Kainantu Resources record $0.26m net loss for Q1 2022
Gold mining firm, Kainantu Resources Limited (KRL) for the first quarter of this year posted a revenue net loss of $0.26m.
The recorded net loss of $0.26m compares favourably to the $0.79m net loss recorded same period last year – Q1 2021.
Per the mining firm’s Q1 2021 financial results, closing cash position plus non-trade receivables as at the end of March 2022, was $1.65m.
Total expenditure on exploration and evaluation activities within the quarter under review, the financial results of KRL reveals, amounted to $0.72m, inclusive of one-off costs incurred during the company’s airborne geophysical survey of both the KRL North and KRL South projects.
Commenting on the company’s Q1 2021 financial results, Matthew Salthouse, CEO of KRL said, “KRL is pleased to provide this update to shareholders for the quarter ended March 31, 2022. Exploration work to date continues to be encouraging with geochemical analysis, contour benching work and an airborne geophysics program being undertaken during the quarter, as KRL makes significant steps towards the delineation of drill targets in Kainantu in line with our stated strategy.”
Meanwhile, KRL has announced that it has entered into a definitive agreement with Harmony Gold (PNG) Exploration Limited, a wholly owned subsidiary of Harmony Gold Mining Company Limited, to acquire 100% ownership of the Kili Teke Gold-Copper Project.
Kili Teke is a significant advanced exploration porphyry gold-copper project with an existing inferred mineral resource of 237Mt at 0.34% Cu (=0.8Mt Cu), 0.24g/t Au (=1.8Moz Au) and 168ppm Mo (=0.04Mt Mo), and the potential for further re-optimization and discoveries to increase overall value.
Kainantu Resources ‘KRL’ is an Asia-Pacific focused gold mining company with three highly prospective gold-copper projects, KRL South, KRL North and the May River Project.
All projects are located in premier mining regions in PNG. Both KRL North and KRL South show potential to host high-grade epithermal and porphyry mineralisation, as seen elsewhere in the high-grade Kainantu Gold District.
The May River project is in close proximity to the world-renowned Frieda River Copper-Gold Project, with historical drilling indicating the potential for significant copper-gold projects.
KRL has a highly experienced board and management team with a proven track record of working together in the region; and an established in-country partner. KRL recently executed an agreement to acquire the Kili Teke project in the western highlands of PNG.
