Triple Plate Junction (LON:TPJ) announced that its performance deposit on the Vietnamese exploration license was returned in full as the company has undertaken sufficient work on the Pu Sam Cap project.
The US$225,000 performance deposit was lodged by the company under Vietnamese law as part of its commitment to carry out its planned exploration programme and represents 25% of the estimated first year exploration expenditure.
Work by TPJ since 2005 has confirmed that veins at Pu Sam Cap vary up to 2 metres in thickness and can be traced through a vertical interval in excess of 500 metres and along strike lengths ranging up to 2,000 metres.
Previous rock chip sampling of outcrop returned widespread high-grade values up to 126 grammes per tonne (g/t) gold and sampling across the veins in near-surface underground workings gave an average value of 13.4 g/t gold.
Scout diamond drilling on one of the veins intercepted a 2 metre interval at 7.9 g/t gold, including 1 metre at 12.4 g/t gold.
“The prompt refund of the performance deposit by the Vietnamese government authorities is very much welcomed and gives TPJ the confidence and impetus to proceed with the drilling programme,” said chief executive of Triple Plate Junction Fraser McGee.
TPJ has a 70% interest in the Pu Sam Cap project with the remaining 30% being held by Vietnamese central and provincial state companies which is carried to completion of a feasibility study. The company expects to commence diamond drilling by the end of March 2011.
The company noted an announcement from Newcrest, which is developing the Wafi-Golpu gold-copper project in Papua New Guinea in a joint venture with Harmony Gold. This project is adjacent to TPJ’s Morobe prospect.
Drill hole WR377 at Wafi-Golpu intersected 883 metres grading 2.15 percent copper and 2.23 grammes per tonne (g/t) gold, including 628 metres at 2.82 percent copper and 3.06 g/t gold. This is the highest grade intersection at Golpu to date and extends the Golpu mineralisation a further 70 metres north.
“We are also very pleased to see the success of drilling at Wafi-Golpu adjacent to our prospective joint venture areas,” said chief executive of Triple Plate Junction Fraser McGee.