Kainantu Resources Reports Filing of Q1 2022 Results
Kainantu Resources Reports Filing of Q1 2022
Results
VANCOUVER, BC
,
May 30, 2022
/CNW/ - Kainantu Resources Ltd. (TSXV: KRL) ("KRL" or the
"Company"), the
Asia-Pacific
focused gold mining company, is pleased to report the filing of its
results for the quarter ending March 31, 2022 ("Results"), a copy of which is available for review on
the Company's
website
.
Key aspects to report from a financial and operational perspective over the quarter include:
completion of an airborne geophysical survey over both KRL North and KRL South projects, with
final analysis pending;
field work and analysis at KRL North continuing to confirm the Company's view on the likely
extension of high-grade mineralisation from the adjacent K92 project;
ongoing contour trenching at East Avanionfi and Yaoro Ridge continuing to increase the
Company's confidence on the prospectivity of KRL South;
expenditure on exploration and evaluation activities for the quarter to
March 31, 2022
totalled
US$0.72 million
(which has been capitalised), inclusive of one-off costs incurred during the
airborne survey;
closing cash position plus non-trade receivables as at
March 31, 2022
of
US$1.65 million
(
C$2.07 million
), net of one-off costs associated with the private placement (constituting cash at
bank of US$
US$1.42
/
C$1.78 million
and non-trade receivables of
US$0.23
/
C$0.29 million
);
and
a net loss for the quarter of
US$0.26 million
(2021 –
US$0.79 million
).
Subsequent to the current period, on
April 6, 2022
, the Company announced it had 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
237 Mt
@ 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.
Matthew Salthouse
, CEO of KRL, commented:
"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."
About 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.
For further information please visit
https://kainanturesources.com/
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
Statements contained in this release that
are not historical facts are forward-looking statements that involve various risks and uncertainty
affecting the business of KRL. In making the forward-looking statements, KRL has applied certain
assumptions that are based on information available, including KRL's strategic plan for the near
and mid-term. There can be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking information. KRL does
not undertake to update any forward-looking information, except in accordance with applicable
securities laws.
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]; EU IR / Financial PR (Camarco): Gordon Poole / Charlotte
Hollinshead, Tel: +44(0) 3757 4989; Investor Relations (Gemini Capital): Kevin Shum, Tel: +1 212
219 4670 (702), Email: [email protected]
CO: Kainantu Resources Ltd.
CNW 16:00e 30-MAY-22