Papua Mining PLC (LON: PML) has completed its first phase of reverse circulation drilling at the Double Event prospect, part of the Lighthouse gold project in Queensland, Australia.
All drill holes intersected narrow quartz veins of between one and two metres in width, and some drill holes hit several such veins.
What’s more, all holes intersected at least one vein with varying amounts of visible, fresh sulphides including pyrite, arsenopyrite, galena and chalcopyrite. Galena is a host ore for lead, whilst chalcopyrite is a host ore for copper.
Assays are pending for all 14 holes drilled.
"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 metres from surface, with many veins occurring within the top 25 metres. We will be informing the market as results are received from the laboratory."