16th May 2014 09:55
LONDON (Alliance News) - Papua Mining PLC Friday said surface geographical analysis at its Tripela prospect in Papua New Guinea indicated broad zones of visible copper mineralisation, and it had discovered a new high-grade gold prospect on its EL2051 block.
Papua has around 2,4000 kilometres, made up of twelve exploration licenses in Papua New Guinea, 11 of which are on the island of New Britain. So far it has three potential sites, the Flying Fox, Junction and Tripela drill targets.
It has completed over 4,000 metres of diamond drilling at the three targets. It finished the first phase of drilling at Tripela last week, and said that analysis showed broad zones of copper mineralisation that was a positive indication of deeper copper-gold deposits.
Papua Mining said it has received results from rock samples it collected in the EL2051 block during March and April. Of the 328 samples it collected, 28 samples had gold values higher than one gram per tonne, and 13 were greater than 5 grams per tonne of gold.
As a result of the positive results, a team was dispatched to the area and will now carry out full geological mapping and geochemical soil sampling, it said.
Shares in Papua were trading up 15% at 27.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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