Company Announcements

Exploration Update

By June 16, 2014 No Comments

Papua Mining plc

(“Papua” or “the Company”)

Exploration Update

Highlights:

  • High grade copper association with recently announced gold discovery in EL2051 confirmed by rock sample assay results. Copper values of up to 9% in float and 4% in outcrop in this new target area in New Britain.
  • Significant occurrences of alteration mineral dickite also associated with high grade gold and copper samples
  • Deeper drilling programme at Tripela in EL1462 now commencing

 

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 recent exploration activities on its licences.

 

EL2051

On 16 May 2014, we reported the discovery, during focused regional field work, of an extensive zone showing high grade gold in outcrop and float samples on Exploration Licence 2051 (“EL2051”).  Laboratory results have now been received for copper on these samples and the assays show that many of the high grade gold samples also have high copper values, with grades ranging up to 9% copper.  Of the 326 samples collected, 44 recorded grades above 0.1% copper while 10 samples returned grades above 1% copper. The assays also show significant silver and zinc anomalism coincident with many of the high gold and copper values.

The table below includes all assay results returned out of the 326 samples collected in which the results show grades above 1 gram per tonne of gold (Au) or are above 1% copper (Cu).

 

Sample_ID Type  Au  Ag  Pb  Zn Cu
 ppm  ppm  ppm  ppm %
RO51RCH53309 FLOAT  2.10  32  23  455 0.1%
RO51RCH53310 FLOAT  8.64  388  0  2,483 9.2%
RO51RCH53311 FLOAT  6.93  47  46  524 0.8%
RO51RCH53352 FLOAT  2.20  79  0  132 0.3%
RO51RCH53355 FLOAT  9.54  95  20  536 0.4%
RO51RCH53356 FLOAT  3.21  97  12  399 0.1%
RO51RCH53359 FLOAT  6.78  92  23  11,700 0.7%
RO51RCH53371 FLOAT  3.59  12  20  1,131 0.2%
RO51RCH53401 OUTCROP  1.76  41  14  251 0.0%
RO51RCH53423 FLOAT  0.88  318  11  548 1.0%
RO51RCH53424 OUTCROP  1.91  337  13  1,652 4.0%
RO51RCH53425 OUTCROP  35.50  281  54  825 2.4%
RO51RCH53433 FLOAT  2.39  5  31  515 0.2%
RO51RCH53435 OUTCROP  9.38  203  28  885 1.1%
RO51RCH53436 FLOAT  6.65  112  25  295 0.3%
RO51RCH53437 OUTCROP  13.05  189  23  334 0.4%
RO51RCH53438 FLOAT  1.26  25  22  766 0.2%
RO51RCH53439 OUTCROP  21.33  67  20  309 0.3%
RO51RCH53440 FLOAT  2.04  44  18  1,010 0.5%
RO51RCH53441 FLOAT  5.80  44  16  244 0.3%
RO51RCH53443 FLOAT  2.20  127  32  501 0.4%
RO51RCH53444 OUTCR0P  4.22  251  28  5,139 3.2%
RO51RCH53447 OUTCROP  2.41  340  7  1,092 3.7%
RO51RCH53448 OUTCROP  2.04  68  21  564 0.6%
RO51RCH53449 OUTCROP  13.75  118  12  277 0.2%
RO51RCH53450 FLOAT  1.11  25  28  225 0.3%
RO51RCH53529 FLOAT  0.89  63  0  80 1.6%
RO51RCH53530 FLOAT  3.84  24  18  242 3.8%
RO51RCH53541 FLOAT  9.59  86  14  31 4.1%
RO51RCH53547 OUTCR0P  8.61  111  11  167 0.1%

 

 

 

In addition, spectrometer analysis of these samples shows that the alteration mineral dickite is also associated with many of the higher grade samples.  The importance of dickite is as an indicator mineral which commonly occurs in close association with many of the known orebodies in this geological environment.

The presence of high grade gold and copper and other anomalous mineral values, together with the extensive development of associated dickite, marks this zone as one of primary prospectivity.  Follow up work in the form of grid-based soil sampling with  trenching to follow is already underway on this exciting new discovery.

Tripela Drilling

Following the completion in May of the shallow, vectoring drilling programme at Tripela the planned phase of deeper drilling is expected to commence before the end of June and, subject to shareholders approving at the General Meeting the placing of £2.5 million (before expenses), as announced on 10 June 2014, is planned to continue through much of 2014.  This deeper drilling programme has been designed to test for the deeper porphyry bodies interpreted from the shallower vector drilling programme.

Commenting on the results, Hugh McCullough, Chief Executive Officer said,

The latest assays show that there are high grade copper values associated with the previously reported high grade gold discovery on EL2051.  Additionally, spectrometer analysis of these samples has demonstrated the presence of the important alteration mineral, dickite, which is often found in close proximity to orebodies in this region. These factors combined confirm the prospectivity of this exciting new mineralized zone on EL2051.

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. 

Enquiries:

Papua Mining plc
Hugh McCullough, Chief Executive Officer +353 1 532 9535
Cenkos Securities – Nominated Adviser & Broker
Beth McKiernan/Alan Stewart +44 131 220 6939
Square1 Consulting – Financial Public Relations
David Bick/Mark Longson +44 207 929 5599

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