Papillon Resources reports additional drill results at Fekola Project, Mali

Papillon Resources (ASX:PIR) has received the remaining drill intercepts on the current Fekola Project campaign in Mali in West Africa.

This is part of an $10 million intensive exploration program, in a regional gold province with 22 million ounces of gold discovered within 60 kilometres and on the same structural trend as Fekola.

Intriguingly for investors, Papillon controls a full 25 kilometres of strike length of this corridor. The Fekola structural corridor extends over 8 kilometres.

Additional analytical results, which have reinforced the continuity of mineralisation at the Fekola Project along strike included:

- 8 metres at 3.86 grams per tonne (g/t) gold from 94 metres;
- 26 metres at 1.63g/t gold from 53 metres;
- 14 metres at 2.29g/t gold from 44 metres; and
- 5 metres at 4.13g/t gold from 16 metres.

The results also provide Papillon's managing director Alan Campbell and his team with more detailed information relating to the width of the mineralisation, and identify targets 1,000 metres north of the initial discovery in the Fekola Corridor requiring further testing.

The results for six reverse circulation drill holes and additional results for one other reverse circulation hole reinforce the continuity of mineralisation along strike and provide more information relating to the width of the mineralisation.

These follow earlier high grade and long intercepts returned by Papillon in mid-September from infill drilling at Fekola which included 24 metres at 8.44g/t gold from 14 metres and 59 metres at 4.86g/t gold from 152 metres.

The results this campaign demonstrate the potential resource that is building at Fekola and given a strong cash position position, Papillon is well placed in terms of drilling and news flow in 2011/12.  Papillon has strong institutional investor support including Canada's Goodman & Co with an 8.6% stake in Papillon.

Papillon will kick off the 2011/12 drilling campaign, which will likely kick off in two weeks after the wet season rains cease will include extension drilling as well as infill diamond core drilling.

The drilling will target extending the understanding of the mineralisation to the north and south, while defining the resource at Fekola, with the aim to announce a maiden resource in 2012.

Proposed exploration program 2011 /2012

- Diamond drilling and step out reverse circulation drilling at the Fekola Project which remains open to the north and south along strike and at depth;
- Extension drilling in the Fekola Corridor to determine the near surface resource potential along the zone, and in particular the 3 kilometres immediately north of the Fekola Project;
- Infill and extension drilling at the Fekola Project to delineate the resource;
- Aircore drilling of regional targets generated from ground geophysical surveys, geological targets and geochemical anomalies; and
- Extension of the IP-Gradient survey, an IP dipole-dipole survey at Fekola and gold-in-soil geochemistry.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21203/papillon-resources-reports-additional-drill-results-at-fekola-project-mali-21203.html