Mt. Kare Gold & Silver
Acquisition cost of US$8.80/oz gold plus US$2.40/oz gold upon commitment to develop
Well Advanced
Over AU$60m already spent on project including over 73,000m of diamond drilling
Resource Rich
42.5Mt for 2.11Moz Au @ 1.54g/t, 18.4Moz Ag @ 13.48g/t & 15km SW of Barrick's 28Moz Porgera Mine
Attractive Terms
RTG to acquire 80% stake in Mt. Kare if and when current vendors are successful in securing EL from the MRA
Priority EL Applicants
Current vendors (Global Mining Group Limited & Tribune Mt. Kare Limited) are 1st & 2nd in line to acquire new exploration license
In-Country Networks
RTG Mining is a proven developer in frontier jurisdictions & maintains excellent networks in PNG
June 2013 Resource by AMC Consultants
Historic Resource Estimate
In 2011, Indochine Mining Limited exercised an option to acquire Mt. Kare and in 2013 announced a Historical (JORC 2004 compliant) Mineral Resource Estimate by AMC Consultants.
- 3 mineralised domains identified
- 0.5g/t Au cutoff grade
- 42 diamond holes
- 67,156m drilling
- ordinary kriging
Mt. Kare is located approximately 600km northwest of Port Moresby and 145km west of Mt. Hagen in the Enga Province of PNG and is situated 15km southwest of Barrick’s Porgera Gold Mine. The Porgera mine is the 3rd largest mine in PNG and is regarded as one of the world’s top ten producing gold mines.
Renowned for Abundant Mineral Wealth
Papua New Guinea is One of the
World’s Greatest Concentrations
of World-Class Copper & Gold Assets
Historic Extraction
More than 1 Million oz gold (with alluvials at 10g/t Au) is estimated to have been extracted by artisanal miners between 1988 and 1990
Mt. Kare is Advanced Stage with World Class Development Potential
High grade historical (JORC 2004) Mineral Resource published in 2013 that already contains in excess of 1.5 MOz @ 1.68 g/t in Measured and Indicated resource categories
Highly scalable project with significant exploration upside
- Potential for rapid resource growth in high grade zones
- Extensions and in-fill drilling
- Porgera style targets at depth
- Close to Porgera infrastructure including roads and powerlines
- Conducive to progressive mine development
60
Million Invested
73
Metres Drilled
454
Diamond Holes
2.11
Million Ounces Gold
Significant Exploration Upside
- Geological similarities between Mt. Kare deposit and nearby Porgera Gold Mine are well documented:
- Same host rocks
- Similar geological structures
- Mineralisation types
- Age of mineralisation
- Mt Kare and Porgera 15km apart along the same NE trending continental scale transfer structure
- Several Mt Kare ore zones are open along strike and at depth, including the Western Roscoelite Zone and Central Zone
- Areas of consistent drill intercepts not included in the Historic Resource Estimate
- Mt Kare is 500m higher than Porgera and only drilled to 350m, mineralisation at Porgera occurs over 1000m of vertical extent
Project Geology & Mineralization
- Main landmass of PNG is a product of the interaction of the Australian craton with Pacific Ocean plate. The most recent interaction began about 5 million years ago resulting in the uplift, folding and thrust development seen today in the New Guinea Highlands
- Gold mineralisation is predominantly within veins, the dominant style of vein fill being pyrite with sphalerite, galena, quartz, carbonate and silver sulphosalts
- Mineralisation at Mt. Kare post-dates the intrusions, pervasive alteration, north-northeast-plunging folds and most of the movement on the major faults, including the major hanging wall fault
- The Mt Kare epithermal deposit is hosted by Mesozoic and late tertiary sediments originally deposited as marine continental shelf sediments on the Australian craton
Mt. Kare
Initial Work Plan
Focus on community & stakeholder engagement, data and resource validation & environmental studies
US$3.0M to model orebody and complete feasibility:
- Initial resource drill program & modeling
- Mine design
- Infrastructure optimization
- Review of metallurgical work & plant design
- Engineering
- Capital expenditure & cash flow work
Any significant infill drilling requirements to be determined and result in a corresponding budget
Papua New Guinea
Stakeholder Engagement
RTG has proven mine development expertise and understands the importance of strong stakeholder & landowner engagement and alignment of interests to deliver a successful and sustainable project
RTG will seek to ensure both the landowners and PNG share in the success of the project, which will be a priority, with a 10% free carried interest for landowners
RTG has won 47 awards around the world for environmental, social and safety best practice on the 7 mines the team has developed
A key part of the process will be developing community livelihood programs that enhance the everyday life of the local communities including training, education and healthcare programs as well as law enforcement, security and enhancement of general infrastructure such as roads and buildings
RTG will seek to build social harmony at Mt Kare through strong community engagement and will seek to build upon the success of the landowner studies done to date
2014
Land Investigation
REPORT SIGNED
Mt Kare (EL 1093) Land Investigation Report (LIR) signed in 2014 by the Governor of Enga Province, Grand Chief Hon. Peter Ipatas & co‐signed by the Provincial Administrator, Dr. Samson Amean