Prospective for copper-molybdenum-gold systems hosted within quartz porphyry and monzodiorite intrusive volcanic systems. The tenements are in close proximity to two major joint venture areas:
- Coppermoly Limited’s Joint Venture area with Barrick Gold Corporation where Barrick is spending A$20m to earn a 72% in Coppermoly’s three tenements. Coppermoly projects include;
- Simuku with inferred resource of 20Mt of 0.47% Cu Equiv
- Nakru with 2 systems of near surface mineralization with 6.7m of 3.8% Cu in drilling and 19m of 4.3% Cu in trenching
- Frontier Resources Joint Venture with Ok Tedi Mining Limited where Ok Tedi is earning 80.1% by spending US$36m on 3 project areas.
New Britain is 100% owned by Foyson Resources and is located in central New Britain. There are two exploration licences;
- North New Britain: Exploration Licence 1640 (999 km²) was granted on 21st June 2010 for a period of 2 years.
- South New Britain: Exploration Licence 1642 (362 km²) was granted on 21st June 2010 for a period of 2 years.
Previous regional exploration programs conducted by Esso Minerals (1982-3) and CRA (1985) identified high grade gold mineralisation, which is probably related to alkali intrusive systems. Anomalous gold, copper lead and zinc values returned from rock chips included;
- Dagi South – 18.4g/t Au
- Ania South – 10.7g/t Au
- Gasmata – 10.8g/t Au
- Yonathan R – 50.1g/t Au
Foyson Resources intends to commence geochemical sampling work in 2011 to reconfirm the presence of gold and to refine targets for geophysical surveys and an extended geochemical exploration program.