Papua Mining Plc Lighthouse Gold Project Update (9396U)
30 October 2017 - 6:59PM
UK Regulatory
TIDMPML
RNS Number : 9396U
Papua Mining Plc
30 October 2017
Papua Mining plc
("Papua" or "the Company")
Lighthouse Gold Project Update
Papua Mining (LON: PML), the gold and copper exploration
company, is pleased to provide shareholders with an update on its
recently-acquired and 100% owned Lighthouse Gold Project (the
"Lighthouse Project") in Queensland, Australia.
Highlights:
-- The Company is currently undertaking a review of historical
drilling in preparation for ground exploration at the Lighthouse
Project;
-- This on-going review highlights gold and silver
mineralisation near surface and at considerable depth at the
Plateau Prospect;
-- Deepest down-hole intersection of gold so far is 685 metres
below surface, which the Company believes indicates potential for a
mineralised gold system commencing at surface and extending to
substantial depths;
-- Reverse circulation drilling programme is planned to test the
near-surface, potentially exploitable extent of the mineralised
gold system;
-- Statutory landowner access agreements are being sought to
enable a drilling programme to be undertaken and site work is being
planned to prepare drill sites.
Chief Executive Officer of Papua Mining, David Price commented:
"The Lighthouse Project provides the Company with an outstanding
opportunity to capitalise on excellent historical drilling
results.
Having near-surface gold and a single deep drill hole which has
intersected gold more than half a kilometre below surface is a
unique opportunity for Papua.
The Company is undertaking an on-going review of all historical
data to target the upper zones of the gold prospect initially,
where multiple, quality intersections of gold and silver have been
encountered within the top 80 metres. Papua is targeting a Maiden
Ore Resource to comply with the guidelines of the JORC Code for
Reporting of Mineral Resources."
Further information from the review of the existing data on the
Lighthouse Project, which is still on-going, is set out below:
Plateau prospect hosts veins and gold/silver-bearing breccias
which have been drilled historically. Some of the better drilling
intersections identified previously 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). The Company believes that the historic drilling activity
has produced highly-promising results within the top 80 metres from
surface, and this data will be considered in detail as part of the
Company's review of the Lighthouse Project.
The review has identified a single diamond hole drilled by
Newcrest Mining in 2007 which intersected 4m @ 0.70g/t Au and
2.2g/t Ag from 643m (hole PLDD06001), which is more than 500m
directly below the drilled gold mineralisation near surface. This
provides clear evidence that a mineralised gold and silver system
exists more than half a kilometre below surface.
A second, deeper zone has also been identified in the same
diamond hole (PLDD06001) which intersected 3m @ 0.21g/t Au and
12.7g/t Ag from 685m. This intersection opens the possibility for
multiple, stacked lodes. However, Papua is currently focussed on
the shallower, potentially exploitable targets that occur at
Plateau.
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). Papua is targeting a similar size and style of
deposit as Mt Leyshon**.
** This is an Exploration Target and the potential quantity and
grade is conceptual in nature. There has been insufficient
exploration to estimate a Mineral Resource and it is uncertain if
further exploration will result in the estimation of a Mineral
Resource.
More than 4,500 metres of 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.
Papua plans to undertake a reverse circulation drilling program
at Plateau and is currently surveying the planned drill holes in an
effort to commence drilling prior to the start of the wet season in
northern Australia. The commencement of the wet season is not
predictable and it is therefore possible that drilling at Plateau
will instead take place immediately following the wet season.
Statutory landowner access agreements are currently being sought
to permit drilling activities at the Lighthouse Project, in
conjunction with landowner access agreements for geophysical and
geochemical work planned for the Marengo and Copperhead Projects,
also in Queensland. The market will be updated once these
agreements are in place and the Company is ready to commence field
work.
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.
For further information on the Company please visit
www.papuamining.com or contact the following:
Papua Mining plc david@papuamining.com
David Price
Chief Executive Officer
Cenkos Securities plc
Nominated Adviser & Broker,
Derrick Lee/Beth McKiernan +44 131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
END
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