6th Feb 2017 14:51
LONDON (Alliance News) - Papua Mining PLC on Monday said recent exploration activities at the Mount Visi project in Papua New Guinea have confirmed a porphyry target at the site and discovered a new target.
The gold and copper exploration and development company said it completed a rock and soil sampling programme in the vicinity of the Mount Visi target area in three parts.
The first part was conducted at a southeast anomaly infill grid, where results so far obtained confirmed the anomalous nature of this area. The highest copper values found are "generally coincident" with the originally defined anomaly, and the work confirms the site is worthy of further evaluation.
This further evaluation will enable Papua Mining to establish the next phase of activity at the Mount Visi site and the associated cost.
Meanwhile in the second part of the programme, namely ridge and spur sampling, Papua Mining said the copper in soil values was more consistently anomalous some distance from the already drilled target than they were in the immediate proximity.
Following up earlier results from drilling previously completed, Papua Mining said the results point to the need to carry out further exploration in the area east and south of the Mount Visi site.
The rock sampling, being the third part of the programme, was carried on a reconnaissance basis, and the zone 3,000 to 4,000 metres east of the drilled area at Mount Visi was shown to be prospective in terms of hosting a mineralisation centre and "warrants follow up work".
The group said the new work expands the area of interest in this "highly attractive, mineralised porphyry system with the potential for a number of porphyry centres within the system as a whole".
Shares in Papua Mining up 45% at 1.45 pence on Monday afternoon.
By Hannah Boland; [email protected]; @Hannaheboland
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