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Papua Mining reports high grade gold from the Double Event prospect in Queensland

Exploration continues apace on the Lighthouse project in Queensland
The gold grades returned so far are highly attractive

Rock sampling at the Double Event prospect owned by Papua Mining PLC (LON:PML) has delivered high grade gold results, sending its shares higher on Monday.

Approximately 25% of all rock samples returned assays at above 10 grams per tonne gold and Papua is now planning a reverse circulation drilling campaign to follow up on this work.

WATCH: Papua Mining looking to minimise expenditure risk as it advances key projects

Some assays returned results higher than one ounce per tonne, and the average grade from the rock samples was 8.45 grams.

The rock sampling, geological and structural mapping carried out by Papua has helped to refine the orientation of the lodes. Previously, the strike of mineralisation was thought to be east-west, however the true orientation of the lodes is now understood to be 115°.

With this new orientation being clarified, the interpretation is of multiple, parallel lodes, which provides a more specific target for future RC drilling at Double Event to delineate a near-surface, high-grade gold resource. 

WATCH: Papua Mining sees high grade gold from sampling at Double Event

Meanwhile, a company field team is currently in Papua New Guinea assessing core from previous drilling.

Elsewhere, a review of drilling from the Nov/Dec 2017 programme at the Plateau prospect in Australia is now complete, placing Plateau in the distal zones (upper levels) of a large, mafic mineralising system.

In afternoon trading, Papua Mining shares were 2.8% higher at 0.78p.

 -- Adds share price --

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