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29 Jul 2011 15:56
29 July 2011
Triple Plate Junction Plc
("TPJ" or the "Company")
Project Update - Pu Sam Cap, Vietnam
TPJ, the AIM listed gold exploration company focused on South East Asia, has now received assay results from the first five holes totalling 1,482m of its exploratory diamond core drilling programme at the Pu Sam Cap project, Vietnam.
The drilling program, which commenced in April 2011, was to test the grade and continuity at depth of previously encouraging gold results obtained from the sampling of structurally controlled mineralization in outcrop and in historical underground tunnels driven by artisanal miners at the Bai Bang prospect.
Results from the five drill holes for intersections containing greater than 2 g/t gold or significant silver or copper values are as follows:
Hole 1 (BB-009) | 0.4m of 2.41 g/t gold, 45.4 g/t silver and 1.78% copper from 199.5m hole depth. (Hole declination 50 degrees)
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Hole 4 (BB-011) | 2.0m of 3.52 g/t gold from 70.5m hole depth, including 1.0m of 4.77 g/t gold (Hole declination 50 degrees) 2.0m of 2.15 g/t gold from 90.5m hole depth
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Hole 5 (BB-101) | 0.9m of 3.13 g/t gold from 209.6m (Hole declination 45 degrees) 2.0m of 0.02 g/t gold, 13.5 g/t silver and 1.09% copper from 434.6m
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Bill Howell, Exploration Director said:
"These initial results are disappointing in terms of our expectations for both grade and depth continuity of mineralization. Over the coming weeks we will be reviewing our exploration model to determine what other structural factors may be controlling distribution of the gold mineralized veins. The results do confirm leakage of mineralization from a deeper source, and therefore seem to support the previously recognized potential for large, lower-grade deeper porphyry style copper-gold mineralization at Pu Sam Cap. "
Fraser McGee, CEO said:
"TPJ will now undertake a full review of the Pu Sam Cap project and announce its conclusions as soon as that process has been completed. In the meantime we are continuing to work on and progress the Company's developing projects with its joint venture partners Newmont, Newcrest, Barrick and Gold Anomaly in Papua New Guinea."
For further information, please contact:
Triple Plate Junction Plc +44 (0) 7775 693 237
Fraser McGee
Daniel Stewart & Company plc +44 (0) 20 7776 6550
Antony Legge / Oliver Rigby
Financial Dynamics +44 (0) 20 7831 3113
Ben Brewerton / Oliver Winters
This announcement is also available on the Company's web site: www.tpjunction.com
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