Island Passage Exploration Launches Exciting Phase Four Program

Island Passage Exploration Starts Phase 4 of Exploration

Island Passage Exploration Limited (IPX) is thrilled to announce the initiation of Phase Four of its extensive mineral exploration program on the Isina exploration license (EL02) located on Bougainville Island. This exciting phase follows the successful completion of previous exploration efforts and sets the stage for further discoveries. IPX has secured an option to earn a 70% interest in this promising tenement from Isina Resource Holdings Limited (IRHL), demonstrating the collaborative spirit that underpins this endeavor.

Overview of the EL02 License

The Isina exploration license spans 261 km² within the stunning scenery of Bougainville Island, specifically in the Crown Prince Range. Notably, this area is situated approximately nine kilometers southeast of the historic Panguna copper-gold mine, which has a rich history in mining operations. This strategic location enhances IPX's potential for significant mineral extraction.

Highlights from the Previous Exploration Phases

The initial three phases of exploration over the past six months yielded significant results, showcasing a systematic and modern exploration approach. The highlights from these phases include:

• A successful and safe re-launch of copper-gold exploration within the Autonomous Region of Bougainville.
• Support and hospitality from seven local villages, which facilitated food and shelter for the exploration team.
• Involvement of over 30 local Bougainvilleans in various roles contributing to community engagement and support.
• Hands-on training provided to multiple exploration crews in field methodologies and GPS surveying.
• The first project tour conducted with the company's Board of Directors, demonstrating transparency and commitment to stakeholders.
• A comprehensive prospecting and sampling program with significant data collected, including:
• 112 new stream sediment samples, contributing to a total project database exceeding 340 samples;
• 83 new rock samples, bringing the total to over 180 samples;
• 254 soil samples obtained via manual auger across extensive ridge lines.
• An analysis of 14 small-scale alluvial mining sites, both active and dormant.
• Identification of six prospect-scale areas of interest, covering over 40 km², revealing compelling stream sediment anomalies in multiple elements including gold, silver, copper, and molybdenum.

Exciting Discoveries During Exploration

Among the most thrilling developments during the exploration phases is the discovery of a high-grade gold-silver-copper vein system. This vein exhibits a remarkable strike length of over one kilometer, characterized by:

• Nine rock samples with gold concentrations exceeding 5 g/t, highlighting local maxima values of 454 g/t, 144 g/t, and other notable figures.
• Ten rock samples containing more than 1% copper, with local maxima reaching up to 11.26%.
• Ongoing systematic channel sampling as well as preliminary mapping and soil sampling efforts.

Follow-up Sampling Activities

The exploration team has also conducted follow-up sampling in two additional clusters showing anomalous gold and copper concentrations. This vital work will help shape future exploration strategies.

Future Plans and Stakeholder Collaboration

Donald McInnes, the Co-Founder and CEO of IPX, expressed gratitude towards the customary landowner partner, Isina Resources Holdings, for their ongoing support. McInnes emphasized the importance of collaboration stating, “Exploration in Bougainville is only feasible through partnerships with customary landowners as stipulated in local mining regulations.” As Phase Four progresses, IPX has set its sights on an expanded program for the upcoming year, reflecting optimism for promising results.

In Depth Look into the Geochemistry

The IPX team has diligently covered around 80% of the license area with extensive stream sediment sampling. This substantial effort has led to the identification of multiple target areas based on geochemical and geological assessments. The aims for future exploration include intensified sampling to establish greater clarity in mineral distribution and the continuity of identified vein systems.

The Isina and Enara Targets

Prominent among the identified areas are the Isina and Enara targets, where robust gold-copper mineralization has been observed. The Isina target showcases a remarkable concentration of precious metals, with ten samples demonstrating copper levels exceeding 1%. Experts predict that further exploration will confirm the extensive potential of these resources.

Company Background and Vision

Island Passage Exploration Ltd is a private Canadian company established with a mission to advance resource exploration on Bougainville Island while upholding responsible practices in collaboration with local communities. The company's leadership combines technical expertise with respect for indigenous rights, resulting in a sustainable approach to resource development. The establishment of Island Passage Development Ltd further supports the company's objectives by ensuring a steady flow of exploration finance and technical capabilities built upon a strong partnership framework.

Frequently Asked Questions

What is Island Passage Exploration Ltd's primary focus?

Island Passage Exploration Ltd focuses on responsible mineral exploration in partnership with local communities on Bougainville Island.

Which area is associated with the EL02 license?

EL02 is located on Bougainville Island, covering an area rich in mineral potential, situated near the historic Panguna mine.

What were the key findings from the Phase 3 exploration?

Key findings included high-grade gold and copper veins, involvement of local workforce, and significant geochemical sampling results across multiple target areas.

How does IPX collaborate with local landowners?

IPX works collaboratively with local landowners by respecting their customary rights and actively involving them in exploration efforts.

What are the plans for future phases of exploration?

The company aims to expand its exploration efforts in 2025 based on promising initial results from the ongoing program.

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