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Goldminex Resources Ltd

Goldminex Resources Limited is an Australian exploration company exploring for nickel copper and gold in the Owen Stanley Range, Papua New Guinea (PNG).

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Goldminex Resources has a large and highly prospective portfolio of copper-gold and nickel exploration projects located in PNG. Exploration completed to date continues to highlight the potential for numerous targets to host large scale mineral deposits. With a negative enterprise value, Goldminex has limited downside risk and is highly leveraged to positive news flow.

Goldminex Resources (ASX: GMX) has significant acreage encompassing 2,756km2, positioned over two project areas within the highly prospective Owen Stanley Ranges of Papua New Guinea (PNG).

The company’s flagship ‘Liamu’ project hosts 12 high-priority prospects within an extensive intrusive complex which has significant potential to host multiple large porphyry copper-gold deposits. Geological and geochemical exploration to date has outlined an area in excess of 15km2 shedding anomalous gold and copper in drainage samples. Exploration within this project area is still at a relatively early stage, however the ‘world class’ scale of the exploration targets should not be underestimated.

Within the tenements, GMX has also identified four nickel prospects, broadly defined by rock chips samples assaying up to 49% Ni. Further work is required to better understand the source of these high grade nickel results.

Goldminex also has a 100% interest in highly prospective tenements (one EL and two ELA’s) surrounding the historical Gira goldfield which was originally discovered in 1897. Sparse exploration was carried out in the 1970’s/80’s with ~67koz of alluvial gold production recorded. The prospect, however, remains vastly underexplored. Goldminex is yet to carry out exploration within this prospective ground.

In 2011, Goldminex entered into a farm in agreement with Vale S.A. (the world’s second largest mining company) whereby Vale could earn a 51% interest through funding exploration expenditure of US$20 million across six tenements (including the Liamu Project).

Since entering into the farm-in agreement, Vale has spent a total of US$16.6 million, principally...

More details about Goldminex Resources Ltd

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Markets: Copper, Gold, Nickel