Business
Lighthouse Gold Project Update
Lighthouse Gold Project Update.
About this update from Rockfire Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9396U Papua Mining Plc 30 October 2017 \n\nPapua Mining plc\n(\"Papua\" or \"the Company\")\nLighthouse Gold Project Update\n \nPapua Mining (LON: PML), the gold and copper exploration company, is pleased to provide shareholders with an update on its recently-acquired and 100% owned Lighthouse Gold Project (the \"Lighthouse Project\") in Queensland, Australia. \n \nHighlights:\n· The Company is currently undertaking a review of historical drilling in preparation for ground exploration at the Lighthouse Project;\n \n· This on-going review highlights gold and silver mineralisation near surface and at considerable depth at the Plateau Prospect;\n \n· Deepest down-hole intersection of gold so far is 685 metres below surface, which the Company believes indicates potential for a mineralised gold system commencing at surface and extending to substantial depths;\n \n· Reverse circulation drilling programme is planned to test the near-surface, potentially exploitable extent of the mineralised gold system;\n \n· Statutory landowner access agreements are being sought to enable a drilling programme to be undertaken and site work is being planned to prepare drill sites.\n \n \nChief Executive Officer of Papua Mining, David Price commented: \"The Lighthouse Project provides the Company with an outstanding opportunity to capitalise on excellent historical drilling results. \nHaving near-surface gold and a single deep drill hole which has intersected gold more than half a kilometre below surface is a unique opportunity for Papua.\nThe Company is undertaking an on-going review of all historical data to target the upper zones of the gold prospect initially, where multiple, quality intersections of gold and silver have been encountered within the top 80 metres. Papua is targeting a Maiden Ore Resource to comply with the guidelines of the JORC Code for Reporting of Mineral Resources.\"\n \n \nFurther information from the review of the existing data on the Lighthouse Project, which is still on-going, is set out below:\nPlateau prospect hosts veins and gold/silver-bearing breccias which have been drilled historically. Some of the better drilling intersections ...