Papuan Precious Metals Corp.: Final Copper-Gold Results Received from Kuliuta Prospect
23 Febbraio 2012 - 11:02PM
Marketwired
PAPUAN PRECIOUS METALS CORP. ("PPM or the "Company") (TSX
VENTURE:PAU)(OTCQX:PAUFF) announces that final results from
reassaying the native copper in Hole KUD007, in addition to
complete assays for the remaining holes KUD008-KUD011 have been
received. From May to October 2011, a total of 2,583 m in 11 holes
were completed on the Kuliuta prospect within the New Hanover
project. Hole KUD001-006 tested the at-depth potential of
gold-bearing hydrothermal breccias identified across a 1,400m x
600m gold in soil anomaly. Holes KUD007 to KUD011 tested a
conductivity anomaly detected during the April 2011 3D-Induced
Polarization ground geophysical survey, hosted in a high-level
intrusive into pyroclastic volcanic rock under the summit of
La'mau'sing Mountain.
Dr. David Lindley, PPM's President & COO, stated, "PPM's
geological team remains optimistic that potential porphyry
mineralization exists in the area of the La'mau'sing copper zone as
indicated by disseminated and fracture controlled native and
sulphide copper found in the drill core. These five closely spaced
holes (KUD007 - KUD011) have tested only a limited lateral and
vertical portion of the 'native copper core' associated with
locally intense haematisation of what is indicated by airborne
geophysics to be a large mineralized system. By analogy with the
few other rare examples of native copper-bearing porphyry deposits,
native copper typically forms the core of a zoned deposit
containing other copper minerals (chalcopyrite, bornite,
chalcocite)."
Hole KUD007
Hole KUD007 (azimuth 070 degrees, dip -45 degrees) was drilled
on Section 1700N (http://www.ppmpng.com/projects/map). The hole was
drilled to a total depth of 316.40m. Native copper-bearing drill
core was observed from 116.0m to 272.0m. On November 10th 2011, PPM
announced it was resampling and reassaying core from KUD007 to
determine a reliable assay method for analysing native copper. SGS
Australia Pty Ltd in Townsville was selected because of their
experience with native copper analyses with a detection limit range
0.01 to 99% Cu. Details of the SGS method are proprietary. Samples
underwent a three stage crushing process prior to pulverising and
sub-sampling for analysis. Visible native copper was removed after
each crushing stage. The separated native copper was washed and
weighed. A large charge of the pulverised material was analysed for
copper using AAS and this result integrated with the weight of the
native copper to give the total copper content. In the case of the
sulphide copper (chalcopyrite) -bearing interval of core from 272m
down hole, samples were sent to Genalysis Laboratory Services, Lae,
PNG for preparation involving crushing and pulverizing. In their
Townsville, Australia laboratory a 1gm charge was digested using
hydrochloric and nitric acid and assayed by Inductively Coupled
Plasma (Atomic) Emission Spectrometry.
Composite interval assay results from the entire interval of
hole KUD007 containing native copper (116.0m - 272.0m) contained
less than 0.1% Cu. Significant assay results from the remainder of
hole KUD007, drilled to a total depth 316.6m are presented in the
following table:
Hole KUD007 Assay Results
-----------------------------------------------------------------------
From To Width Cu Au
-----------------------------------------------------------------------
273.0m 274.0m 1.0m 0.93% Cu
-----------------------------------------------------------------------
274.0m 275.0m 1.0m 0.23% Cu
-----------------------------------------------------------------------
293.0m 294.0m 1.0m 0.18g/t Au
-----------------------------------------------------------------------
Cutoffs: 0.1 g/t Au; 0.1% Cu
-----------------------------------------------------------------------
Hole KUD008
Hole KUD008 (azimuth 070 degrees, dip -45 degrees) was drilled
on Section 1700N (http://www.ppmpng.com/projects/map). The hole was
drilled to a total depth of 316.10m. Trace native copper was
observed in the interval from 52.0m to 308.0m down hole. Samples
were dispatched to Genalysis Laboratory Services for analysis (see
description under Hole KUD007).
Significant assay results from Hole KUD008 are presented in the
following table:
Hole KUD008 Assay Results
-----------------------------------------------------------------------
From To Width Cu Au
-----------------------------------------------------------------------
142.0m 143.0m 1.0m 0.13% Cu
-----------------------------------------------------------------------
257.0m 258.0m 1.0m 0.41g/t Au
-----------------------------------------------------------------------
261.0m 262.0m 1.0m 0.42g/t Au
-----------------------------------------------------------------------
277.0m 278.0m 1.0m 0.21g/t Au
-----------------------------------------------------------------------
278.0m 279.0m 1.0m 0.22% Cu
-----------------------------------------------------------------------
279.0m 280.0m 1.0m 0.47g/t Au
-----------------------------------------------------------------------
Cutoffs: 0.1 g/t Au; 0.1% Cu
-----------------------------------------------------------------------
Hole KUD009
Hole KUD009 (azimuth 070 degrees, dip -45 degrees) was drilled
on Section 1750N. The hole was drilled to a total depth of 321.60m.
Trace native copper was observed in the interval from 66.80m to
128.10m down hole. Trace chalcopyrite was observed in the interval
from 150.40m to 317.65m. Samples were dispatched to Genalysis
Laboratory Services for analysis (see description under Hole
KUD007).
Significant assay results from Hole KUD009 are presented in the
following table:
Hole KUD009 Assay Results
-----------------------------------------------------------------------
From To Width Cu Au
-----------------------------------------------------------------------
0.0m 2.0m 2.0m 0.10g/t Au
-----------------------------------------------------------------------
21.0m 22.0m 1.0m 0.40g/t Au
-----------------------------------------------------------------------
24.0m 26.0m 2.0m 0.20g/t Au
-----------------------------------------------------------------------
33.0m 34.0m 1.0m 0.67g/t Au
-----------------------------------------------------------------------
35.0m 36.0m 1.0m 0.17g/t Au
-----------------------------------------------------------------------
74.0m 75.0m 1.0m 0.37% Cu -
-----------------------------------------------------------------------
169.0m 172.0m 3.0m 0.16g/t Au
-----------------------------------------------------------------------
178.0m 186.0m 8.0m 0.68g/t Au
-----------------------------------------------------------------------
Including 1.0m @ 1.74g/t Au
------------------------------
2.0m @ 1.23g/t Au
-----------------------------------------------------------------------
188.0m 189.0m 1.0m 0.10g/t Au
-----------------------------------------------------------------------
192.0m 193.0m 1.0m 0.17g/t Au
-----------------------------------------------------------------------
196.0m 198.0m 2.0m 0.14g/t Au
-----------------------------------------------------------------------
264.0m 265.0m 1.0m 0.14g/t Au
-----------------------------------------------------------------------
271.0m 272.0m 1.0m 0.11g/t Au
-----------------------------------------------------------------------
308.0m 309.0m 1.0m 0.11g/t Au
-----------------------------------------------------------------------
Cutoffs: 0.1 g/t Au; 0.1% Cu
-----------------------------------------------------------------------
Hole KUD010
Hole KUD010 (azimuth 070 degrees, dip -60 degrees) was drilled
on Section 1700N (http://www.ppmpng.com/projects/map). The hole was
drilled to a total depth of 394.50m. Trace native copper was
observed around 80.0m downhole. Chalcopyrite was observed in narrow
breccias at 246.35m. Samples were dispatched to Genalysis
Laboratory Services for analysis (see description under Hole
KUD007).
Significant assay results from Hole KUD010 are presented in the
following table:
Hole KUD010 Assay Results
-----------------------------------------------------------------------
From To Width Cu Au
-----------------------------------------------------------------------
26.0m 28.0m 2.0m 0.15g/t Au
-----------------------------------------------------------------------
146.0m 148.0m 2.0m 0.76g/t Au
-----------------------------------------------------------------------
150.0m 152.0m 2.0m 0.10% Cu
-----------------------------------------------------------------------
154.0m 156.0m 2.0m 0.46g/t Au
-----------------------------------------------------------------------
158.0m 160.0m 2.0m 0.14g/t Au
-----------------------------------------------------------------------
296.0m 298.0m 2.0m 0.13g/t Au
-----------------------------------------------------------------------
344.0m 346.0m 2.0m 0.13g/t Au
-----------------------------------------------------------------------
368.0m 372.0m 4.0m 0.13g/t Au
-----------------------------------------------------------------------
Cutoffs: 0.1 g/t Au; 0.1% Cu
-----------------------------------------------------------------------
Hole KUD011
Hole KUD011 (azimuth 070 degrees, dip -60 degrees) was drilled
on Section 1750N. The hole was drilled to a total depth of 480.40m.
Trace native copper was observed from 58 to 73.90m down hole and
from 386.00m to the end of the hole. Trace chalcopyrite was
observed in the interval from 150.40m to 350.00m. Samples were
dispatched to Genalysis Laboratory Services for analysis (see
description under Hole KUD007).
Significant assay results from Hole KUD011 are presented in the
following table:
Hole KUD011 Assay Results
-----------------------------------------------------------------------
From To Width Cu Au
-----------------------------------------------------------------------
90.0m 92.0m 2.0m 0.12% Cu
-----------------------------------------------------------------------
108.0m 110.0m 2.0m 0.11g/t Au
-----------------------------------------------------------------------
154.0m 158.0m 4.0m 0.31g/t Au
-----------------------------------------------------------------------
164.0m 166.0m 2.0m 0.19g/t Au
-----------------------------------------------------------------------
168.0m 172.0m 4.0m 0.50g/t Au
-----------------------------------------------------------------------
258.0m 266.0m 8.0m 0.26g/t Au
-----------------------------------------------------------------------
Cutoffs: 0.1 g/t Au; 0.1% Cu
-----------------------------------------------------------------------
Summary of New Hanover Porphyry Copper Potential
The porphyry copper potential of New Hanover was unrecognized by
previous explorers. PPM's exploration throughout EL 1566 (PPM 100%)
and drilling at Kuliuta Prospect has confirmed New Hanover's
porphyry potential. The Company's drilling at Kuliuta has attracted
mineral industry interest for its unusual intersection of a native
and sulphide copper-bearing sub-volcanic hosted porphyry to depths
of approx. 500m below La'mau'sing Mountain (see news releases of 2
August 2011; 17 August 2011; 23 September 2011; 10 November 2011).
PPM field reconnaissance has located 9.67% copper in an outcrop in
Metemana Creek, 5 km southwest of Kuliuta, and detailed fieldwork
during 2011 at Elang (see news release 28 June 2011) and Metewoi
has expanded to four the number of porphyry copper plays in the New
Hanover project. Grid soil sampling and detailed mapping covering
extensive (approx. 6 km2) areas at both Elang and Metewoi is
nearing completion and results will be presented when they become
available. The Company intends to advance both prospects to drill
targets during 2012.
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, 35 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.com www.ppmpng.com
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