Annual Report Reveals Significant Advancements
Island Passage Exploration Limited and Isina Resource Holdings Limited submitted their annual report to the Autonomous Bougainville Government on May 4, 2026. The report captures the 2025 progress of the EL02 Project on Bougainville Island, Papua New Guinea.
Significant technical achievements were highlighted, confirming the presence of large-scale porphyry-type and high-grade epithermal hydrothermal systems. This discovery substantially de-risked the project.
At the Bara-Tangka prospect, copper-gold-molybdenum mineralization was identified over a 4 km² area. Numerous rock chip channel samples exceeded 1.0% Cu, 0.1% Mo, and 1.0 g/t Au, including a continuous channel of 55m at 0.56% Cu and 0.61 g/t Au.
The Takina vein complex in the southeastern licence area hosts mineralized structures extending nearly 9 km. Highlights include veins with over 3 g/t Au, 10 g/t Ag, and 0.5% Cu, with specific findings of 7.0m at 64.03 g/t Au and 1.55% Cu.
Newly discovered vein systems formed outside the intrusive complex feature gold and silver-bearing quartz-carbonate-sulfide veins. These findings lay a strong foundation for further exploration.
Island Passage continues its commitment to community development by investing 5% of exploration expenditures into local projects. These include building supplies and airlift for new classrooms and a teacher’s house at Isina Village and construction materials for a seismic monitoring station at Mt. Baganda.
Over PGK 37,000 in cash donations supported at least 15 schools within the EL02 area. Planned projects include village-based chicken and egg farms in partnership with Kyeema Foundation.
Community and Technical Engagement
Glyn Tovirika, CEO of Isina Resource Holdings, remarked, “IRHL has seen significant changes over the last two years. Critics had said that the parties would not be successful and they would not survive the environment created by the Bougainville crisis. We have proven them wrong.”
The company employed 32 full-time Bougainvilleans and 130 part-time or casual workers each month. The project also offered training and development opportunities, including attending international conferences.
Donald McInnes, Chairman and CEO of Island Passage Exploration, commented, “2025 was a breakout year for IRHL and IPX. We are very proud of our team’s accomplishments last year.”
In 2026, the focus includes advancing the Bara-Tangka target with detailed mapping and trenching to prepare for drilling. The project also plans to enhance community relations and conduct further social mapping.
