Papua Mining Plc Marengo Geophysical surveys confirm gold targets (7534Q)
June 08 2018 - 1:03AM
UK Regulatory
TIDMPML
RNS Number : 7534Q
Papua Mining Plc
08 June 2018
This announcement contains inside information
08 June 2018
Papua Mining plc
("Papua" or "the Company")
Geophysical surveys at Marengo confirm large gold targets
Highlights:
-- An emerging chargeability high at around 80m depth beneath
One Mile Mountain may be indicative of the top of a porphyry gold /
copper system. The chargeable anomaly is 400 m long and 200m
wide;
-- Previous rockchip sampling at One Mile Mountain returned gold
assays of 30.4 g/t, 21 g/t and 7.5 g/t and copper assays of 3.99%,
3.15% and 1,52%, suggesting that the chargeability and resistivity
patterns potentially highlight a large gold / copper system;
-- A strongly resistive feature which surrounds One Mile
Mountain is a possible vein system and perhaps the source of the
surface geochemical high grade gold.
The Board of Papua Mining (LON: PML), is pleased to inform
shareholders that gradient array and dipole - dipole geophysics
recently completed at the Marengo gold/copper project in
Queensland, Australia has defined linear and quasi linear IP and
resistivity anomalies at One Mile Mountain which may be related to
high grade gold zones sitting on the edge of a deeper porphyry
system.
The IP chargeability and resistivity anomalies form a classic
sigmoidal shape representative of dilation zones or "jogs" along a
north-westerly trending structure. Such zones and patterns
typically provide a unique space for mineralization to precipitate.
Additionally, one line of dipole-dipole IP / resitivity was
completed across the gradient array anomalies at One Mile Mountain,
which confirmed the zones and highlighted an emerging chargeability
high at around 80m depth and may be indicative of the top of a
large porphyry gold / copper system.
A total of 20 line km of gradient array and 1.5 line km of
dipole-dipole geophysics were completed by geophysical contractor
Fender Geophysics with a focus on the One Mile Mountain and
Homeward Bound Prospects within the Marengo Project.
The standout anomalies from the survey were at One Mile
Mountain, where a significant anomalous zone of 400m x 200m was
defined. Previous rockchip sampling at One Mile Mountain returned
30.4 g/t Au, 21 g/t Au and 7.5 g/t Au, suggesting that the
chargeability and resistivity patterns potentially highlight a
mineralised system. A link to a pdf document is provided which
shows the chargeable and resistive responses from One Mile
Mountain.
Anomalous resistive responses were also recorded at the Homeward
Bound Prospect, however the structure appears less defined. Owing
to its proximity to One Mile Mountain, Homeward Bound remains a
high-priority target and will be explored in conjunction with One
Mile Mountain. An additional resisitive high target has also been
identified to the northeast of One Mile Mountain and will also be
subject to follow-up exploration.
http://www.rns-pdf.londonstockexchange.com/rns/7534Q_1-2018-6-8.pdf
Ongoing work includes a ground magnetic survey and detailed
mapping and geochemical sampling over the IP target zones. Further
dipole-dipole may be conducted to provide a detailed 3D model to be
later tested by RC / diamond drilling.
Chief Executive Officer of Papua Mining, David Price
commented:
"Our PML geologists report that the rocks on the top of One Mile
Mountain show little indication of any minerals which would be
deemed to indicate high chargeability. The chargeable response
beneath One Mile Mountain appears to be blind at surface and may
well be a vector towards the source of high-grade gold throughout
the Marengo Goldfield. Ground magnetics, along with concentrated
geological mapping and sampling is the next logical step to
optimise drill targeting. Our field crews are working continuously
to advance our understanding of the mineralisation at Marengo and
as our understanding increases, the geological potential for a
discovery increases accordingly."
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.
In quoting exploration targets, 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.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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