VANCOUVER, BC, May 30, 2022
/CNW/ - Kainantu Resources Ltd. (TSXV: KRL) ("KRL" or the
"Company"), the Asia-Pacific
focused gold mining company, is pleased to report the filing
of its results for the quarter ending March 31, 2022
("Results"), a copy of which is available for review on the
Company's website.
Key aspects to report from a financial and operational
perspective over the quarter include:
- completion of an airborne geophysical survey over both KRL
North and KRL South projects, with final analysis pending;
- field work and analysis at KRL North continuing to confirm the
Company's view on the likely extension of high-grade mineralisation
from the adjacent K92 project;
- ongoing contour trenching at East Avanionfi and Yaoro Ridge
continuing to increase the Company's confidence on the
prospectivity of KRL South;
- expenditure on exploration and evaluation activities for the
quarter to March 31, 2022 totalled
US$0.72 million (which has been
capitalised), inclusive of one-off costs incurred during the
airborne survey;
- closing cash position plus non-trade receivables as at
March 31, 2022 of US$1.65 million (C$2.07
million), net of one-off costs associated with the private
placement (constituting cash at bank of US$ US$1.42 / C$1.78
million and non-trade receivables of US$0.23 / C$0.29
million); and
- a net loss for the quarter of US$0.26
million (2021 – US$0.79
million).
Subsequent to the current period, on April 6, 2022, the Company announced it had
entered into a definitive agreement with Harmony Gold (PNG) Exploration Limited, a wholly
owned subsidiary of Harmony Gold Mining Company Limited, to acquire
100% ownership of the Kili Teke Gold-Copper Project. Kili Teke is a
significant advanced exploration porphyry gold-copper project with
an existing inferred mineral resource of 237 Mt @ 0.34% Cu (=0.8Mt Cu), 0.24g/t Au
(=1.8Moz Au) and 168ppm Mo (=0.04Mt Mo), and the potential for
further re-optimization and discoveries to increase overall
value.
Matthew Salthouse, CEO of KRL,
commented:
"KRL is pleased to provide this update to shareholders for
the quarter ended March 31, 2022.
Exploration work to date continues to be encouraging with
geochemical analysis, contour benching work and an airborne
geophysics program being undertaken during the quarter, as KRL
makes significant steps towards the delineation of drill targets in
Kainantu in line with our stated strategy."
About KRL
Kainantu Resources 'KRL' is an Asia-Pacific focused gold mining company with
three highly prospective gold-copper projects, KRL South, KRL North
and the May River Project. All projects are located in premier
mining regions in PNG. Both KRL North and KRL South show potential
to host high-grade epithermal and porphyry mineralisation, as seen
elsewhere in the high-grade Kainantu Gold District. The May River
project is in close proximity to the world-renowned Frieda River
Copper-Gold Project, with historical drilling indicating the
potential for significant copper-gold projects. KRL has a highly
experienced board and management team with a proven track record of
working together in the region; and an established in-country
partner. KRL recently executed an agreement to acquire the
Kili Teke project in the western highlands of PNG.
For further information please visit https://kainanturesources.com/
Neither the TSX-V nor its Regulation Services Provider (as that term is defined
in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release. Disclaimer and Forward-Looking Information
Statements contained in this release that are not historical facts
are forward-looking statements that involve various risks and
uncertainty affecting the business of KRL. In making the
forward-looking statements, KRL has applied certain assumptions
that are based on information available, including KRL's strategic
plan for the near and mid-term. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. KRL does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
SOURCE Kainantu Resources Ltd.