LONDON (Alliance News) - Papua Mining PLC on Tuesday said the drilling programme undertaken at the Tripela project in Papua New Guinea has indicated its proximity to a copper porphyry system.
Papua Mining, a gold and copper miner, said the findings of an independent report have backed the initial conclusions made by the company, and the next phase of drilling at the site will target the interpreted porphyry core.
"We are very encouraged by the results of the recent drilling. Significant inner propylitic alteration has been encountered in all of the four deeper drillholes. Independent expert analyses have supported our conclusion that we are close to a porphyry body," said Papua Chief Executive Hugh McCullough.
"The next phase of drilling, which is designed to intersect the interpreted porphyry core, will be a particularly exciting one," McCullough added.
Shares in Papua were untraded Tuesday, having last traded at 7.88 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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