16th Jun 2014 10:48
LONDON (Alliance News) - Papua Mining PLC Monday said tests at its New Britain prospect in Papua New Guinea showed that many of the high grade gold samples it discovered earlier this year also have high copper values, with grades ranging up to 9% copper.
Papua Mining said of the 326 samples it collected, 44 recorded grades above 0.1% copper while ten samples returned grades above 1% copper. The assays also showed significant silver and zinc anomalism coincident with many of the high gold and copper values.
The company also said that following the completion of the shallow, vectoring drilling programme at Tripela in May, the planned phase of deeper drilling is expected to start before the end of June and, subject to shareholders approving the raising of GBP2.5 million through a placing, 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," Papua Mining said in a statement.
Papua Mining shares were quoted down 7.0% at 20.00 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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