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Papillon Resources gets vote of confidence from Highland Park SA

Papillon Resources (ASX: PIR) has welcomed Highland Park SA as a substantial shareholder, after the company purchased 10.3 million shares on market for a total consideration of $5.3 million between July and November - for an average entry price of around $0.52, which provides a 4.92% stake in Papillon.

Last month, Papillon returned positive metallurgical results from preliminary testwork at the company’s Fekola Gold Discovery in Mali.

The results indicate that the mineralisation at Fekola is amenable to gold extraction using a conventional carbon-in-leach process to deliver recoveries of greater than 95%.

Shares in Papillon last traded at at $0.70.