Sign up Australia
Proactive Investors - Run By Investors For Investors
Why invest in PML?

Papua Mining sees early signs of 'significant project' at Plateau in Australia

The drill results had returned wide zones of mineralisation, the company said
Gold bars
Plateau is near to a number of major gold mines

Papua Mining PLC's (LON:PML) first drilling at the Plateau prospect in Australia has reinforced its view that the prospect is geologically similar to the nearby Mt Wright gold mine.

Plateau is in the vicinity of a number of major gold deposits such as Mt Leyshon, Pajingo, Mt Wright and Ravenswood, said David Price, chief executive, and it is seeing similar geological, geochemical and geophysical characteristics to those operations.

WATCH: Papua Mining looking to minimise expenditure risk as it advances key projects

READ: Papua Mining very active in cracking on with exploration in Queensland


"The consistently wide intervals of multi-element mineralisation being encountered at Plateau indicate another breccia complex similar to the 1.5mln ounce Mt Wright mine may exist at Plateau."

Price added that the drill results had returned wide zones of mineralisation.

“The gold results including 22m at 1.9g/t Au are very exciting, as are the broad elevated intervals of other elements."

Notable grades of silver, zinc and copper were all recorded.

“We believe we are starting to see early signs of a significant project," said Price.

READ: Papua Mining selects Queensland as place to rebuild with BGM buy

He added that it was important to note the main lode mineralisation at Mt Wright was not intersected until 160m below the surface and extended down to 1,200m below the surface.

The deepest hole in Papua’s drill programme only went down to 250m.

Next steps will be the acquisition of available geophysical data, more geological modelling and mapping, sampling and structural analysis.

View full PML profile View Profile

Papua Mining PLC Timeline

Related Articles

Gold bars and gold mining operation
March 28 2018
The AUD gold price is trading near its all-time highs at around A$1,750 per ounce.
worker on a hill
April 18 2018
The turnaround plan at the Drakelands mine is beginning to take effect
NioCorp Developments steadily de-risking giant Nebraska super-alloys project
October 25 2017
Elk Creek is a superalloy materials project in southeast Nebraska...

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use