9 June 2016
Papua Mining plc
(“Papua” or “the Company”)
Papua Mining plc, a UK company focused on the exploration and development of gold and copper deposits in Papua New Guinea (“PNG”), presents this update in respect of its drilling activities at the Mt. Visi Prospect.
- Initial assays from a selected section of core from the recently completed drilling programme at the Mt. Visi Prospect have been received.
- The management is encouraged by the anomalous copper values showing in the assays.
- The drilling has shown high temperature, potassic alteration in three of the five holes and confirms the Company’s interpretation of a nearby mineralized, porphyry body.
Commenting on the assay results received, Hugh McCullough , Director, said:
“On 14 May we reported on the completion of our initial drilling programme at the Mt Visi prospect, on the island of New Britain, Papua New Guinea. We are encouraged now to see that the assay results received from a section of that drilling show anomalous copper values through the main zone of potassic alteration. It confirms our interpretation that this is an important mineralised porphyry system and our ongoing work will be focused on reaching the centre of the porphyry body we believe to exist at Mt Visi. It is of particular significance that the potassic alteration zone is mapped at surface and also exists at shallow depth in the drilling completed.”
Mt. Visi Drilling
Since the commencement in December 2015 of our drilling programme at the Mt. Visi Prospect, we have completed approximately 776 metres of drilling.
Table 1: Diamond drill hole parameters for the Mt. Visi Prospect drilling programme.
The drilling was carried out in an area that displayed extensive potassic alteration at surface together with copper mineralization (grades of up to 0.65% Cu) in outcrop and float in the drilled area. Although the copper grades intersected in the drilling were not as high as those seen at surface, anomalous copper was seen in four of the five holes drilled and the assays received for the selected section of core confirm that the system is mineralized. Our in-house XRF analysis on drillcores has further delineated the significant copper anomalous intersections logged by our on-site geologists, mostly in intersections of diorite intrusive zones with numerous indications of ore grades but not yet over mineable widths.
The assay results received are now being evaluated and integrated into our overall geological model to plan for future drilling programmes. Further details of the Mt Visi drilling will be given in due course, following completion of that evaluation.
The management is hopeful that the next phase of the programme at Mt Visi will demonstrate the true potential of this shallow, porphyry target.
Hugh McCullough, EurGeol., PGeo, Director 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, Director||+353 1 532 9535|
|Cenkos Securities plc – Nominated Adviser & Broker,Derrick Lee/Beth McKiernan||+44 131 220 6939|