Danial Stewart Buy Note10 Oct 2011 17:13
Triple Plate Junction shares climb on drill results from Crater Mountain project
3:01 pm by Giles Gwinnett
http://www.proactiveinvestors.co.uk/companies/news/34160/triple-plate-junction-shares-climb-on-drill-results-from-crater-mountain-project-34160.html
The headline findings came from drill hole NEV024, which reached a depth of 642 metres, on the Nevera prospect at the project
Shares in explorer Triple Plate Junction (LON:TPJ) were up over eight per cent this afternoon after the company unveiled encouraging gold, silver and base metal mineralisation at its flagship Crater Mountain gold project in Papua new Guinea.
The headline findings came from drill hole NEV024, which reached a depth of 642 metres, on the Nevera prospect at the project.
The hole hit a wide envelope of gold mineralisation at an average grade of 0.47 g/t over 160 metres from 272 metres and a series of gold-bearing base metal veins, including the highest base metal concentrations reported so far at Nevera, the firm revealed.
These veins are thought to point to a deeper feeder zone associated with a major copper-bearing formation, it emerged.
As at 2.55pm, the firm's shares were up 8.33 per cent, changing hands at 4.88 pence.
Today's results were released from Gold Anomaly Ltd (ASX: GOA) - the company's JV partner on the project. Triple Plate holds an 18.9 per cent interest in the Crater Mountain project.
NEV024, which was designed to test the mineralised zone below holes NEV018 and NEV019, which hit 286 metres at 0.82 grammes per tonne gold and 215 metres at 1.46 grammes per tonne gold respectively.
Key figures for the hole include a six metre sample at 0.52 grammes per tonne gold from 14-20 metres depth and 6 metres at 2.28 g/t gold at 380-386 metres.
Also uncovered in the hole was 2 metres at 4.02 g/t gold, 41.2 g/t silver, 0.06 per cent copper, 1.37 per cent lead and 2.13 per cent zinc from 382-384 metres depth.
As for copper, NEV024 returned a sample of 8 metres at 0.29 per cent copper, including 2 metres with 0.66 per cent copper.
The results form part of a 10,000 metre drill programme, which began in July this year. The holes were designed to test below the main zone, which is around 600 metres long and 150 metres wide and open along strike and to test the extent of the strike to the main zone.
More results are expected this month with samples from NEV025 currently en-route to the laboratory at Townsville, while samples from NEV026 are undergoing sample preparation in Lae.
Holes NEV027 and NEV028 are currently at depths of 421 metres and 455 metres respectively.
Meanwhile, further regional exploration at Crater Mountain will begin later this month at the Nimi prospect and Awanita prospect, and a regional reconnaissance program has been completed at the Bogia prospect in Madang Province with initial results expected later this month, added the firm.
AIM-quoted Triple Plate Junction explores for gold in Papua New Guinea and V
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