Kainantu Resources Filing of Q1 2023 Results
Kainantu Resources Filing of Q1 2023 Results
VANCOUVER, BC
,
May 30, 2023
/CNW/ - Kainantu Resources Ltd. (TSXV: KRL) (FSE: 6J0)
("KRL" or the "Company"), the
Asia-Pacific
focused gold mining company, is pleased to report the
filing of its interim results for the 3 months ending
March 31, 2023
, a copy of which is available for
review in the "Investors" section of the Company's
website
.
Key aspects to report over the period include the following (with financial analysis stated in USD
unless otherwise noted):
Financial Update and Highlights
ongoing prudent management of capital resources continued in Q1 2023, during the 3 months
ended
March 31
;
capitalised expenditure on exploration and evaluation activities totalled
$0.32 million
, compared
to
$0.72 million
for the period in 2022, with the generally less field activity for the period;
subsequent to the reporting date on
May 30, 2023
, KRL announced of the placement of a
Senior Convertible Debenture securing commitments of
C$1.40 million
, maintaining funding for
the Company's projects and operations (to supplement cash and receivables reported at
March
31
of
$0.35 million
(or
C$ 0.48 million
) with
$0.17 million
of non-trade receivables);
cash used in operating activities was
$0.32 million
and
$0.31 million
for investing activities and
net inflows from financing of
$0.52 million
; and
the operating loss for the period was
$0.31 million
largely in line with
$0.26 million
in 2022 with
small increases in travel costs and professional fees relating to fundraising.
Operational Update and Highlights
The focus for Q1 2023 was on priority projects at Kili Teke and Ontenu/KRL South, including:
ongoing work to define drill targets at the Ontenu Prospect, with a high degree of consistency
reported from samples, within a narrow range of up to 1.55ppm Au; 3,893ppm Cu and 20.8ppp
Ag;
issuance of an NI43-101 Technical Report for the Kili Teke project, with an estimated inferred
mineral resource of
237Mt
@ 0.34% Cu, 0.24g/t Au and 168ppm Mo, for a total of 802kt of Cu,
1.81Moz of Au and 40kt Mo (at a 0.2% Cu cut-off); and
completion of a highly successful study at the Mountain Gate Prospect at the May River Project,
with geochemical analysis identifying a likely shallow buried Au and Cu rich porphyry target.
Matthew Salthouse
, CEO of KRL, commented:
"KRL is pleased to provide this update for Q1 2023. During the quarter, considerable focus was
applied towards funding initiatives to enable the consolidation and development of our foundation
assets; providing a platform to preserve and build upon our blue chip portfolio at Kainantu, May
River and Kili Teke.
The recently announced convertible debenture supports this strategy, providing funding to lock in
value generating initiatives; primarily at Kili Teke and Ontenu/KRL South.
KRL looks forward to updating stakeholders on further initiatives at these projects and other
locations in the near future."
About Kainantu Resources Limited (KRL)
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.
Qualified Person
The scientific and technical information disclosed in this release has been reviewed and approved by
Graeme Fleming
, B. App. Sc., MAIG, an independent "qualified person" as defined under National
Instrument 43-101,
Standards of Disclosure for Mineral Projects
.
For further information please visit
https://kainanturesources.com/
References in this release to $ are stated in USD.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of
the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer and
Forward-Looking Information
This release contains forward-looking statements, which relate to
future events or future performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's current beliefs and are based
on assumptions made by and information currently available to the Company. All statements, other
than statements of historical fact, are forward-looking statements or information. Forward-looking
statements or information in this news release relate to, among other things: formulation of plans
for drill testing; and the success related to any future exploration or development programs. These
forward-looking statements and information reflect the Company's current views with respect to
future events and are necessarily based upon a number of assumptions that, while considered
reasonable by the Company, are inherently subject to significant operational, business, economic
and regulatory uncertainties and contingencies. These assumptions include; success of the
Company's projects; prices for gold remaining as estimated; currency exchange rates remaining
as estimated; availability of funds for the Company's projects; capital, decommissioning and
reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled
construction and production; all necessary permits, licenses and regulatory approvals are received
in a timely manner; and the ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive. The Company cautions the reader that forward-
looking statements and information involve known and unknown risks, uncertainties and other
factors that may cause actual results and developments to differ materially from those expressed
or implied by such forward-looking statements or information contained in this news release and
the Company has made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy
inputs, labour, materials, supplies and services (including transportation); fluctuations in currency
markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards
inherent with the business of mineral exploration; inadequate insurance, or inability to obtain
insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses
and regulatory approvals in a timely manner; changes in laws, regulations and government
practices, including environmental, export and import laws and regulations; legal restrictions
relating to mineral exploration; increased competition in the mining industry for equipment and
qualified personnel; the availability of additional capital; title matters and the additional risks
identified in our filings with Canadian securities regulators on SEDAR in
Canada
(available at
www.sedar.com
). Although the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other factors that cause results not to be as
anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on
forward-looking statements or information. These forward-looking statements are made as of the
date hereof and, except as required under applicable securities legislation, the Company does not
assume any obligation to update or revise them to reflect new events or circumstances.
SOURCE
Kainantu Resources Ltd.
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For further information:
Enquiries: Kainantu Resources, Matthew Salthouse, Chief Executive
Officer (Tel: + 65 8318 8125); Callum Jones, Corporate Development Co-ordinator (Tel: + 61 450
969 697), Email: [email protected]; Corporate Advisor (Jemini Capital), Kevin Shum, Tel: +1 212 219
4670 (702), Email: [email protected]
CO: Kainantu Resources Ltd.
CNW 16:15e 30-MAY-23