TIDMPML
RNS Number : 1413W
Papua Mining Plc
06 February 2017
6 February 2017
Papua Mining plc
("Papua" or "the Company")
Exploration Update
Papua Mining plc, a UK company focused on the exploration and
development of gold and copper deposits in Papua New Guinea
("PNG"), presents this update in respect of its exploration
activities at the Mt. Visi prospect.
Highlights:
-- New rock and soil samples in the Mt. Visi area confirm porphyry target
-- New target discovered approximately 3 kilometres east of drilled area
Background
The Company announced on 7 October 2016 that it was shortly to
commence the next stage of exploration at Papua's Mt. Visi target,
where Papua had previously completed an initial drilling programme
in March 2016. During November and December 2016, the Company
completed a rock and soil sampling programme in the vicinity of the
Mt. Visi target area, which comprised of three parts:
-- the Southeast Anomaly infill grid;
-- the Mt. Visi Corridor ridge and spur soil sampling and; and
-- the Mt. Visi Corridor float and outcrop sampling.
As shown in Table 1 below, most of the results of this programme
are now available. A small number of samples are still awaiting
analysis, due to an equipment malfunction which requires overseas
repair.
Samples XRF results Results
Collected awaited
------------------- ----------- ------------ ---------
Infill Grid soils 99 77 22
------------------- ----------- ------------ ---------
Ridge and Spur
soils 649* 471 c.50
------------------- ----------- ------------ ---------
Rock samples 64 63 1
------------------- ----------- ------------ ---------
Table 1: Sample Status *including duplicates
Infill soil grid
Some 99 soil samples were collected from the southeastern
portion of the previously completed soil grid at Mt. Visi. This
southeastern zone had shown some elevated copper values and it was
determined that those results warranted follow up sampling. Whilst
some samples from this area (referred to as "the Southeast
Anomaly") remain to be analysed, the results so far obtained have
confirmed the anomalous nature of this area. Highest copper values
of 697ppm and 408ppm are generally coincident with the originally
defined anomaly. Overall, the work confirms that the Southeast
Anomaly is indeed anomalous in terms of copper in soil and is
worthy of further evaluation. This evaluation will enable the
Company to establish the next phase of activity at Mt. Visi and the
associated cost.
Ridge & Spur Sampling
The purpose of ridge and spur sampling is to quickly and cost
effectively delineate any broadly anomalous zones which may occur
in the selected target area. In theory the soil profile along
ridgelines is suitable for soil sampling and should produce results
that essentially reflect significant underlying bedrock
mineralisation. Sampling interval was 50 metres along
ridgelines.
In general, the copper in soil values are more consistently
anomalous some distance (2-3 kilometres) from the already drilled
target at Mt. Visi than they are in the immediate proximity of that
target itself or indeed around the Southeast Anomaly zone. In
addition to following up the encouraging results from the drilling
previously completed at Mt. Visi, these results point to the
necessity to carry out further exploration in the area east and
south east of Mt. Visi to confirm the source of the anomalism, as
these may reflect additional porphyry centres. Some support for
this view comes from the rock sampling results given below.
Rock sample results
The rock sampling was carried on a reconnaissance basis to see
if any in situ float hosted mineralisation could be identified
whilst completing the ridge and spur soil sampling. The key points
arising from the analysis of the rock samples are:
-- Copper: 8 values greater than 800ppm, with a maximum value of
36,063ppm; almost all of the significant values occur in a zone
between 3,000 and 4,000 metres east of the drilled area at Mt.
Visi.
-- Molybdenum: 5 values greater than 15ppm, with a maximum of
1,253ppm; the highest values occur 3,900 metres east of the drilled
area.
-- Zinc: 12 values greater than 800ppm, with a maximum value of
8,238ppm; the anomalous values fall within the same zone as the
copper mineralisation
-- Silver: 3 values greater than 15ppm, with a maximum value of
100ppm; the peak value occurs 3,000 metres east of the drilled
area.
Although most of the rock samples were collected in creek
valleys, as this is where the outcrop is exposed, the soil sampling
does seem to pick up the anomalism south and west of the copper in
rock mineralization. In summary, the zone 3,000 to 4,000 metres
east of the drilled area at Mt Visi appears prospective in terms of
hosting a mineralisation centre and warrants follow up work.
Another anomalous zone 1,700 metres north of the drilled target
with copper values up to 405ppm may also warrant follow up work
once the data have been fully assessed.
Summary
The infill sampling on the Southeast Anomaly has added
definition to that anomaly while not yet producing a clearcut,
standalone drilling target.
Intriguingly, the ridge and spur sampling suggests that an area
2-3 kilometres southeast of the drilled area at Mt. Visi is more
strongly anomalous for copper than the drilled target itself. The
rock sampling confirms this area as worthy of follow-up mapping.
Anomalous zones north and south of Mt. Visi could also reflect
porphyry centres.
This new work expands our 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. We believe
that the exploration results to date clearly support our view that
the Mt. Visi area is a prime target for the location of
significant, mineralized copper porphyries.
The data obtained has validated the decision to undertake
further work at Mt. Visi and, whilst there can be no guarantee of
commercial success, Mt. Visi remains an exciting target. Further
exploration work in this area is clearly warranted in order to
delineate drill targets and details of such work will be announced
in due course.
Hugh McCullough, EurGeol., PGeo, Director of Papua, is a member
of the Institute of Geologists of Ireland. He is a qualified person
as defined in the Guidance Note for Mining, Oil and Gas Companies,
March 2006, of the London Stock Exchange. He has reviewed and
approved the technical information contained in this
announcement.
For further information on the Company please visit
www.papuamining.com or contact the following:
Papua Mining plc,
Hugh McCullough, Director +353 1 532 9535
Cenkos Securities plc - Nominated
Adviser & Broker,
Derrick Lee/Beth McKiernan +44 131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
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