Papuan Precious Metals Corp.: CSIRO Study Confirms Doriri Creek is Hydrothermal Ni-Pd-Pt Mineralization
21 Novembre 2011 - 2:40PM
Marketwired
PAPUAN PRECIOUS METALS CORP. ("PPM" or the "Company") (TSX
VENTURE:PAU)(OTCQX:PAUFF) announces it has received the final
report from its commissioned Commonwealth Scientific and Industrial
Research Organisation (CSIRO) study of the Doriri Creek Ni-Pd-Pt
prospect in EL 1424 Mt Suckling (PPM: 100%). The study conducted by
CSIRO's Minerals Down Under Flagships Program, concluded that
mineralisation formed as a result of episodic hydrothermal fluids
rising through a prominent near-vertical structure. Fluid
circulation resulted in nickel concentration. Nickel grades as high
as 1.55% in a spot sample from a zone up to approx. 15m wide and
approx. 500m long were concentrated in chlorite mica and serpentine
group minerals and iron oxide mineralogies. The nickel mineralogy
is also accompanied by high concentrations of phosphorous minerals,
palladium and platinum. Ground held by PPM to the northeast of
Doriri Creek is considered prospective for the location of
additional Doriri Creek type mineral prospects.
PPM considers the style of mineralization at Doriri Creek
similar to that of the Avebury nickel deposit in Tasmania
(discovered 1998, 172,000 tonnes Ni metal at 1.02% global Ni
grade), one of the few recognized hydrothermal nickel deposits in
the world.
During 2007 and 2008 PPM re-opened and/or completed 16 trenches
across the 500m strike of the Doriri Creek prospect. Best result
from sampling was a composite 15m grading 1.39% Ni and 1.22 g/t Pd
+ Pt. The Company is planning to complete at least four drill holes
at Doriri Creek. This drill programme is scheduled to commence at
the conclusion of drilling at the nearby Urua Creek gold-copper
prospect currently underway.
The Mt Suckling Project
The Mt Suckling project comprises a cluster of recently
PPM-discovered prospects, viz. Urua Creek, Araboro Creek, and Ioleu
Creek porphyries; Dimidi Creek airborne potassium anomaly which is
sourcing alluvial Au and Pt; and the unique Doriri Creek
hydrothermal Ni-Pd-Pt prospect. It covers two exploration licenses
(EL 1424 and EL 1618: PPM 100%) over 316 km2 at the eastern end of
the Central New Guinea Range, one of the world's premier porphyry
copper and precious metals belts.
Further details of the prospects identified to date at the Mt
Suckling project are available at
http://www.ppmpng.com/project-mtsuckling.html.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed on behalf of the company by
Ian David Lindley, President & Chief Operating Officer of
Papuan Precious Metals Corp., a Qualified Person. Dr. Lindley has
First Class Honours and Ph.D. degrees in Geology, 34 years mining
industry experience, and is a Fellow of the Australian Institute of
Geoscientists.
This press release contains "forward-looking information"
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause PPM's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: uncertainties related exploration and development; the
ability to raise sufficient capital to fund exploration and
development; changes in economic conditions or financial markets;
increases in input costs; litigation, legislative, environmental
and other judicial, regulatory, political and competitive
developments; technological or operational difficulties or
inability to obtain permits encountered in connection with
exploration activities; and labour relations matters. This list is
not exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully
and readers should not place undue reliance on such forward-looking
information. PPM disclaims any intention or obligation to update or
revise forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
ON BEHALF OF THE BOARD
David Lindley, President and COO
Contacts: Papuan Precious Metals Corp. Greg Downey
1.866.979.7022info@ppmpng.comwww.ppmpng.com
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