Daulton Capital has purchased 750,000 hectares in Papau New Guinea, which is rich in gold.
The company has bought 80% working interest in the Wewak Prospect through a deliberate partnership with the South Pacific Connection of Papau New Guinea.
The location of the property is in the world famous Prince Alexander Mountain Range, which is a prolific gold producing region with present operators comprising Goldminex, Barrick Gold, Xstrata, Harmony Gold, Frontier Resources and Newmont Mining.
Papau New Guinea is well situated beside the Pacific Rim of Fire, which is the active circum-Pacific volcanic belt hosting huge copper-gold porphyry systems and several first-class epithermal gold deposits. The company targets the high grade epithermal and skarn gold, immense mineable invasive linked gold and porphyry copper-gold-molybdenum deposits.
Now, alluvial gold is being processed from wide fortified auriferous palaeogravels. This contains the sides of the Jurassic metamorphic and the Prince Alexander Mountains’ invasive core. Traces of platinum occur in this region having minor key gold and base metal mineralization linked with hydrothermally altered interruptions.
Daulton has planned to work with South Pacific Connection to progress the well placed Wewak Prospect and expects to progress the work program. In April, gold has achieved a 7% gain.
Additionally, Daulton has decided not to execute the option agreements on the Ballarat and Hunker properties in Yukon and have reciprocally terminated the agreements with the leaseholder.
Source: http://www.daultoncapital.com/