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Papua Mining secures 5-year exploration permit for Monarch tenement

Papua Mining Plc said March 16 that its BGM Investments Pty. Ltd. subsidiary was granted a five-year exploration permit for EPM 26726, dubbed the Monarch tenement, in Queensland, Australia.

Monarch lies about 12 kilometers northwest of the company's Lighthouse gold project in Queensland.

The company said it has already started work on the tenement and is analyzing historical data and reports.

The tenement has more than 25 historical workings prospective for gold and silver.

Papua Mining CEO David Price said the company will conduct an initial rock and soil sampling program at Monarch followed by reverse circulation drilling to test the veins at shallow depths.

"The Monarch veins haven't been drill-tested, so opportunity exists to discover a narrow, high grade, near-surface gold resource," he said in a statement.