromite deposit.

PNG-based Highlands Gold, which owns the remaining 65%, drilled the central portion of the deposit and came up with 24 million tonnes of limonite and saprolite at a grade of 0.9% nickel and 0.06% cobalt. Additional work suggests the deposit contains another 40 million tonnes of material of similar grade.

A feasibility study suggests the mine would produce 32,500 tonnes of nickel and 2,750 tonnes of cobalt per year over a lifespan of 20 years.

Capital costs are projected at US$750 million, and with startup envisaged for the first quarter of 2001.