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PML Papua Min

0.825
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Papua Min LSE:PML London Ordinary Share GB00B42TN250 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.825 0.80 0.85 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Papua Mining Plc Initial Drilling Results at Lighthouse (4590B)

10/01/2018 8:04am

UK Regulatory


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RNS Number : 4590B

Papua Mining Plc

10 January 2018

This announcement contains inside information

Papua Mining plc

("Papua" or "the Company")

Drilling intersects wide zones of near-surface gold and silver at Lighthouse, Australia

Papua Mining (LON: PML), the gold and copper exploration company, is pleased to update shareholders with the initial results from the recent drilling program at its 100%-owned 'Lighthouse Gold Project' in Queensland, Australia.

Highlights:

   --      Wide zones of near-surface gold and silver intersected 

-- Hole BPL002 - 22m @ 1.86g/t Au + 22g/t Ag (from 39m downhole) including 12m @ 2.45g/t Au and including 2m @ 8.87g/t Au;

   --      The same hole (BPL002) also intersected 16m @ 10,945ppm Zn (1.1% Zn) from 129m downhole; 
   --      Hole BPL003 - 40m @ 3g/t Ag (from 55m downhole); 

-- Hole BPL004 - 10m @ 1.37g/t Au + 12.4g/t Ag (from 129m downhole), including 2m @ 4.43g/t Au. These results occur within a wider, mineralised envelope of 18m @ 1.0g/t Au + 10.5g/t Ag from 119m downhole;

   --      Assay results are still awaited from other holes drilled during November/December 2017. 

Reverse Circulation drilling undertaken in December 2017 at the Plateau Prospect within the Lighthouse tenement, Queensland has returned wide intercepts of gold and silver mineralisation. Results from the first 4 holes have been received from ALS Laboratories in Townsville.

Two RC holes (BPL002 and BPL004) were drilled into the main line of mineralisation with the aim of increasing the depth and strike extension of gold/silver mineralisation which was identified from historical drilling. These holes have confirmed the validity of historical drilling results (from 30 years ago) and have also successfully increased the lateral and vertical extensions to the mineralisation.

Two holes (BPL001 and BPL003) were drilled off the line of mineralisation with the aim of definitively testing the east and west margins of a rhyolite dome which were previously thought to be unmineralised. Hole BPL001 intersected another gold lode (2m @ 0.83g/t Au + 9.2g/t Ag from 28m downhole) which now expands the exploration potential on the western side of the rhyolite dome.

Hole BPL003 intersected a very broad zone of previously unknown silver (145m @ 1.2g/t Ag) starting at 16m downhole, which includes a strong zone of 40m @ 3.0g/t Ag from 55m downhole. This hole was drilled on the eastern margin of the rhyolite dome which was previously thought to be unmineralised. This provides an exciting new exploration zone to be followed up in further drilling.

An image showing a plan of these drilling results, together with historical drilling results is available at the link below;

http://www.rns-pdf.londonstockexchange.com/rns/4590B_-2018-1-10.pdf

Chief Executive Officer of Papua Mining, David Price commented: "We are delighted with this initial round of drilling which has confirmed that the Plateau Prospect hosts gold grades and mineralisation widths which could potentially meet near-surface, open cut criteria. In addition to this, the initial drilling results highlight the high-grade potential for longer-term, underground mining possibilities (eg. 2m @ 8.87g/t Au in hole BPL002 and 2m @ 4.43g/t Au in hole BPL004). The Pajingo Gold Mine operates less than 20km from Plateau and provides a potentially viable option for future processing.

In historical drilling at Plateau, gold has been encountered 500m beneath the levels which are currently being explored. Although our exploration is early-stage, Plateau is showing encouraging signs that further drilling may delineate a potentially large mineralised system."

More assay results are awaited from the December 2017 drilling program which was designed to validate historical drilling results, extend mineralisation and to test a number of conceptual targets.

Drill hole collar statistics are provided in the table below which includes the rationale for each hole drilled.

 
   Hole       EAST      NORTH      RL    DEPTH    DIP     AZIMUTH              TARGET 
  Number     (AGD94)    (AGD94)    (m)    (m)     (deg)    (mag) 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL001     459711     7740374    304    250     -60      040        Western margin of rhyolite. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Southern margin of 
 BPL002     459841     7740315    312    200     -60      000        breccia. Strike extension. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL003     460099     7740435    327    200     -60      330        Eastern margin of rhyolite. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    South-dipping eastern 
 BPL004     460297     7740405    329    250     -60      350        zone. Depth extension. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL005     460425     7740410    316    250     -60      350        Parallel zone to north. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL006     460634     7740469    305    125     -60      350        Eastern step-out. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL007     460355     7740502    308    100     -60      350        Parallel zone to north. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL008     460246     7740511    328    106     -60      350        Parallel zone to north. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL009     459824     7740177    316    130     -60      330        250m south. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL010     459548     7739894    293    250     -60      135        650m south. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                                                    Conceptual target only. 
 BPL011     460221     7740601    326    250     -70      190        Northern parallel lode. 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
                                         2111 
---------  ---------  ---------  -----  ------  -------  --------  ----------------------------- 
 

Drilling results showing the intersections of gold, silver and zinc for each hole drilled.

 
             From   To    Interval   Average grade 
----------  -----  ----  ---------  ----------------------- 
 Number      (m)    (m)   (m)        Au       Ag       Zn 
                                      (g/t)    (g/t)    (%) 
----------  -----  ----  ---------  -------  -------  ----- 
 BPL001      28     30    2          0.83     9.2 
----------  -----  ----  ---------  -------  -------  ----- 
 
 BPL002      39     61    22         1.86     22.3 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    42     54    12         2.45     17.6 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    42     44    2          4.71     64.0 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    52     54    2          8.87     5.1 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    129    145   16         0.21     3.2      1.1 
----------  -----  ----  ---------  -------  -------  ----- 
 
 BPL003      58     59    1          0.90     1.3 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    32     95    63                  2.3 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    55     95    40                  3.0 
----------  -----  ----  ---------  -------  -------  ----- 
 
 BPL004      119    137   18         1.00     10.5 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    129    139   10         1.37     12.4 
----------  -----  ----  ---------  -------  -------  ----- 
 includes    134    136   2          4.43     13.3 
----------  -----  ----  ---------  -------  -------  ----- 
 

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.

The potential quantity and grade of the exploration target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource."

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,             +44 131 220 6939 
 Derrick Lee/Beth McKiernan 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLLIFITLLIILIT

(END) Dow Jones Newswires

January 10, 2018 03:04 ET (08:04 GMT)

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