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Company Statement
Yandera Copper-Molybdenum-Gold Project (Madang Province, PNG)
(100% Interest)
Target – Porphyry Cu-Mo-Au
Marengo Mining Limited has focused its attention on the highly significant Yandera Project, located 95 kilometres south-west of the northern seaport and provincial capital of Madang. The project is situated within the highly prospective New Guinea Copper-Gold Belt.
The Yandera Project which comprises granted exploration licences, covers some 1,900 square kilometres and was the subject of intensive exploration programs during the 1970’s by a number of companies, including Kennecott Copper and BHP. During this time 105 diamond drill holes were completed for some 33,000 metres.
Since entering into the project in 2005 Marengo has completed an additional 50,000 metres of diamond drilling, resulting in the release of a JORC compliant mineral resource in October 2008. This resource which contains approximately 4.9 million pounds of copper, 170 million pounds of molybdenum, together with significant quantities of gold, silver and rhenium.
Marengo is currently completing a Definitive Feasibility Study for the development of a 25 Mtpa mining and processing operation at Yandera. This study is due for completion in December 2010, with a planned production start-up in 2013/14.
In addition Marengo continues to explore the area surrounding the existing mineral resource for strike and depth extensions.
Current Operations
Marengo has positioned itself in Papua New Guinea (PNG) and has the potential to grow into a world class metal miner.
Yandera Copper-Molybdenum Project (Madang, Province, PNG)
(100% INTEREST)
Target - Porphyry Cu-Mo-Au, Epithermal Au
Marengo Mining Limited has focused its attention on the highly significant Yandera Project, located 95 kilometres southwest of the northern seaport of Madang and situated within the highly prospective New Guinea Copper-Gold Belt.
The Yandera Project, which comprises granted exploration licences, covers some 1,500 square kilometres and was the subject of intensive, drill based exploration programs during the 1970's by a number of companies, including Kennecott Copper and BHP.
This activity, which included the completion of 102 diamond drill holes totalling 33,000 metres, culminated in the preparation of a mining study by BHP. This study identified the Yandera Porphyry System as containing one of the largest undeveloped porphyry copper-molybdenum systems in the south west Pacific.
Although a number of resource estimates were generated, these estimates pre-date the JORC Code and were never publicly reported.
On 23 October 2008, Marengo announced an upgraded JORC and Canadian National Instrument 43-101 compliant resource estimate. This estimate was prepared by international mining consultancy group, Golder Associates Pty Ltd.
The upgraded resource estimate, comprises an Indicated Resource of 527 million tonnes (Mt) at 0.38% copper equivalent (CuEq) and an Inferred Resource of 766 Mt at 0.33% CuEq, based on a 0.2% CuEq cut-off.
This compares with the previously announced mineral resource estimate comprised of an Indicated Resource of 163 Mt at 0.49% CuEq and an Inferred Resource of 497 Mt at 0.48% CuEq, based on a cut-off grade of 0.3% CuEq. It also represents a 92% increase on the previously reported Indicated Resource based on a cut-off grade of 0.3% CuEq.
The revised resource estimate incorporates all diamond drilling results including the 2008 field season (to July) totalling 175 drill holes for 56,969 metres of drilling.
Additionally, Marengo is pleased to report an Inferred Resource Estimate of 1.29 billion tonnes containing the by-product metals of gold (Au), silver (Ag) and rhenium (Re). Rhenium is an important metal in the manufacture of jet aircraft turbines and has increased tenfold in price over the past five years to US$11,500/kg (US$350/oz). The by-product metals have not been included in the copper equivalent values.
Geographical Spread
Papua New Guinea and Australia
Board of Directors and Key Management
| John Horan | Chairman |
| Leslie Emery | Managing Director |
| Douglas Dunnet | Non-Executive Director |
| Sir Rabbie Namaliu | Non-Executive Director |
| Susanne Sesselmann | Non-Executive Director |
| John Hick | Non-Executive Director |
| Elizabeth Martin | Non-Executive Director |
| Samuel Akoitai | Director (Marengo Mining (PNG) Limited) |
| John Ribbons | Company Secretary/Chief Financial Officer |
| Peter Dendle | Project Manager - Yandera |
| Grant Calderwood | Operations Manager |
| Malcolm Roberts | Principal Geologist |
Company AddressLevel 2, 9 Havelock St
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Additional Address/Key ContactPostal Address |
CapitalIssued Capital 498,810,862 shares (ASX/POMSox Code: MGO) (TSX Code: MRN 17,700,000 unlisted options |
Annual General MeetingNovember | Year End30 June |
Related News
01/09/09 - Marengo Is Cashed Up And Ready To Go: The Feasibility On The Yandera Copper-Moly Project Is Now Fully Funded To Completion18/06/09 - Marengo Is Being Closely Watched As It Presses On With Its Definitive Study On The Yandera Copper Project
07/05/09 - Marengo Mining’s Yandera Copper Project In Papua New Guinea Is Shaping Up Well, And Exploration Is Yielding Promising Results Too
05/01/09 - Awakening A Giant: Marengo Mining Plugs Away At Yandera In Papua New Guinea
05/08/08 - "We’ve Got To Start Somewhere": Marengo Edges Ever Closer To First Production At Yandera
08/04/08 - With Copper Prices Where They Are, Marengo Is Sitting On A $20bn Project
Most Recent Statement
28/01/10 - Quarterly Activities Report - 31 December 200928/01/10 - Quarterly Cashflow Report - 31 December 2009
13/11/09 - UNAUDITED INTERIM FINANCIAL REPORT TO 30 SEPTEMBER 2009-TSX
13/11/09 - UNAUDITED INTERIM FINANCIAL REPORT
06/11/09 - Chairman's & Managing Director's AGM Addresses
30/10/09 - PNG Chamber of Mines and Petroleum