16 March 2018
Papua Mining plc
("Papua" or "the Company")
Grant of Monarch Exploration Licence, Queensland, Australia
Papua Mining (LON: PML), the gold and copper exploration company, is pleased to inform shareholders that the Monarch Exploration Permit to Mine (EPM 26726 'Monarch') in Queensland, Australia has been granted to Papua Mining through its 100%-owned subsidiary, BGM Investments Pty Ltd.
· Monarch exploration tenement granted to Papua for a 5-year period
· 10km south of Charters Towers, where 6 MOz of gold has been mined;
· 8.5km north of the Mt Leyshon Gold Mine, which has produced 4 million ounces of gold;
· In excess of 25 historical workings which are prospective for gold and silver occur inside the tenement including Gregory's, Try Again, Ivory Elephant, Lady Musgrave and Mabel Jane, along with an additional 23 un-named, historical gold workings;
· Historical production records at Mabel Jane Prospect show 295 ounces of gold won from 220 tonnes, with an average grade of 45.73g/t Au.
The Queensland Government has granted Exploration Licence EPM26726 "Monarch" to Papua Mining, through it's wholly-owned Australian subsidiary for a period of 5 years. The Company has already commenced work on the tenement, with historical reports being accumulated and historical data being digitised.
Monarch is situated south of Charters Towers between the Mt Leyshon Gold Mine and the Black Jack Gold Mine and lies approximately 12km northwest of PML's "Lighthouse" tenement.
Despite Monarch's proximity to large-scale gold mines, little historical exploration has been carried out. Multiple old gold workings occur, the largest being Gregory's, Lady Musgrave and Mabel Jane. Gregory's workings are 430m long and down to 42m deep, Lady Musgrave workings are 230m long, 10m wide and down to 23m deep and Mabel Jane workings are 183m long, 10m wide and down to 61m deep. Each of these workings tend to be vertical in orientation and occur along northwest faults and veins which are thought to be structural geological links between Mount Leyshon and Black Jack.
Chief Executive Officer of Papua Mining, David Price commented : "We are thankful to the Department of Natural Resources and Mines for an expedited granting of the Monarch tenement. Monarch hosts high-grade gold targets which appear similar to Double Event and Lower Lighthouse Prospects within the Lighthouse tenement.
Papua will advance these prospects rapidly with an initial rock and soil sampling program, followed by RC drilling to test the veins at shallow depths. The Monarch veins haven't been drill-tested, so opportunity exists to discover a narrow, high grade, near-surface gold resource. "
For further information on the Company please visit www.papuamining.com or contact the following:
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Papua Mining plc
David Price, Chief Executive Officer
Cenkos Securities plc
Nominated Adviser & Broker,
Derrick Lee/Beth McKiernan
+44 131 220 6939
This information is provided by RNS