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Papua Mining Plc
Summary
| Project: | Lighthouse | |
|---|---|---|
| Deposit: | Plateau | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/25/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 25-1-2018: Papua Mining Plc announces an Exploration/Drilling Update report for its Plateau deposit at the Lighthouse project. Drilling results incl. 10m @ 1.9g/t Au, 9g/t Ag from 18m. The Board of Papua Mining (LON: PML), is pleased to update shareholder | |
| Resources: | x | |
| CP/QP: | [Overall Report]: David Price (Internal) | |
| ABSTRACT: | The Board of Papua Mining (LON: PML), is pleased to update shareholders with further encouraging results from the recent drilling program at its 100%-owned Plateau Prospect in north Queensland, Australia. "Drilling results from this program have returned wide zones of mineralisation. The gold results including 22m @ 1.9g/t Au are very exciting, as are the broad elevated intervals of other elements. The recent intercepts of 43m @ 2.0g/t Ag and 16m @ 1.1% Zn and 20m @ 0.2% Cu add significantly to historical intercepts of 234m @ 2.5g/t Ag. We believe we are starting to see early signs of a significant project. Management is very encouraged by this first drilling phase, which has increased the potential for the discovery of a large mineralised system. Plateau is in the vicinity of major gold deposits such as Mt Leyshon, Pajingo, Mt Wright and Ravenswood and we are excited about the similar geological, geochemical and geophysical charateristics we are seeing at Plateau." Reverse Circulation drilling undertaken in November and December 2017 has continued to return broad intercepts of gold and silver mineralisation at the Plateau Prospect within the Lighthouse Project, North Queensland. Results from the final 7 holes (BPL005 - BPL011) have been received from ALS Laboratories in Townsville. As the Company's's knowledge of the Plateau Prospect increases through drilling, similarities to the operating Mt Wright Gold Mine (50km NE of Plateau) are being observed, which has historical resources of more than 1.5 million ounces. Importantly, the main lode mineralisation at Mt Wright was not intersected until 160m below surface with mineralisation extending down to 1,200m below surface. | |
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