LONDON (Alliance News) - Papua Mining PLC on Thursday said it is encouraged by the anomalous copper values showing in the initial assays from the recently-completed drilling programme at the Mt. Visi prospect in Papua New Guinea.
Papua Mining said the drilling showed high temperature, potassic alteration in three of the five holes, while confirming that the system is mineralised.
The results are now being evaluated and integrated into Papua Mining's overall geological model to plan for future drilling programmes.
"We are encouraged now to see that the assay results received from a section of that drilling show anomalous copper values through the main zone of potassic alteration. It confirms our interpretation that this is an important mineralised porphyry system and our ongoing work will be focused on reaching the centre of the porphyry body we believe to exist at Mt Visi," Director Hugh McCullough said in a statement.
Shares in Papua Mining were trading up 0.4% at 4.14 pence on Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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