Papuan Precious Metals Corporation Waria River Sampling Returns 10.49% Copper
29 Novembre 2011 - 2:30PM
Marketwired
PAPUAN PRECIOUS METALS CORPORATION (TSX
VENTURE:PAU)(OTCQX:PAUFF)(PINK SHEETS:PAUFF) ("PPM" or the
"Company") announces that it has received the geochemical results
from 101 rock samples collected during follow-up prospecting of
airborne geophysical anomalies on Waria River EL 1271. The best
sample was collected from float and assayed 10.49% Cu, 0.33g/t Au
and 10.0g/t Ag. Twenty precent of samples contained anomalous
copper values greater than 0.1% Cu. A complete summary of copper,
gold, and silver sampling results are shown in Table 1.
EL 1271 and 1732 are part of the Waria River farm-in agreement
with Petromin (PNG) Holdings Ltd. ("Petromin"), PPM can earn a 50%
interest in the property by spending CDN $1.2 million by July 2012
and has advised Petromin that it has met its expenditure
requirements as of Sept 28, 2011. Planning is underway for the next
phase of exploration that will focus on identifying drill
targets.
Table 1: Copper, Gold and Silver in Rock Results from Kode, Nosoboro and
Jasawa Creek Anomalies
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Anomaly Sample Au (g/t) Cu (%) Ag (g/t)
----------------------------------------------------------------------------
Nosoboro 21025O 0.08 5.36 6.7
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21029F 0.09 0.50 6.4
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21092F - 0.97 -
----------------------------------------------------------------------------
21094F - 0.23 -
----------------------------------------------------------------------------
21096O 0.21 0.54 -
----------------------------------------------------------------------------
21097F 0.11 0.21 -
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21098F - 6.21 23.4
----------------------------------------------------------------------------
21100O 0.10 1.39 -
----------------------------------------------------------------------------
21132F 0.60 5.89 7.6
----------------------------------------------------------------------------
21133F 0.33 10.49 10.0
----------------------------------------------------------------------------
Kode 21102O - 0.16 -
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21103O 0.67 2.13 33.9
----------------------------------------------------------------------------
21110O 0.13 0.13 -
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21111O - 0.30 -
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Jasawa 21005F - 0.33 -
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21006F - 0.46 3.2
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21009F - 0.08 -
----------------------------------------------------------------------------
21038F - 0.10 -
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21143F 0.18 2.11 5.6
----------------------------------------------------------------------------
Jomami 21022F - 0.33 1.4
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Ekanoma 21089O 1.13 0.44 1.1
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Cutoffs: Cu - 0.10%; Au - 0.10 g/t; Ag - 1 g/t. O = outcrop sample; F =
float sample (-) denotes no significant result.
High-grade copper mineralisation occurs as
chalcopyrite-pyrite-quartz veins. The distribution of this float
and/or outcrop vein material defines five areas of interest, the
most important being Kode Creek, Nosoboro Creek and Jasawa Creek
anomalies. The strongest mineralization to date is found in the
Nosoboro Creek area located in the north central region of tenement
EL1271.
(http://www.ppmpng.com/waria_Kode.jpg).
(http://www.ppmpng.com/waria_Nosoboro.jpg).
(http://www.ppmpng.com/waria_Jasawa.jpg).
To date, copper/gold/silver vein mineralisation has been found
as outcrop and float boulders from a 400 km2 area of Waria and Eia
River catchments centred on Tubi village and straddling the
boundary between EL 1271 and EL 1732. Previous sampling results in
EL 1732 were reported in the Company's May 24, 2011 news
release.
The Waria River project
The Waria River project is located in the Central New Guinea
Range, one of the world's premier porphyry copper belts, and in
managements opinion presents an outstanding opportunity to locate
Au/Cu porphyry-style mineralisation similar to that of the nearby
Hidden Valley mine and the giant Wafi-Golpu deposit (both Newcrest
Mining/ Harmony). Located along what was one of the main overland
routes to the early 20th gold rushes at Wau, Edie Creek and Bulolo,
the presence of abundant alluvial gold in many of the Waria River
tributaries has long been known. However, the area has remained
relatively untouched by modern exploration.
The Waria River project comprises four exploration licences (EL
1683 and ELA 1943: PPM 100%; and EL 1271 and EL 1732: PPM 50%
interest) covering a 750 km2 area and a 70 km interval along the
once active Australian-Pacific plate boundary.
Further details about the Waria River project are available at
www.ppmpng.com.
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 member 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, COO and President
Contacts: Papuan Precious Metals Corp. Greg Downey
1-250-868-8140info@ppmpng.comwww.ppmpng.com
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