Company RNS

Drilling Update

By July 15, 2015 No Comments

15 January 2015

Papua Mining plc

(“Papua” or “the Company”)

Drilling Update

Highlights:

  • The drilling programme at Tripela on Exploration Licence 1462 (the “Tripela Prospect”) is progressing with the most recent four deep drillholes all intersecting inner-propylitic alteration. Due to these continuing positive results, the planned programme  for 4,000 metres has been extended with 4,600 metres already completed since June
  • Independent analytical testwork on core samples from recent drilling at the Tripela Prospect confirms probable proximity to a fertile mineralised copper porphyry.

Papua Mining plc (“Papua” or “the Company”) a UK company focused on the exploration for and if commercially feasible, development of gold and copper deposits in Papua New Guinea (“PNG”) presents this update in respect of its drilling activities at the Tripela Prospect.

 

Tripela Drilling

Since the commencement of our drilling programme at the Tripela Prospect, we have completed approximately 6,800 metres of drilling.

HoleID

Easting

Northing

Elevation

Azimuth

Dip

Length

N62DDH004

228238

9337492

955

356

-45

252 m

N62DDH005

228206

9337689

929

0

-60

205 m

N62DDH006

228141

9337667

937

270

-45

331 m

N62DDH007

227986

9337964

919

90

-45

257 m

N62DDH008

228085

9337465

973

0

-60

306 m

N62DDH009

228053

9337771

922

125

-60

620 m

N62DDH010

228180

9337854

897

0

-75

199 m

N62DDH011

228099

9337448

980

0

-70

450 m

N62DDH012

228059

9337771

950

180

-70

1,070 m

N62DDH013

228059

9337771

950

210

-65

1,002 m

N62DDH014

228177

9337415

984

340

-85

1,040 m

N62DDH015

228099

9337771

950

180

-80

e.1,300 m

Table 1: Diamond drillhole parameters for the Tripela Prospect drilling programme.

The initial drilling programme at Tripela, which was undertaken between January and May 2014, was designed to seek evidence confirming underlying porphyry emplacement in the area where our field teams had discovered significant occurrences of metal rich veins at surface.  The principal aim of that relatively shallow drilling was the recognition of the zonation of argillic, phyllic and propylitic alteration at Tripela that would lead us to an inner-potassic alteration zone which is in turn believed to be at the core of the porphyry deposit.

The first deep hole, DDH012, was completed in early-August 2014. DDH013 was completed in mid-September and DDH014 was completed on 17 November.   DDH015 commenced on 21 November and is now at a depth of approximately 1,070 metres.

The results at the Tripela Prospect have been consistently positive.  In particular, extensive epidote alteration, intersected in the last four holes drilled, has allowed us to start to define an inner propylitic alteration halo. It is stressed however that we have not yet intersected the mineralised potassic zone.

In early December we submitted rock and core samples for test work at CODES (ARC Centre of Excellence in Ore Deposits) at the University of Tasmania in Hobart.  CODES is undertaking cutting edge research on epidote chemistry in porphyry copper deposit environments. This new research is studying changes in the chemical composition of crystals of the mineral epidote around porphyry copper deposits.  Although at an early stage, the research is pointing to the possibility that the chemical signature of epidote could become a diagnostic tool for vectoring towards and assessing the fertility of porphyry copper deposits.

In late-December we received a preliminary report from CODES on the samples Papua took from the Tripela Prospect, Mt. Visi (Licence EL2051) and Ainbol (Licence EL2146) areas.  The key findings in the preliminary report are as follows:

  • All samples from the Tripela Prospect contain epidote with a chemical signature which suggests either a very proximal position (<0.5 km) from the centre of a small porphyry deposit or a position proximal to the centre of a large deposit
  • The sample from the Mt. Vesi Prospect contains epidote with chemical characteristics suggesting it originated around 1-2 km from a medium-sized porphyry centre.

Although this is new research in early stages of development, the findings are consistent with our own previously reported interpretations based on our drilling at the Tripela Prospect.  We also believe that the interpreted proximity of the Mt. Visi sample to a porphyry centre is potentially equally significant.

We now intend to drill an additional wedged daughter hole off the current drillhole as part of the current programme at the Tripela Prospect.  We expect that our drilling programme at the Tripela Prospect will be concluded in March 2015 and a full drilling report will be produced following completion of drilling activities.

Hugh McCullough, EurGeol., PGeo, Chief Executive Officer of Papua, is a member of the Institute of Geologists of Ireland.  He is a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, of the London Stock Exchange.  He has reviewed and approved the technical information contained in this announcement.

 

For further information on the Company please visit www.papuamining.com or contact the following:

Papua Mining plc,

Hugh McCullough, Chief Executive Officer+353 1 532 9535Cenkos Securities plc – Nominated Adviser & Broker,

Derrick Lee/Alan Stewart+44 131 220 6939Square1 Consulting – Financial Public Relations,

David Bick/Mark Longson+44 207 929 5599

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