Papua Mining Plc Commencement of Drilling (2566X)
November 22 2017 - 8:00AM
UK Regulatory
TIDMPML
RNS Number : 2566X
Papua Mining Plc
22 November 2017
22 November 2017
Papua Mining plc
("Papua" or "the Company")
Drilling Commences at the Lighthouse Gold Project, Australia
Papua Mining (LON: PML), the gold and copper exploration
company, is pleased to inform shareholders that it has commenced
drilling at the Plateau Prospect, part of the Lighthouse Gold
Project (the "Lighthouse Project") in Queensland, Australia.
Expected Drill Programme:
-- Drilling has now commenced at the Plateau prospect. Twelve
(12) reverse circulation drill holes totalling 2,175 metres are
planned for this initial phase of drilling;
-- The deepest hole planned is 250 metres whilst the shallowest
is expected to be around 70 metres deep; and
-- The aim of this initial drill programme is to infill between
existing drill holes, extend along strike from existing drill
holes, and undertake exploration drilling of several new
targets.
Chief Executive Officer of Papua Mining, David Price commented:
"Our field crew has worked hard to achieve a start to drilling at
this late stage in the field season. Management is enthusiastic
about the prospects of success at Plateau which is the first of
many targets to be drilled at Lighthouse. We are excited to be
underway with drilling and look forward to updating the market with
drilling progress."
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).
Statutory landowner access agreements and Cultural Heritage
Surveys have now been completed, paving the way for drilling
activities to commence at Plateau.
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 Price, Chief Executive david@papuamining.com
Officer
Cenkos Securities plc
Nominated Adviser and
Broker
Derrick Lee/Beth McKiernan 0131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
END
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