Papua Mining (LON: PML), the gold and copper exploration company, is pleased to inform shareholders that it has recently applied, through its 100% owned subsidiary BGM Investments Pty Ltd, for a new strategic and highly-prospective exploration licence (EPM 26705) immediately adjacent to its 100% owned Lighthouse Gold Project (the “Lighthouse Project”) in Queensland, Australia. The award of the licence is subject to formal grant by the Queensland Department of Resources and Mines.
· New tenement application (called Kookaburra Tenement), borders the Company’s Lighthouse Project and, when granted, will increase the available exploration potential by 239 square kilometres immediately surrounding the Lighthouse Project;
· This application, comprising 5 separate areas, includes an historically-mined gold line-of-lode immediately north of the Lower Lighthouse prospect and the western strike extension of the Double Event Prospect;
· A new target called the Kookaburra Prospect is incorporated in the new application. Kookaburra, (a porphyry Cu/Mo prospect), is positioned on what is interpreted as the eastern rim of a large intrusion. Previous soil sampling has identified anomalous Au/Cu/Mo over an area exceeding 1.2 km2;
· The G-38 Prospect also falls within the area under application. This prospect is a breccia system, (similar to Plateau), with historical rock sampling returning highest values of 3.6g/t Au and 701g/t Ag.
· More than a dozen historical workings which are prospective for gold and copper occur inside the new application tenement including, Upper Lighthouse, Lower Lighthouse (northern lode), Spur, Cameron, Cornishman, Crowes, G-38, Native Bee, Kookaburra, Hill 308, Buckles North, Bluff East, Brook, Coolan South, Coolan North Prospects, along with an additional 22 un-named, historical gold workings.
An image showing the outline of Lighthouse and the new application is available below.
Chief Executive Officer of Papua Mining, David Price commented:
“Papua has adopted a growth strategy which includes both organic and acquisition opportunities to develop the Company. Management continues to keep a close eye on highly-prospective, low-entry-cost opportunities and this new licence, when granted, will provide Papua with additional historical gold/copper workings and a total area of 561 square kilometres of exploration ground-holding at the Lighthouse Project.
In the meantime, Papua is making excellent progress towards its planned drilling at the Plateau Prospect, with the important Cultural Heritage Survey now complete and Landowner Access Agreements well advanced. Based on current weather conditions, the Company anticipates that it remains achievable for the drilling programme to commence ahead of the wet season in northern Australia and will inform shareholders once drilling operations commence.”
For further information on the Company please visit www.papuamining.com
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