Exploration licence

PanAust granted renewals for exploration licenses

Mining Minister, Sir Ano Pala says the approval of these exploration licenses is a demonstration of the government’s commitment to move the Frieda River Project forward.

Since 2014, PanAust has committed over $260 million US, which is well over K870 million, on the Frieda River Project through the two feasibility studies completed in 2016 and 2018.

PanAust General Manager Studies, Phil McCormack, says this includes ongoing community support, government relations and stakeholder engagements.

Nautilus granted new exploration licence

The company announced on Thursday (Feb 8th) that the Government granted to Nautilus EL2537, which covers 2,558 km2, including the same prospective geology that hosts the Solwara 1 deposit.

The company says the area was selected based on reconnaissance sampling and survey completed in 2017 and acknowledged the assistance in this area by the PNG Geological Survey.

Nautilus CEO, Mike Johnston, said: “The granting of this Exploration Licence is excellent news.