Papua Mining Plc Exploration Licence Application at Lighthouse (6850W)
November 16 2017 - 1:41AM
UK Regulatory
TIDMPML
RNS Number : 6850W
Papua Mining Plc
16 November 2017
16 November 2017
Papua Mining plc
("Papua" or "the Company")
Exploration Licence Application at the Lighthouse Gold Project,
Australia
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.
Highlights:
-- 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 km(2) ;
-- 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 at the link below.
http://www.rns-pdf.londonstockexchange.com/rns/6850W_-2017-11-16.pdf
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 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
MSCUNOBRBBAAARA
(END) Dow Jones Newswires
November 16, 2017 02:41 ET (07:41 GMT)
Rockfire Resources (LSE:ROCK)
Historical Stock Chart
From Apr 2024 to May 2024
Rockfire Resources (LSE:ROCK)
Historical Stock Chart
From May 2023 to May 2024