Papua Mining Plc New Exploration Licence Application (1369C)
18 January 2018 - 6:00PM
UK Regulatory
TIDMPML
RNS Number : 1369C
Papua Mining Plc
18 January 2018
18 January 2018
Papua Mining plc
("Papua" or "the Company")
New Exploration Licence Application adjoining the Mt Leyshon
Mining Lease, Australia
Papua Mining (LON: PML), the gold and copper exploration
company, is pleased to inform shareholders that it has, through its
100%-owned subsidiary BGM Investments Pty Ltd, recently applied for
another strategic and highly-prospective exploration licence
(EPM26745) which immediately surrounds the Mt Leyshon Mining Lease.
The award of the licence is subject to formal grant by the
Queensland Department of Resources and Mines.
Highlights:
-- New tenement application (called New Leyshon), adjoins the Mt
Leyshon Mining Lease on three sides;
-- Mt Leyshon Mining Lease (ML 10144) has produced 2.5 million
ounces of gold and 2.3 million ounces of silver;
-- When granted, New Leyshon will increase the available
exploration potential of PML in the vicinity of the Lighthouse
Project by a further 38 square kilometres;
An image showing the new application and its proximity to Mt
Leyshon Mining Lease is available at the link below.
http://www.rns-pdf.londonstockexchange.com/rns/1369C_1-2018-1-17.pdf
Gold was first discovered at Mt Leyshon in 1887 when the Mt
Leyshon Gold Mining Company was listed on the London Stock Exchange
with capital of GBP150,000. It was not until 1920, when the Prince
of Wales gold nugget, weighing 143 ozs was discovered west of Mt
Leyshon, that the goldfield started to attract more significant
exploration effort.
Modern open cut gold production commenced at Mt Leyshon in 1987
and continued uninterrupted for 15 years until 2002. During the
life of the operating mine, the average open pit gold grade was
1.4g/t Au.
The open cut mining operations exploited an orebody which is
400m long at surface and through drilling, gold mineralisation is
known to continue down to at least 650m below surface. The Plateau
Prospect within Papua's Lighthouse tenement is similarly 400m long
and gold has been intersected in drilling at 550m depth so far.
Chief Executive Officer of Papua Mining, David Price
commented:
"Our strategy of acquiring highly prospective, low-entry-cost
opportunities in the Charters Towers region is an on-going process.
The recent application for New Leyshon provides opportunity for
Papua which is immediately surrounding a Mining Lease which has
produced multi-million ounces of gold and silver. Within the
adjoining Mt Leyshon Mining Lease itself, gold has been intersected
in drilling down to 650m below surface, yet only open cut mining
has taken place. Papua's management believes this to be a large
mineralising system and opportunity may exist for repetitions or
extensions to this mineralisation outside of the Mining Lease.
Papua continues to keep a close eye on long-term growth
opportunities."
In the meantime, Papua is awaiting final results of its reverse
circulation drilling program completed in December 2017 at the
Plateau Prospect within the Lighthouse tenement.
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 +44 131 220 6939
Nominated Adviser & Broker,
Derrick Lee/Beth McKiernan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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