COPPER and gold explorer Frontier Resources has made moves to renew its Bulago River and Mt Andewa exploration licences as it adds to its portfolio with a substantial acquisition in the Solomon Islands.
The Bulago River exploration licence EL 1595 expired on 6 July 2014, though Frontier said it had reapplied for the permit area, adding that there had been a successful Warden’s Court hearing in March.
Another positive Warden’s Court hearing in March surrounded the new application for the 14,000 hectare Mt Andewa ELA 2348 licence application, Frontier said.
The company also recently lodged an application for a 33,000 hectare permit area in the Muller Range area, located in the Fold/Thrust Best of Western and Southern Highlands provinces, with Muller located along strike to the south east of Frontier’s Bulago project.
Frontier considers this structural zone to be the best geological address to discover large and potentially economic gold and copper deposits in PNG.
Detailed research at the Mineral Resource Authority library will provide additional information relating to the Muller Range mineral prospectively, Frontier said.
Since these decisions were made, Frontier has raised about A$400,991 through a non-renounceable entitlements issue – allowing shareholders to subscribe for one new fully paid ordinary share at 0.2 cents for every share held.
Total applications under the entitlements issue and shortfall offer were 200.5 million shares, representing 52.56 per cent of all shares offered. A remaining 180.9 million shares worth A$361,960 were not issued.
The company has since signed a heads of agreement with GoldRidge Community Investment to acquire 80 per cent of the Gold Ridge Mine, on Guadalcanal Island, sold by Australian company St Barbara on 1 May.