Today before the opening bell, Daulton Capital Corp. announced that is has acquired 750,000 hectares (1,853,250 acres) in gold rich Papau New Guinea. Through a strategic partnership with South Pacific Connection Limited (ELA 1857) of Papau New Guinea, the company has acquired 80% working interest in the Wewak Prospect.
The property, located in the world renowned Prince Alexander Mountain Range which known to be a prolific gold producing area, is surrounded by other operators including Newmont Mining, Barrick Gold, Goldminex, Xstrata, Harmony Gold and Frontier Resources.
Papau New Guinea is strategically located along the Pacific Rim of Fire, the dynamic circum-Pacific volcanic belt that is host to large copper-gold porphyry systems and a number of world-class epithermal gold deposits. Targets are very high grade epithermal and skarn gold, bulk mineable intrusive related gold and porphyry copper-gold-molybdenum deposits.
According to today’s press release, alluvial gold is currently being worked into present day streams from extensive uplifted auriferous palaeogravels, including the flanks of the Jurassic metamorphic and intrusive core of the Prince Alexander Mountains. The area’s gold is accompanied by traces of platinum with minor primary gold and base metal mineralization associated with hydrothermally altered intrusions. The Prince Alexander Mountains has decades of extensive history of locals mining high distinction alluvial gold.
A spokesperson for Daulton Capital commented, “We are looking forward to working with South Pacific Connection Limited to advance our strategically positioned Wewak Prospect and are anxious to get our work program under way as quickly as possible. Gold continues its upward thrust achieving a 7% gain in April alone, helping make our purchase potentially valuable for our shareholders.”
The Company also told investors today that it has decided not to exercise the option agreements on the Ballarat and Hunker properties located in the Yukon and that the agreements have been mutually terminated with the leaseholder.
Let us hear your thoughts: Daulton Capital Corp. Message Boards