Papua Mining Intersects Veins Near Surface In Drilling At Lighthouse

LONDON (Alliance News) - Gold and copper exploration company Papua Mining PLC said Tuesday it has completed the first phase of reverse circulation drilling at its gold project in Queensland, Australia.

Papua Mining said all the holes drilled at the Double Event prospect, part of the Lighthouse gold project, intersected narrow quartz veins of one to two metres. "Most veins" have been intersected within the top 35 metres from the surface.

According to Papua, in all of the holes intersected, at least one vein had varying amounts of visible, fresh sulphides including pyrite, arsenopyrite, galena (lead) and "very rare" chalcopyrite (copper).

Assays are "pending" for the 14 holes which tested a 400 metre section of a 3 kilometre long trend at Double Event.

Chief Executive Officer David Price said: "We are pleased to have our first drilling campaign at Double Event completed in scheduled time and within budget. It is particularly encouraging that each hole intersected sulphides, as well as quartz veining within the top 35 metres from surface, with many veins occurring within the top 25 metres. We will be informing the market as results are received from the laboratory."

Shares in Papua Mining were up 1.5% Tuesday at 0.84 pence each.