Papua Mining Gets Positive Rock Sampling Results In Queensland

12th Mar 2018 11:32

LONDON (Alliance News) - Papua Mining PLC said on Monday results from rock sampling from a prospect on the Lighthouse project in Australia returned widespread high-grade gold and silver.

Papua has finished rock sampling and structural mapping on the Double Event prospect, with 49 samples from surface rock collected in total.

Samples returned gold assays as high as 37.7 grammes of gold per tonne of ore, with others at 33.3 g/t gold, 33.1 g/t gold, 25.9 g/t gold, and 24.3 g/t gold.

Silver results included 56.8 g/t silver, 54.0 g/t silver, 52.7 g/t silver, and 46.7 g/t silver, with high lead values also recovered, Papua said.

The average of all rock samples were 8.5 g/t gold, and 76% of all results were above 1 g/t gold. The results, the company said, validate historical rock sampling from 1987.

Papua also said Monday it has completed a review of drilling undertaken towards the end of 2017 at the Plateau prospect on Lighthouse, which is in the state of Queensland. Analysis, it said, has shown an increase it potassium and pyrite with depth.

To increase the company's understanding of the site's potential and ensure an appropriate exploration strategy, Papua is planning a geophysical survey using controlled source audio-frequency magnetotellurics.

Rock sampling at the Marengo project, also in Queensland, is to begin in April, focusing on the One Mile Mountain area, which houses "several" old workings.

Chief Executive David Price commented: "Despite the inclement weather, our field crews are continuing to work and are identifying some exciting targets. We are preparing for RC drilling at Double Event, as well as geophysics at Plateau and Marengo. A PML geological crew is currently in Papua New Guinea to re-examine old drill core from Mt Visi and Tripela.

"Our current work program is designed as preparatory ground work prior to geophysics and then drilling, which will commence as soon as possible and most likely in May/June. In the meantime, we look forward to providing further updates on our current field activities and results as they come to hand."

Shares were trading flat Monday at 0.900 pence each.