11th Jul 2007 07:00
Triple Plate Junction Plc11 July 2007 For immediate release 10 July 2007 Triple Plate Junction plc ("TPJ" or the "Company") SIGNIFICANT EXPLORATION PROGRESS IN VIETNAM And New Licence Granted Triple Plate Junction Plc (TPJ) is pleased to announce encouraging progress atits Pu Sam Cap project in Lai Chau Province of north-west Vietnam, which theCompany is exploring in a joint venture with Newmont Mining Corporation, one ofthe world's leading mining companies. Systematic exploration work has confirmed the presence of a major alteredalkalic volcanic centre with strong indications of both Iron Oxide Copper Gold(IOCG) and alkalic porphyry copper-gold mineralization. Both mineralizationtypes can form world class, bulk tonnage ore deposits of a size that justifiesNewmont's participation. Recent mapping has delineated a structurally controlled zone of highcopper-silver mineralization with elevated gold values exposed discontinuouslythrough scree over a length of at least 100 metres and width of 2-4 metres.The zone is bounded by biotite-rich alkaline lamprophyre and syenite intrusives, and phreato-magmatic volcanic breccias. The eastern part of the exposed zone comprises approximately 65 metres along thestructure containing oxidized and massive quartz-malachite-azurite-chalcopyritemineralization. Five rock chip channel samples taken across the width ofoutcropping mineralization yielded an average of 2.34 metres of 10.52% copper,126g/t silver, 0.32g/t gold and 66g/t tellurium. Channel Sample No. Interval (metres) Cu (%) Ag (g/t) Au (g/t) Te (g/t)RC51182 2.5 7.91 151 0.34 77RC51183 3.0 15.40 153 0.35 67RC51184 3.0 7.86 106 0.30 62RC51185 1.7 7.75 96 0.36 60RC51186 1.5 13.60 105 0.26 64 The western part of the zone comprises 35 metres ofquartz-dolomite-chalcopyrite-specularite veins and stockwork. Three rock chipchannel samples across this zone returned an average width of 3.6 metres grading3.09% copper and 12.9g/t silver. Channel Sample No. Interval (metres) Cu (%) Ag (g/t) Au (g/t) Te (g/t)RC51179 3.4 0.66 3.2 0.03 9RC51180 3.4 2.18 9.2 0.12 13RC51181 4.0 5.93 24.4 0.07 34 The combined average for the two zones over the 100 metre strike length is 2.8metres of 6.96 % copper, 72 g/t silver, 0.20 g/t gold and 44 g/t tellurium. To the west of the mineralized zone, the first scout diamond drill-hole to testa plus 400 metre by 400 metre copper-gold soil anomaly and coincidentgeophysical induced polarization chargeability anomaly has reached 245 metresdepth. The drill-hole, using TPJ's own Ingetrol man-portable rig, hasencountered visible disseminated and fracture filledchalcopyrite-molybdenite-magnetite mineralization in altered syenite throughoutthe 245 metres drilled . Core assays are awaited. New Licence Granted TPJ is also pleased to announce the granting of a new prospecting licencesurrounding the two previously granted exploration licences at Pu Sam Cap. Thenew licence consolidates and increases the ground holding at Pu Sam Cap to 369sq.km. This appears to be the only mineral prospecting or exploration licence sofar issued in Vietnam to a foreign company in 2007, and reflects TPJ'scontinuing good standing with the Vietnamese government. TPJ is the manager and holder of 51% interest in the TPJ-Newmont joint venture,and is currently earning up to 75%. Newmont has certain back-in rights if amajor deposit is discovered. Newmont has also provided substantial technicalsupport to TPJ's exploration work at Pu Sam Cap through access to Newmont'sairborne geophysical equipment and proprietary geochemical laboratory, togetherwith valuable input from Newmont's experts. Bill Howell, TPJ's Exploration Director and former Managing Director ofNewmont's exploration in South East Asia said: "Pu Sam Cap is a major alkalic mineralizing event and there is a lot of metal inthe system. The high-grade copper-silver bearing structure, together with thewide zone of low-grade visible disseminated copper-molybdenum-magnetiteintersected in the drilling and other indicators in the project area includingzoning of elements such as antimony-arsenic and rich gold-bearing vein systemsbeing worked by artisanal miners, are all helping us to vector into the economicdiscovery we are seeking." WJS (Bill) Howell, BSc(Hons), FAusIMM, CP(Man), as the qualified ExecutiveDirector has reviewed this statement and authorised its release. For further information please contact: Triple Plate Junction plc 0207 340 9970Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim Anderson / Isabel Podda This statement may contain certain "Forward looking Statements". All statements,other than statements of historical fact, included herein, including, withoutlimitation, statements regarding potential mineralisation and reserves,exploration results and future plans and objectives of Triple Plate JunctionPlc, are forward looking statements that involve various risks anduncertainties. There can be no assurance that such statements will prove to beaccurate and actual results and future events could differ materially from thoseanticipated in such statements. Certain risk factors may also affect the actualresults achieved by Triple Plate Junction Plc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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