Business
New Exploration Licence Application
New Exploration Licence Application.
About this update from Rockfire Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1369C Papua Mining Plc 18 January 2018 \n\n18 January 2018\nPapua Mining plc\n(\"Papua\" or \"the Company\")\nNew Exploration Licence Application adjoining the Mt Leyshon Mining Lease, Australia\nPapua Mining (LON: PML), the gold and copper exploration company, is pleased to inform shareholders that it has, through its 100%-owned subsidiary BGM Investments Pty Ltd, recently applied for another strategic and highly-prospective exploration licence (EPM26745) which immediately surrounds the Mt Leyshon Mining Lease. The award of the licence is subject to formal grant by the Queensland Department of Resources and Mines.\n \nHighlights:\n· New tenement application (called New Leyshon), adjoins the Mt Leyshon Mining Lease on three sides;\n \n· Mt Leyshon Mining Lease (ML 10144) has produced 2.5 million ounces of gold and 2.3 million ounces of silver;\n \n· When granted, New Leyshon will increase the available exploration potential of PML in the vicinity of the Lighthouse Project by a further 38 square kilometres;\n \nAn image showing the new application and its proximity to Mt Leyshon Mining Lease is available at the link below.\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/1369C_1-2018-1-17.pdf\n \nGold was first discovered at Mt Leyshon in 1887 when the Mt Leyshon Gold Mining Company was listed on the London Stock Exchange with capital of £150,000. It was not until 1920, when the Prince of Wales gold nugget, weighing 143 ozs was discovered west of Mt Leyshon, that the goldfield started to attract more significant exploration effort.\nModern open cut gold production commenced at Mt Leyshon in 1987 and continued uninterrupted for 15 years until 2002. During the life of the operating mine, the average open pit gold grade was 1.4g/t Au.\nThe open cut mining operations exploited an orebody which is 400m long at surface and through drilling, gold mineralisation is known to continue down to at least 650m below surface. The Plateau Prospect within Papua's Lighthouse tenement is similarly 400m long and gold has been intersected in drilling at 550m depth so far. \n \nChief Executive Officer of Papua Mining, David Price commented:\n\"Our strategy of acquiring highly prospective, low-entry-cost opportuni...