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Papua Mining sees early signs of 'significant project' at Plateau in Australia

The drill results had returned wide zones of mineralisation, the company said
Gold bars
Plateau is near to a number of major gold mines

Papua Mining PLC's (LON:PML) first drilling at the Plateau prospect in Australia has reinforced its view that the prospect is geologically similar to the nearby Mt Wright gold mine.

Plateau is in the vicinity of a number of major gold deposits such as Mt Leyshon, Pajingo, Mt Wright and Ravenswood, said David Price, chief executive, and it is seeing similar geological, geochemical and geophysical characteristics to those operations.

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"The consistently wide intervals of multi-element mineralisation being encountered at Plateau indicate another breccia complex similar to the 1.5mln ounce Mt Wright mine may exist at Plateau."

Price added that the drill results had returned wide zones of mineralisation.

“The gold results including 22m at 1.9g/t Au are very exciting, as are the broad elevated intervals of other elements."

Notable grades of silver, zinc and copper were all recorded.

“We believe we are starting to see early signs of a significant project," said Price.

READ: Papua Mining selects Queensland as place to rebuild with BGM buy

He added that it was important to note the main lode mineralisation at Mt Wright was not intersected until 160m below the surface and extended down to 1,200m below the surface.

The deepest hole in Papua’s drill programme only went down to 250m.

Next steps will be the acquisition of available geophysical data, more geological modelling and mapping, sampling and structural analysis.

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