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Papua Mining upbeat after finishing RC drilling phase at Double Event
Gold and copper exploration company Papua Mining has completed its first phase of RC drilling at the Double Event Prospect, part of the Lighthouse Gold Project in Queensland, Australia, it said on Tuesday.
The AIM-traded firm said all drill holes intersected narrow quartz veins, and in a number of instances, several quartz veins.
Most veins had been intersected within the top 35 m from the surface, it reported, with all holes intersecting at least one vein with varying amounts of visible, fresh sulphides including pyrite, arsenopyrite, galena (lead) and very rare chalcopyrite (copper).
Assays were pending for all 14 holes, which tested a 400 m section of a 3 km long trend at Double Event, hosting quartz veins, historical workings and very high-grade rock assays.
"We are pleased to have our first drilling campaign at Double Event completed in scheduled time and within budget," said chief executive David Price.
"It is particularly encouraging that each hole intersected sulphides, as well as quartz veining within the top 35 m from surface, with many veins occurring within the top 25 m.
"We will be informing the market as results are received from the laboratory."