FourteenHundred20 Jun 2012 13:29
Sorry, didn't see your earlier request re RNS. Here's the 11th June RNS :
Morobe Update - Project Development & Drilling Results from Gumots
TPJ, the AIM listed gold and copper exploration company in joint ventures with three of the world's top four gold miners in the highly prospective Papua New Guinea ("PNG"), provides an update on its Morobe project. The Morobe project, in joint venture with its partner Newmont Ventures Limited ("Newmont"), is located on ground which abuts Newcrest-Harmony's Wafi-Golpu deposit.
Drilling at Gumots, the second target to be drilled, did not intersect any appreciable thickness of the target intrusive unit and there are no significant results to report. Gumots is one of 15 prospective drill targets identified across the Morobe joint venture tenements, to date, using state-of-the art airborne geophysics, regional geochemistry and follow-up geological mapping, sampling and ground geophysics.
Given the results of the Gumots drilling (and some access issues), Newmont has decided to suspend active drilling for an anticipated six month period, whilst the project focus is directed at additional exploration field work for the purpose of opening up and de-risking future drilling at the numerous additional potential drill targets across the territory. For example, at the Minawa and Pade prospects, where in particular, field teams have defined large footprints of encouraging surface copper and gold mineralization indicated by BLEG, ridge-and-spur soil and rock chip sampling which will require extensive further work including ground geophysics.
In early May, the Company's Exploration Director, Bill Howell, together with Fraser McGee, TPJ's CEO, visited the joint venture camp at Bulolo, PNG for a partners meeting with Newmont during which we reviewed the practical methodology that will be used to de-risk the future drill targets, after taking valuable experience from the work previously undertaken at Hides Creek and Gumots.
There are currently an additional 13 current prospective drill targets across the Morobe Joint Venture tenements. We anticipated that a future exploration programme would include the completion of the geological mapping, surface geochemistry, helimag and, where warranted, Induced Polarisation at other selected prospects including potentially at Skarn Creek, Pade and Otibanda. Additional ground is also anticipated to be pegged, where warranted.
Fraser McGee, the Company's CEO said:
"I am, of course, disappointed that the drilling results indicate that we have not yet hit a material high grade intersection at Hides Creek or Gumots, but it must be remembered that we have only drilled eight holes and at what is a colossal exploration project with many prospects. To have hit a massive intersection in the first few holes was always an ambitious hope. The programme initially commenced in July 2011 and we expect that it will continue for many years.
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