Papua Mining confirms 'large gold targets' at Marengo project

AIM-quoted exploration company Papua Mining has confirmed several large gold targets at its Marengo gold and copper project in Australia after a recently completed dipole geophysics survey at the site.

The survey at the Queensland site defined linear and quasi-linear IP and resistivity anomalies at One Mile Mountain, which Papua highlighted could be related to high-grade gold zones sitting on the edge of a deeper porphyry system.

Papua said the IP chargeability and resistivity anomalies formed a "classic sigmoidal shape representative of dilation zones" or "jogs" along a north-westerly trending structure, noting that such zones and patterns typically provide unique spaces for mineralization to precipitate.

Additionally, Papua revealed that one line of dipole IP testing was completed across gradient array anomalies at One Mile Mountain, confirming an "emerging chargeability high at around 80m depth".

Papua's standout One Mile anomalies was a "significant anomalous zone" of 400m by 200m.

Previous rockchip sampling at One Mile had returned a high 30.4 grams of gold per tonne, and a low of 7.5 grams, suggesting the chargeability and resistivity patterns potentially highlight a mineralised system.

Papua Mining's chief executive David Price, said, "Our field crews are working continuously to advance our understanding of the mineralisation at Marengo and as our understanding increases, the geological potential for a discovery increases accordingly."

At 0910 BST, Papua shares were up 4.24% to 0.86p.