Papua Mining (LON: PML), the gold and copper exploration company, is pleased to inform shareholders that it has completed its first phase of drilling at the Plateau Prospect, part of the Lighthouse Gold Project (the “Lighthouse Project”) in Queensland, Australia.
Eleven reverse circulation drill holes have been drilled for a total of 2,111 metres and to a maximum depth of 250m from surface as planned. This drilling was completed ahead of schedule and prior to the commencement of the wet season in Northern Australia.
Geological logging of the Reverse Circulation chips recorded observations of sulphides within altered faults and breccia zones. Drilling results will be announced to the market once the samples have been analysed by Australian Laboratory Services (ALS).
Chief Executive Officer of Papua Mining, David Price commented:
“We are pleased to have our first drilling campaign completed ahead of time and within budget. Papua is now in an excellent position to have all drilling samples analysed, verified, interpreted and remodelled within an efficient timescale. We look forward to updating our shareholders on the results of this drilling programme.”
About the Plateau Prospect within the Lighthouse tenement:
More than 4,500 metres of historic drilling has been completed within the Lighthouse Project tenement, which comprises a number of individual prospects including; Plateau, Double Event, Bluff Creek, Lower Lighthouse and Cardigan Dam prospects.
Some of the better historical drilling intersections at Plateau include 89m @ 1.6g/t Au and 44.5g/t Ag from 61m (hole PL102), 11m @ 2.0g/t Au and 14.3g/t Ag from 44m (hole PLP127) and 8m @ 3.4g/t Au and 10.1g/t Ag from 39m (PLP130).
A single, deep hole drilled by Newcrest Mining in 2007 intersected 4m @ 0.70g/t Au and 2.2g/t Ag from 643m (hole PLDD06001) more than 500m directly below the drilled near surface gold mineralisation.
The Lighthouse Project is located 50km southeast of the important gold mining centre of Charters Towers (+6Mozs gold), 20km east of the Mt Leyshon Gold Mine (4Moz gold on Care & Maintenance) and only 17km east of the operating Pajingo Gold Mine (3.7Moz gold).
Competent Person Statement:
Information in this announcement that relates to exploration results is based on information compiled by Mr David Price, a Director of Papua Mining plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.
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