Kainantu Resources (KRL) - NEW Acquisition Adds 6Moz Gold Equivalent

Kainantu Resources Ltd. is a TSX-V listed junior mineral exploration and development company focused on the advancement of its Asia-Pacific assets. The company’s flagship assets are the KRL North and KRL South projects. The projects are located in the Kainantu gold district of Papua New Guinea, in proximity to the Kainantu mine of K92 Mining Inc. The Kainantu mine is one of the top 4 highest-grade gold ore bodies in the world and produces 144 Koz of gold per annum at a 17 g/t gold feed grade. The company recently announced that it had closed the second tranche of its private placement financing offering to raise an aggregate of CAD$ 2.77 million. The offering was originally aimed at raising CAD$ 1.5 million but was upsized due to oversubscriptions. Kainantu Resources Ltd. also announced that it had successfully completed an Airborne Geophysical Survey over both its KRL North and KRL South projects. The obtained geophysical data, which shows high-grade mineralization similar to that found at the Kainantu mine area, will be implemented in combination with mapping and geochemical sampling data to identify targets for an exploration drilling program at the KRL North project. The company has also announced that it has entered into a definitive sales agreement with Harmony Gold Exploration Limited, a subsidiary of Harmony Gold Mining Company Limited, to acquire 100% of the Kili Teke project in Papua New Guinea. The Kili Teke project is an advanced stage exploration copper and gold project, which boasts an existing mineral resource of 0.8 Mt of copper, 1.8 Moz of gold and 0.04 Mt of Molybdenum in the inferred category. The project has also seen over 36,000 m of drilling completed to date. 

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