Commencement of Drilling

RNS Number : 2566X

Papua Mining Plc

22 November 2017

 

22 November 2017

Papua Mining plc

("Papua" or "the Company")

Drilling Commences at the Lighthouse Gold Project, Australia

Papua Mining (LON: PML), the gold and copper exploration company, is pleased to inform shareholders that it has commenced drilling at the Plateau Prospect, part of the Lighthouse Gold Project (the "Lighthouse Project") in Queensland, Australia.

Expected Drill Programme:

·     Drilling has now commenced at the Plateau prospect. Twelve (12) reverse circulation drill holes totalling 2,175 metres are planned for this initial phase of drilling;

·     The deepest hole planned is 250 metres whilst the shallowest is expected to be around 70 metres deep; and

·     The aim of this initial drill programme is to infill between existing drill holes, extend along strike from existing drill holes, and undertake exploration drilling of several new targets.

Chief Executive Officer of Papua Mining, David Price commented: "Our field crew has worked hard to achieve a start to drilling at this late stage in the field season. Management is enthusiastic about the prospects of success at Plateau which is the first of many targets to be drilled at Lighthouse. We are excited to be underway with drilling and look forward to updating the market with drilling progress."

About the Plateau Prospect within the Lighthouse tenement:

More than 4,500 metres of historic drilling has been completed within the Lighthouse Project tenement, which comprises a number of individual prospects including; Plateau, Double Event, Bluff Creek, Lower Lighthouse and Cardigan Dam prospects.

Some of the better historical drilling intersections at Plateau include 89m @ 1.6g/t Au and 44.5g/t Ag from 61m (hole PL102), 11m @ 2.0g/t Au and 14.3g/t Ag from 44m (hole PLP127) and 8m @ 3.4g/t Au and 10.1g/t Ag from 39m (PLP130).

A single, deep hole drilled by Newcrest Mining in 2007 intersected 4m @ 0.70g/t Au and 2.2g/t Ag from 643m (hole PLDD06001) more than 500m directly below the drilled near surface gold mineralisation.

The Lighthouse Project is located 50km southeast of the important gold mining centre of Charters Towers (+6Mozs gold), 20km east of the Mt Leyshon Gold Mine (4Moz gold on Care & Maintenance) and only 17km east of the operating Pajingo Gold Mine (3.7Moz gold).

Statutory landowner access agreements and Cultural Heritage Surveys have now been completed, paving the way for drilling activities to commence at Plateau.

Competent Person Statement:

Information in this announcement that relates to exploration results is based on information compiled by Mr David Price, a Director of Papua Mining plc, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Price has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr Price consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

For further information on the Company please visit www.papuamining.com or contact the following:

Papua Mining plc
David Price, Chief Executive Officer	[e-mail]
Cenkos Securities plc
Nominated Adviser and Broker
Derrick Lee/Beth McKiernan	0131 220 6939

 

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