24th Mar 2009 14:00
|
For immediate release |
24 March 2009 |
Triple Plate Junction PLC ("TPJ" or the "Company")
Exploration and Trading Update
Further to its announcement on 12th February; Triple Plate Junction PLC (AIM : TPJ), the gold, copper-gold and mineral exploration and processing company announces the following exploration and trading update.
Under the terms of the Joint Venture agreement with Barrick Gold Corporation ("Barrick") exploratory diamond drilling commenced at the Wamum project in PNG in February 2009, following field work that had identified a number of prospects within the project area. The first hole of a planned initial 6-hole program by Barrick has targeted the Idzam Creek prospect, where a previous hole drilled some years ago intersected 81metres at 0.50% Cu and 1.55g/t Au. The new hole, sited to drill 200m beneath the existing hole, has encountered 168 metres of low to moderate intensity porphyry style mineralisation from 182m to 350m down-hole with magnetite, chalcopyrite and quartz veins. Processing the core from this first hole involving logging and sampling is underway.
The first drill hole of a planned 4-hole program at the Wamum prospect has also just been collared. Soil sampling is being progressed at the Wana prospect, and ground work at the Waits Creek prospect is expected to commence in early April 2009.
The Board continues in its discussions to secure the necessary working capital to ensure the continuation of the Company's current strategy. This includes sourcing further funding and the possible disposal of some assets. Although the board is hopeful of securing further working capital, there can be no guarantee that they will be successful.
A further update will be made when appropriate.
For further information please contact:
|
Triple Plate Junction PLC |
020 73409970 |
|
Geoff Walsh, Chief Executive / Peter Wright, Finance Director |
|
|
Buchanan Communications |
020 7466 5000 |
|
Tim Anderson, Isabel Podda |
|
|
Arbuthnot Securities |
020 7012 2000 |
|
John Prior |
Related Shares:
Tethyan Resources