Mincor Resources (ASX: MCR) is poised to start field exploration work at its Bolobip copper-gold porphyry target in Papua New Guinea.
Bolobip is a large coincident copper-gold anomaly in a multi-phase intrusive environment located about 60 kilometres east of the giant Ok Tedi copper-gold mine.
Field exploration activities will be supplemented by induced polarisation surveys and heli-borne magnetics.
This will confirm the porphyry characterisation of the target and generate targets for drilling either late in the current financial year or early in the next.
Initial studies at Bolobip have suggested that it has affinities to porphyry-style mineralisation with similarities to Ok Tedi.
The geochemical anomaly is approximately 1 kilometre in diameter and has never been drilled.
Mincor is earning a 72% interest in Bolobip.
Mincor is trading at about half cash backing with cash of $75.9 million as of 31 December 2012. This is about $0.40 cash per share compared to its current share price of $0.80 and market capitalisation of $150.6 million.
The Proactive Investor