Tenement applications in 2016 increased by just over 41 per cent from 2015 according to the Mineral Resources Authority (MRA).
Despite the low commodity prices affecting mineral exports, PNG’s mineral sector was able to appeal to investors to carry our exploration.
The increase comes off the back of a drop in tenement applications in 2015 with 128. In 2016 there were 182.
Currently there are 595 registered tenements while there are 246 exploration licenses registered (active licences, extension and new applications).
Meanhile, Special Mining Lease applications for the Frieda River and Wafi-Golpu projects, are in the approval stages.
The Frieda River project is one of the largest undeveloped copper-gold deposits in the world. The Horse-Ivaal-Trukai, Ekwai and Koki (HITEK) global Mineral Resource is estimated at over 2.7 billion tonnes of mineralisation at an average grade of 0.42% copper and 0.23g/t gold and contains 13 million tonnes of copper and 20 million ounces of gold.
The project is 70kms south of the Sepik River on the border of West Sepik and East Sepik provinces.
The Wafi-Golpu project has a mineral resources estimated to contain 26 million ounces of gold, 8.8 million tonnes of copper and 48 million ounces of silver. This includes Ore Reserves for the Golpu deposit estimated to contain 11 million ounces of gold and 4.8 million tonnes of copper.
It is located in the Morobe Province), approximately 65 kilometres south-west of the port city of Lae.
Picture: Hidden Valley Mine (Business Advanytage PNG)