Tethyan Resources Regulatory News (TETH)

12 Sep 2005 10:23

Triple Plate Junction Plc12 September 2005 For immediate release 12 Sept 2005 Triple Plate Junction plc ("TPJ" or the "Company") UPDATE ON THE COMPANY'S DRILL PROGRAM AT CRATER MOUNTAIN Triple Plate Junction Plc (AIM : TPJ), the AIM-listed gold exploration companyfocusing on South East Asia, has received further encouraging results from itsdiamond drilling program at the Crater Mountain project in Papua New Guinea. Following the previously reported intersection of 158 meters of 1.4 g/t gold inTPJ's first drill-hole Nev-08 at the Nevera prospect at Crater Mountain, theCompany has continued to drill scout holes through the blanket of ash coveringthe prospect. Drill-holes Nev-10 and Nev-11, sited approximately 250 meters north-west and 170meters north-north west of Nev-08 respectively, intersected mineralized zonessimilar in nature to the mineralization in Nev-8. All three holes arecharacterized by multiple veining or cross-cutting vein relationships withinvolcaniclastic breccias containing dominant andesitic clasts and basementsiltstones and mudstones. Mineralised zones in Nev-10 and Nev-11 include: Nev-10 8 meters of 1.29 g/t gold from 8 meters to 16 meters; and 129 meters of 0.61 g/t gold from 312 meters to 441 meters hole depth. Nev-11 25 meters of 2.36 g/t gold from 150 meters to 175 meters; and 83 meters of 0.61 g/t gold from 266 meters to 349 meters hole depth. Additional details of the mineralised zones are set out in the Technical Update at the end of this announcement. Several mineralizing phases are recognized, the two most prominent being anearly quartz-pyrite phase and a later carbonate- base metal sulphide phase.Both phases carry gold. Detailed petrographic work and X-ray diffraction analyses of core samples havebeen carried out by Anthony Coote of Applied Petrological Services, New Zealand,an expert in South-west Pacific hydrothermal systems. His findings are thatnative gold is closely associated with carbonate and base metal sulphideminerals. He concludes that the gold mineralization may be part of acarbonate-base metal gold system that is a distal component of aporphyry-related low sulphidation system. Drill-hole Nev-9, sited some 620 meters west of Nev-8, did not intersectsignificant zones of gold mineralization, but did encounter pervasivehydrothermal alteration of dacitic, possibly eruptive, breccias. Moreimportantly, the presence of porphyry-style quartz veining and quartz dioriteporphyry fragments amongst the hydrothermally altered dacite breccia clastssuggests porphyry style mineralization at depth. The drill-intersected mineralization at the Nevera prospect is one of five areasof interest identified in the Crater Mountain structural corridor. Nevera ischaracterized by extensive hydrothermal alteration, gold and base-metal soilanomalism over an area of some 5km by 2km. Early hand dug trenches by previousexplorers returned gold values of 35m at 3.1 g/t and 54m at 1.21 g/t, but allsurface work has been hampered by three to six meters of volcanic ash thatblanketed the area in Quaternary times. Soil orientation surveys using thelatest low level gold leach techniques as well as MMI (Mobile Metal Ion) havebeen completed to look through this cover and assist in drill targeting. Crater Mountain is one of a number of Pliocene to Quaternary strata-volcanoesthat lie in the tectonically active New Guinea Mobile Belt. The Mobile Belthosts several world-class gold-copper deposits including Ok Tedi, Porgera,Hidden Valley and Wafi, and the underground vein gold deposits of Kainantu andTolukuma. The Crater Mountain project covers 713 sq.km of exploration licences in a jointventure between TPJ, New Guinea Gold Ltd and Celtic Minerals Ltd. TPJ is earninga 51% interest in the project. Bill Howell, TPJ Exploration Director said "We are clearly within or on themargin of a large hydrothermal mineralizing system in the Crater Mountain area.The drilling to date is giving us a much better understanding of the nature ofthe gold mineralization. We are particularly encouraged by thegold-carbonate-base metal association which is typical of a number ofworld-class gold deposits." Geoff Walsh, TPJ CEO said "This continues to be an excellent start to ourexploration programme. We will continue pushing our exploration teams into theNevera prospect and environs to establish further drill targets." Technical Update Mineralised zones in the holes include: Nev-10 8 meters of 1.29 g/t gold from 8 meters to 16 meters; and 129 meters of 0.61 g/t gold from 312 meters to 441 meters hole depth. Nev-11 25 meters of 2.36 g/t gold from 150 meters to 175 meters; and 83 meters of 0.61 g/t gold from 266 meters to 349 meters hole depth. Significant gold grades within these zones are: Nev-10: 8.3 meters at 1.29 g/t gold from 7.7 to 16.0 meters 2.2 meters at 1.32g/t gold from 312.4-314.6 meters 1.0 meter at 1.45g/t gold from 327.0 - 328.0 meters 2.0 meters at 1.38g/t gold from 330.0 - 332.0 meters 9.9 meters at 0.96g/t gold from 335.5 - 345.4 meters 0.5 meter at 46.6g/t gold from 351.5 - 352.0 meters 0.7 meter at 5.01g/t gold from 437.0 - 437.70 meters 1.1 meters at 1.08g/t gold from 440.3 - 441.4 meters Nev-11: 1.5 meters at 4.63 g/t gold from 153.0 - 154.5 meters 1.5 meters at 7.21 g/t gold from 158.0 - 159.5 meters 1.5 meters at 5.66 g/t gold from 166.7 - 168.3 meters 1.5 meters at 4.95 g/t gold from 173.3 - 174.8 meters 2.0 meters at 9.22 g/t gold from 248.0 - 250.0 meters 1.2 meters at 2.54 g/t gold from 277.2 - 278.4 meters 2.0 meters at 1.12 g/t gold from 290.6 - 292.6 meters 2.0 meters at 1.28 g/t gold from 294.6 - 296.6 meters 2.0 meters at 1.22 g/t gold from 312.0 - 314.0 meters 2.0 meters at 1.44 g/t gold from 316.0 - 318.0 meters 4.0 meters at 1.56 g/t gold from 332.0 - 336.0 meters For further information please contact: Triple Plate Junction plc 020 7499 1400Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim Anderson / Isabel Podda/Ben Willey This statement contains certain "Forward looking Statements". All statements,other than statements of historical fact, included herein, including, withoutlimitation, statements regarding potential mineralization and reserves,exploration results and future plans and objectives of Triple Plate JunctionPlc, are forward looking statements that involve various risks anduncertainties. There can be no assurance that such statements will prove to beaccurate and actual results and future events could differ materially from thoseanticipated in such statements. Certain risk factors may also affect the actualresults achieved by Triple Plate Junction Plc. This information is provided by RNS The company news service from the London Stock Exchange