Papillon Resources (ASX: PIR) continues to deliver the goods from gold exploration at the Fekola Gold Discovery, as the company moves towards a maiden JORC Resource at the project in around mid-2012.
Results from two more diamond results have been released, with highlights from the first hole including 57 metres at 10.69 grams per tonne (g/t) gold from 177.3 metres; and 16 metres at 2.24g/t gold from 237.3 metres.
A second hole returned 21 metres at 3.58g/t gold from 105.2 metres; 53 metres at 5.07g/t gold from 155.2 metres; and 16 metres at 4.40g/t gold from 212.2 metres.
Fekola is strategically located on the highly prospective Senegalo/Malian Shear Zone, where in excess of 42 million gold ounces have been discovered.
Papillon has an extensive footprint in the area with tenements, either granted or under application, extending over 25 kilometres of strike length on the shear zone.
Other projects in the vicinity include Randgold Resource's (LON: RRS) 11.5 million ounce Loulo project and AngloGold Ashanti's (NYSE: AU) 13.1 million ounce Sadiola project.
Drilling results news flow to continue
The news flow for the company is set to increase in the short term, with results reported to date only about a tenth of the 15,000 metre diamond campaign currently underway.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24791/papillon-resources-gold-discoveries-continue-at-speed-from-fekola-in-west-africa-24791.html
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