TPJ, the AIM listed gold and copper exploration company in Joint Ventures with three of the world's top four gold miners, is pleased to note the recent report from Newcrest PNG Exploration Limited, a subsidiary of Newcrest Mining Limited, ("Newcrest") on its Q4 2011 exploration activities. Newcrest, the Company's partner in the Manus Island Joint Venture ("JV") in Papua New Guinea ("PNG") and the world's third largest gold company, has provided the Company with the following update:
Anomalous gold in soil extensions to the Kisi prospect have been defined with maximum rock float results to 1.1g/t Au. Extensive (25 line km) ridge and spur soil sampling was carried out between the Njekel prospect and Mt Dremsel over the mapped quartz - alunite lithocap. Results are pending. An 11 hole (3000m) helicopter supported core drilling programme is scheduled to commence in early 2012 to test targets at the Kisi low sulphidation epithermal and Arie porphyry Cu- Au prospects.
Exploration Activities during the December 2011 Quarterly Period
The results for the soil sampling carried out over the eastern and western extensions of the Kisi Prospect have been received. The gold in soil anomalism extends to the east and west and is coherent at levels of 100 and 200 ppb Au.
The rock samples of sulphide rich interpreted skarn in the eastern extension area, known as Lulumat, were not anomalous in gold while, quartz veined limestone at Lulumat and Kah reported maximum values of 1.0 g/t Au and 1.1 g/t Au respectively.
Approximately 25 line km of ridge and spur, (50 - 100m spaced soil sampling) was carried out over the quartz - alunite lithocap between Njekel and Mt. Dremsel. Results will be available in due course.
Planned Activities for the March 2012 Quarterly Period
Drill targets have been defined at the Kisi and Arie prospects and comprise:
At the Kisi prospect, eight holes (1600m) ranging in depths from175 to 300m are planned to provide a broad spaced coverage of the more gold in soil anomalous parts of the prospect. The aim of this drilling is to demonstrate potential for a large low sulphidation epithermal system to exist which is capable of hosting a multi-million ounce gold deposit.
At the Arie prospect, three initial holes are planned for 1400m to assess this porphyry Cu-Au target. The targets for these holes are:
1. To confirm the tenor of the mineralization below the previously drilled and interpreted higher grade copper zones.
2. To assess the significant coincident gold - copper - molybdenum soil anomaly at Arie, and
3. To test a conceptual, potassic/porphyry core zone indicated by a large magnetic anomaly located 1000m WNW along strike from the Arie prospect."
A drilling rig and helicopter have now both been procured for the Kisi epithermal gold prospect and the Arie copper-gold porphyry prospect and drilling is expected to commence shortly.
Bill Howell, TPJ's Exploration Director, commented: "Despite the delay in commencement of drilling, the ongoing sampling and mapping programme at the Manus project continues to better define the two drilling targets at Kisi and Arie. Both targets indicate early potential for size and type of mineralization to achieve the thresholds that major companies like Newcrest aim for in new discoveries, namely at least 5Moz of gold or gold equivalent for porphyry type deposits and 3Moz for higher grade gold in epithermal vein or vein replacement type deposits."
Fraser McGee, TPJ's CEO, commented: "The Manus Island JV ispart of our ongoing exploration programme across our portfolio which also includes our Morobe JV with Newmont, where drilling has recently commenced at our second target. We look forward to providing further updates on the progress of these projects in the near future."
Mr Bill Howell, as a Fellow of the Australasian Institute of Mining and Metallurgy and with more than 40 years of relevant experience in mineral exploration, is qualified as the Competent Person under the JORC 2004 Code and the AIM Note for Mining, Oil and Gas Companies 2009. He has reviewed the information contained in this statement and authorized its release.
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Triple Plate Junction plc
+44 (0)7775 693 237
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Matthew Robinson/Christopher Raggett
Ocean Equities Limited
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Ben Brewerton/Oliver Winters
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