Petromin Exploration Program
Saki Prospect Drilling Program Update
The Saki Prospect is within EL 580 and lies approximately 3 km east of the Tolukuma Gold Mine, within the Goilala District of the Central Province, about 100 kms north of Port Moresby. Saki is rated as a priority prospect with potential to contribute additional resource to the Tolukuma Gold Mine or become a standalone mining project if surface indication of mineralisation and exploratory drilling results are substantial. A substantial amount of exploration work was done by previous companies from grassroots exploration to drilling phase. A total of 28 holes were initially drilled to define the Saki Prospect. Five holes intersect structures of high gold grades of 12 to 35 g/t, and estimated resource was about 35,000 ounces of gold.
Petromin’s first major exploration and drilling program commenced at the Saki prospect on the 16th September 2008, since the take-over of the 11 Exploration Licences from the Emperor Mines.
A team of logistic and carpentry staff moved into the Saki Prospect Area with building materials and food rations to establish the Exploration Base Camp.
Surveying of the Project took three weeks and ended in November 2008. It involved confirming and correcting previous locations for drilling and elevation above sea level.
A review of the geology and mineralization of the site ended in December 2008.
Phase 1 of Exploratory Drilling at Saki began in February 2009. Under Phase 1, 13 – 19 holes totalling 2,500 meters will be drilled.
Phase 1 is to review the exploratory drilling results from 2002 and confirm previous data of the five structures that compromise the Saki prospect.
Phase 1 will take three months to complete.
Based on the results of Phase 1, Phase 2 will begin. It will involve infield drilling and delineation of the mineralisation. It will also shed light on the surface extension of mineralisation based on the trench soil geochemical results.
Phase 2 will also include additional studies including water study, an environmental study, genealogy and botany study.
The primary strategy of the 2009 drilling program is to add more ounces to the speculated 35, 000 oz Au, and to subsequently prove up additional resource for mining.
Tenement Map
