Business
New Exploration Licence Application at Lighthouse
New Exploration Licence Application at Lighthouse.
About this update from Rockfire Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6096Z Papua Mining Plc 18 December 2017 \n\n18 December 2017\nPapua Mining plc\n(\"Papua\" or \"the Company\")\nNew Exploration Licence Application at the Lighthouse Gold Project, 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 a new strategic and highly-prospective exploration licence (EPM26726) which lies close to its 100%-owned 'Lighthouse Gold Project' in Queensland, Australia. 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 Monarch), lies 10km south of Charters Towers, where 6 million ounces of gold has been mined;\n \n· Monarch is 8.5km north of the Mt Leyshon Gold Mine, which has produced 4 million ounces of gold;\n \n· In excess of 25 historical workings which are prospective for gold and silver occur inside the new application tenement including Gregory's, Try Again, Ivory Elephant, Lady Musgrave and Mabel Jane, along with an additional 23 un-named, historical gold workings;\n \n· Although no historical production records are available, the workings are extensive and include:\n \nØ Gregory's, where the workings are 430m long and down to 42m deep\nØ Lady Musgrave workings are 230m long, 10m wide and down to 23m deep\nØ Mabel Jane workings are 183m long, 10m wide and down to 61m deep\n \n· When granted, Monarch will increase the available exploration potential by a further 30 square kilometres surrounding the Lighthouse Project;\n \nAn image showing the outline of Lighthouse and the new application is available at the link below.\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/6096Z_-2017-12-18.pdf\n \nChief Executive Officer of Papua Mining, David Price commented: \"In line with our strategy of acquiring highly prospective, low-entry-cost opportunities which are close to our existing tenements and critical processing infrastructure, Papua has applied for the Monarch tenement. Once granted, Monarch will provide Papua with additional high-...