Tethyan Resources Regulatory News (TETH)

21 Mar 2005 07:02

Triple Plate Junction Plc21 March 2005 For immediate release 21 March 2005 Triple Plate Junction plc DRILLING COMMENCES AT CRATER MOUNTAIN Triple Plate Junction Plc (TPJ), the gold exploration company focusing onSouth-East Asia has commenced exploratory diamond drilling at the Nevera goldprospect in the Crater Mountain joint venture project in Papua New Guinea. 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. Sulphide and gold mineralization at Crater Mountain is associated with intensesilica, argillic and carbonate alteration. The main Nevera prospect ischaracterized by extensive argillic alteration and gold and base-metal soilanomalism over an area of some 5km by 2km. Early hand dug trenches returnedgold values of 35m at 3.1 g/t and 54m at 1.21 g/t, but trenching has beenhampered by three to six metres of recent volcanic ash cover that blankets thearea. Rich supergene gold is being won from small workings by local artisanalminers. Previous limited drilling at Nevera in the late 1990s gave encouraging resultswith intersections in two holes of 115 metres averaging 1.83 g/t gold and 24metres averaging 6.55 g/t gold respectively. Both holes terminated inmineralization. The Nevera prospect is one of five areas of interestidentified in the Crater Mountain structural corridor. TPJ has compiled all existing data at Crater Mountain including there-processing and re-interpretation of airborne and ground magnetic data,geochemical data, and landsat structural and lithological data. This worktogether with new geological mapping and sampling has identified four highlyprospective targets within the Nevera prospect area. The work has demonstratedthe presence of significant mineralization, with gold values over a wide 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's production todate and remaining reserves total approximately 20 Moz of gold). The mostnotable similarities are the occurrence of illite-dolomite alteration and maficintrusives, and this style of mineralization would be the main target. SKM also reports that the presence of advanced argillic alteration offersfurther possibilities of porphyry or high sulphidation epithermalmineralization, while a diatreme may correlate with epithermal mineralization. The Crater Mountain project covers 713 sq.km of exploration licences in a jointventure between TPJ (51%), New Guinea Gold Ltd (25%) and Celtic Minerals Ltd(24%). TPJ is the manager of the joint venture. Ian Gowrie-Smith, TPJ's Chairman said: "Our initial work at Crater Mountain has been highly encouraging and collaringdrill hole Nev 8 is a significant milestone for the project. Our team hasworked in difficult conditions and has established a solid base for asubstantial drilling program." TPJ is emerging as a leading junior explorer in South East Asia targeting worldclass gold and copper-gold deposits in highly prospective regions which remainunder-explored. 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