Papillon Resources revised resource at Medinandi, Fekola results pending

Papillon Resources (ASX: PIR) has updated the market on the company's exploration operations in the West African country of Mali.

At the Medinandi Project, Hellman and Schofield have produced a revised mineral resource estimate of 4.6 million tonnes at 2.04 grams per tonne g/t gold for 302,000 ounces, of which 80% is attributable to Papillon.

Due to the exclusion of reported extrapolated resources and the exclusion of rotary air blast drill hole data, the estimate is lower, but on the plus side a third is located in the higher confidence Indicated category.

The primary focus for Papillon though is in the highly prospective Fekola Corridor, which includes the Fekola gold discovery.

Fekola currently has reverse circulation results pending from the project, expected later this month or early September, which are highly anticipated due to the major discoveries a couple of months ago.
Highlights from Fekola in May included:

- 39 metres at 6.42g/t gold, including 23 metres at 8.97g/t gold;
- 64 metres at 4.24g/t gold;
- 22 metres at 6.55g/t gold; and
- 22 metres at 3.37g/t gold.

If the pending Fekola results are anywhere near those released in May, then Papillon is well positioned to increase the company's gold resource base in Mali.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18445/papillon-resources-revised-resource-at-medinandi-fekola-results-pending-18445.html