Papuan Precious Metals Corp.: Outcrop Gold-Copper Results Define New Porphyry Copper Play at Metewoi
24 Febbraio 2012 - 2:00PM
Marketwired
PAPUAN PRECIOUS METALS CORP. (TSX VENTURE:PAU)(OTCQX:PAUFF) ("PPM
or the "Company") announces that significant gold and copper
results from outcrop samples at Metewoi River have opened up
exploration potential for high-sulphidation epithermal gold and
porphyry copper-gold mineralization
(http://www.ppmpng.com/projects/fig-21-metewoi). The Metewoi
prospect is 3-4 km southeast of the Kuliuta copper-gold prospect.
Significant rock results from Metewoi are presented in Table 1.
Table 1: Gold, Copper, Silver, Molybdenum Results From the Metewoi Prospect
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Au Cu Ag Mo Sb As
Sample Type (g/t) (%) (g/t) (ppm) (ppm) (ppm)
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38072 Outcrop 3.67 0.03 5.5 8 378 1095
----------------------------------------------------------------------------
38071 Outcrop 1.43 0.03 5.2 1 28 370
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38069 Outcrop 0.92 0.02 12.7 1 3 50
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38070 Outcrop 0.62 0.07 1.6 0 12 1075
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38169 Outcrop 0.03 0.78 0.7 86 33 2355
----------------------------------------------------------------------------
38144 Outcrop 0.01 0.64 1.3 8 0 2604
----------------------------------------------------------------------------
38042 Outcrop 0 0.25 0 7 0 36
----------------------------------------------------------------------------
38101 Outcrop 0 0.19 0 8 6 92
----------------------------------------------------------------------------
38098 Outcrop 0.01 0.17 0 6 4 128
----------------------------------------------------------------------------
38099 Outcrop 0 0.11 0 4 4 1279
----------------------------------------------------------------------------
Cutoffs: Au - 0.1 g/t; Cu - 0.1 %; Ag - 1 g/t
Extensive outcrop of quartz-alunite breccia covers a 6 km2 area
at Metewoi (http://www.ppmpng.com/projects/woi-1/;
http://www.ppmpng.com/projects/woi-2-soil-anomaly/) and has been
the target of detailed mapping and grid soil sampling by PPM
geologists during the second half of 2011. Chalcocite, covellite
and chalcopyrite have been observed in quartz veins within the
quartz-alunite breccias. The coincidence of high arsenic and copper
rock values and widespread quartz-alunite alteration at Metewoi is
not unlike high sulphidation alteration and mineralization in the
upper parts of major porphyry copper-gold deposits in New Guinea at
Wafi-Golpu and Frieda-Nena and elsewhere in the Indonesian and
Philippines archipelagoes.
New Hanover porphyry copper potential
It is important to understand that the porphyry copper potential
of New Hanover was unrecognized by previous explorers. Over a short
time period, 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).
Previous PPM field reconnaissance had 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
now 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 by mid-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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