Papua Mining plc
(“Papua” or “the Company”)
New Exploration Licence Application at the Lighthouse Gold Project, Australia
Papua Mining (LON: PML), the gold and copper exploration company, is pleased to inform shareholders that it has, through its 100%-owned subsidiary BGM Investments Pty Ltd, recently applied for a new strategic and highly-prospective exploration licence (EPM26726) which lies close to its 100%-owned ‘Lighthouse Gold Project’ in Queensland, Australia. The award of the licence is subject to formal grant by the Queensland Department of Resources and Mines.
- New tenement application (called Monarch), lies 10km south of Charters Towers, where 6 million ounces of gold has been mined;
- Monarch is 8.5km north of the Mt Leyshon Gold Mine, which has produced 4 million ounces of gold;
- In excess of 25 historical workings which are prospective for gold and silver occur inside the new application tenement including Gregory’s, Try Again, Ivory Elephant, Lady Musgrave and Mabel Jane, along with an additional 23 un-named, historical gold workings;
- Although no historical production records are available, the workings are extensive and include:
- Gregory’s, where the workings are 430m long and down to 42m deep
- Lady Musgrave workings are 230m long, 10m wide and down to 23m deep
- Mabel Jane workings are 183m long, 10m wide and down to 61m deep
- When granted, Monarch will increase the available exploration potential by a further 30 square kilometres surrounding the Lighthouse Project;
An image showing the outline of Lighthouse and the new application is available at the link below.
Chief Executive Officer of Papua Mining, David Price commented: “In line with our strategy of acquiring highly prospective, low-entry-cost opportunities which are close to our existing tenements and critical processing infrastructure, Papua has applied for the Monarch tenement. Once granted, Monarch will provide Papua with additional high-grade gold targets which management believe are similar to both Double Event and Lower Lighthouse Prospects within the Lighthouse tenement itself. Management continues to keep a close eye on highly-prospective, low-entry-cost, long-term growth opportunities.
In the meantime, Papua is awaiting results of its recently-completed reverse circulation drilling program which involved drilling 2,111m in 11 drill holes into the Plateau Prospect within the Lighthouse tenement. Shareholders will be informed of these drilling results once they have been received from ALS Laboratories in Townsville, Queensland.”
For further information on the Company please visit www.rockfireresources.com or contact the following:
|Papua Mining plcDavid Price, Chief Executive Officer
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