Papua Mining plc
(“Papua” or “the Company”)
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.
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).
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.
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.
|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|