Business
Share Placing and Exploration Update
Share Placing and Exploration Update.
About this update from Rockfire Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3611Y Papua Mining Plc 16 May 2016 \n\n16 May 2016\n \n \nPapua Mining plc\n \n(\"Papua\" or \"the Company\")\n \nShare Placing and Exploration Update\n \nPapua Mining plc, a UK company focused on the exploration and development of gold and copper deposits in Papua New Guinea (\"PNG\"), presents this update in respect of its drilling activities at the Mt. Visi Prospect and also announces a share placing.\n \nHighlights:\n \n· The drilling programme at the Mt. Visi Prospect has been completed. \n \n· Five holes totaling 776 meters of drilling were completed to a maximum depth of 211m.\n \n· High temperature, potassic alteration has been encountered in cores from three of the five holes. This style of alteration is classically associated with mineralized copper porphyry bodies.\n \n· Copper mineralisation intersected in drillcore in four of the five drillholes; copper and gold assays are awaited.\n \n· A share placing of 2,000,000 shares in the Company at 3 pence per share (the \"Placing Shares\") to raise gross proceeds of £60,000 (the \"Placing\"). \n \nCommenting on the recent drilling programme, Hugh McCullough , Director, said:\n \n\"The recent drilling programme at the Mt Visi Prospect follows upon the very encouraging indications seen at surface in this area. Drilling has shown extensive development of high temperature potassic alteration which is indicative of proximity to mineralized porphyry deposits. The fact that this alteration is seen both at surface and at the shallow depths so far drilled, demonstrates the significant potential of this zone.\" \n \nMt. Visi Drilling \n \nBetween December 2015 and March 2016, five holes totaling 776 metres of diamond core drilling have been completed at the Mt. Visi Prospect area which straddles West New Britain and East New Britain Provinces.\n \n\n\n\n\nHoleID\n\n\nEasting\n\n\nNorthing\n\n\nElevation\n\n\nAzimuth\n\n\nDip\n\n\nLength\n\n\n\n\nV22DDH001\n\n\n260885\n\n\n9363807\n\n\n1165\n\n\n 35\n\n\n-55\n\n\n191 m\n\n\n\n\nV22DDH002\n\n\n260885\n\n\n9363807\n\n\n1165\n\n\n215\n\n\n-55\n\n\n 68 m\n\n\n\n\nV22DDH003\n\n\n26075...