Tethyan Resources Regulatory News (TETH)

24 May 2005 12:33

Triple Plate Junction Plc24 May 2005 For immediate release 24 May 2005 Triple Plate Junction plc's first drill-hole at Crater Mountain intersects 158 metres of 1.4 g/t gold Triple Plate Junction plc's ("TPJ" or the "Company") the AIM-listed goldexploration company focusing on South East Asia, has received encouragingresults from its first diamond drill hole at the Crater Mountain project inPapua New Guinea. The hole intersected a mineralised width of 158 metres averaging 1.4 g/t goldfrom 220 metres to 378 metres hole depth, with hydrothermal brecciation,disseminated, fracture-filled and vein sulphide mineralization encounteredthroughout the hole length of 450 metres. The results confirm a drill holeinterval of 115 metres of 1.8 g/t gold reported by then BHP in the same area in1997, and appear to significantly increase the intersected width ofmineralization. Pyrite and carbonate-base metal dominated veins and fractures encountered in theTPJ drill-hole are multi-phased and hosted in an extensively altered andbrecciated volcanic pile and basement sediments. Gold grades within the 158metre interval averaging 1.4 g/t gold appear to be increasing with hole depth,as evidenced by intercepts of: 12 metres at 1.11 g/t gold from 220-232 metres14 metres at 1.18 g/t gold from 236-250 metres12 metres at 1.64 g/t gold from 262-274 metres58 metres at 1.89 g/t gold from 284-342 metres20 metres at 2.33 g/t gold from 358-378 metres At this early stage of exploration, the extent of mineralization is unknown.Drilling is continuing to better understand structural-lithilogical controls andgeometry of the mineralization. The drill-intersected mineralization occurs in the Nevera prospect area, one offive areas of interest identified in the Crater Mountain structural corridor.The Nevera prospect is characterized by extensive argillic alteration, gold andbase-metal soil anomalism over an area of some 5km by 2km. Early hand dugtrenches by previous explorers returned gold values of 35m at 3.1 g/t and 54m at1.21 g/t, but all surface work has been hampered by three to six metres ofvolcanic ash that blanketed the area in Quaternary times. 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. Prior to commencing the current drilling program, TPJ compiled all existing dataat Crater Mountain including the re-processing and re-interpretation of airborneand ground magnetic data, geochemical data, and landsat structural andlithological data. This work together with new geological mapping and samplinghas identified four highly prospective targets within the Nevera prospect area. TPJ also commissioned geological consultants Sinclair Knight Merz (SKM) toexamine a suite of rocks taken from the Nevera prospect. SKM has reported thatthe rocks comprising dacites, sediments, intrusives, hydrothermal breccias and adiatreme breccia, reveal similarities between Crater Mountain and theworld-class Porgera deposit of similar geological age. Porgera production todate and remaining reserves total approximately 20 Moz of gold. 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 isearning a 51% interest in the project. Bill Howell, TPJ Exploration Director said: "This is a very promising start and will help focus our continuing drillprogram. There is still plenty of exploration required before we can determinethe economic significance of these early results. Crater Mountain has strongpotential and TPJ has the financial capacity to fully evaluate it." For further information please contact: Triple Plate Junction 020 7499 1400 Ian Gowrie-Smith, Chairman Geoff Walsh, Chief Executive David Lees, Finance Director Buchanan Communications 020 7466 5000 Tim 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