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ENP Newswire - 24 May 2013

Release date- 23052013 - Papillon Resources Limited is pleased to announce the results of a further 51 holes from its 2013 drilling program at the Company's flagship Fekola Project, located in south western Mali, adjacent to the border with Senegal.

The Project currently hosts a Mineral Resource Estimate ('MRE'), which comprises 54.97 million tonnes averaging 2.38 g/t gold for a contained 4.21 million ounces of gold at a lower cut-off grade of 1.0 g/t gold.

The results comprise a mix of diamond ('DD') and reverse circulation ('RC') drill holes specifically targeting down dip extensions of the Fekola deposit, as well as near surface mineralization along strike to the north and south of the MRE area.

Based on the results of a detailed structural interpretation of the Fekola deposit, Papillon completed a number of holes targeting the down plunge continuation of the main high grade shoot. The drilling yielded extremely positive results with thick zones of mineralization being intersected offset from the main high grade zone and, importantly, outside of the current MRE area.

Papillon's Managing Director and CEO, Mark Connelly, said: 'These fantastic results confirm we have identified the continuation of the Fekola high grade zone outside of the current MRE area. The results are extremely positive in the context of resource growth and they have the potential to add further high grade resource ounces to the Project, within easy reach of the current open pit design. The offset high grade zone is open at depth and along strike to the north and continues to underline the outstanding exploration potential of the Fekola Project.'

In addition, shallow RC drilling along strike to the south of the MRE delivered positive results with broad zones of mineralization encountered in the near surface lithology, a number of which are external to the MRE. The 2013 drilling campaign is continuing with a clear focus on aggressively pursuing the Project's exploration potential at the Fekola MRE area, and along strike to the north and south of it (the 'Fekola Corridor').

In January 2013, the Company released an updated MRE which included a 34% increase in total gold resource, and a conversion of 83% of the resource into the Measured and Indicated Resource categories. The upgraded MRE for the Project is currently being incorporated into the Project's PreFeasibility Study ('PFS'), which is due for completion in the second quarter of 2013. The Company continues to focus its resources on rapidly advancing the exploration and development potential of this outstanding project.


Papillon Resources Limited

Mark ConnellyManaging Director & CEOTel: +61 8 9222 5400

Hayden LockeCorporate ExecutiveTel: +61 8 9222 5400


Papillon Resources Limited ('Papillon' or 'the Company') is pleased to report further assay results from the 2013 drilling program at the Company's flagship Fekola Project, located in south western Mali, adjacent to the border with Senegal.

2013 Drilling Program

The 2013 drilling program, which commenced in November 2012, consists of a mix of reverse circulation ('RC') and diamond ('DD') drilling. Currently, Papillon has one RC rig and two multi-purpose DD/RC rigs operating at Fekola.

The program is focused on aggressively expanding the MRE (extending the mineralization along strike and at depth) and testing numerous priority targets within the Fekola Corridor for open pittable resources.

The program objectives include:

Expanding the MRE at Fekola down dip and down plunge of the existing mineralization;

Testing a number of priority targets within and adjacent to the Fekola Corridor;

Facilitating the refinement of the existing geological model and the generation of additional regional exploration targets surrounding the Fekola Project and

Addressing the drilling required as part of the Definitive Feasibility Study ('DFS'), which is anticipated to commence in the third quarter of 2013.

Drilling Results

Assay results from a further 51 holes, comprising both RC and DD drilling, have been received. This drilling, which has yielded extremely positive results, targeted extensions down plunge and down dip of the main deposit and along strike immediately to the north and south of the MRE area.

A recently completed detailed structural interpretation, based on the re-logging of drill holes in the northern portion of the Fekola deposit, has resulted in the identification of a post mineralization fault. This fault was interpreted to truncate and displace the high grade shoot in the northern portion of the current MRE area.

Importantly, the structural interpretation allowed the Company to successfully target the displacement of the high grade shoot below the fault position and outside of the current MRE area. This resulted in the broad zones of mineralization observed in drill holes FKD 146 and FKD 147. Continuing extension of this offset high grade zone will be one of the focal points of drilling between now and the expected completion of drilling before the onset of the wet season in July.

In addition to the above significant DD results in the northern part of the deposit, encouraging shallow RC results along the southern strike have been received including FKCR 246 (23m @ 1.33 g/t from 43m) and FKCR 247 (31m @ 1.51 g/t from 93m) which continue to highlight the potential for additional shallow mineralization to be delineated along the Fekola Corridor.

Geological Setting

Gold mineralization at Fekola is hosted within a sequence of finely laminated sedimentary rocks. The mineralized zone is characterised by the strong association between gold and widespread carbonate and pyrite alteration.

The alteration consists primarily of a hematite, carbonate, albite, and sericite assemblage with the presence of pyrite being a strong indicator of the gold mineralization. Mineralization trends in a north-north-west orientation with the broad mineralized package dipping steeply to the west at approximately 80 degrees. A high grade shoot is observed to be shallowly plunging at approximately 20 degrees in a north-north-west trend.

Forward Looking Statement

Statements regarding plans with respect to the Company's mineral properties are forward-looking statements. There can be no assurance that the Company's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional mineral deposits, that any mineralization will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties.

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Publication:Global Banking News (GBN)
Date:May 24, 2013
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