GB Energy Limited (ASX: GBX) is please to announce the exercise of the option for GBX to acquire 72.29% (and potentially 100% of the shares in Kalia Holdings Pty Ltd (Kalia).
Kalia, the parent company of Papua New Guinean registered subsidiary Kalia Investments Ltd, holds contractual rights to explore for minerals and develop mines in the Tinputz district of North Bougainville, Pupua New Guinea which is prospective for gold, copper and other minerals. The area over which Kalia holds contractual rights is know as the Tore Project.
There have been several significant developments since GBX was granted the Kalia Option in March 2017. The moratorium on exploration and mining in place since 1971 was lifted and the President of the Autonomous Bougainville Government accounted that applications for exploration licences would be accepted. Kalia lodged applications for the Tore project area on 19 June 2017. In September 2017, Kalia completed mining warden hearings in the Tore Project area.
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Figure 1: Bougainville location and tectonic setting
Figure 2: Map of Kalia Exploration Licence Applications