Papuan Precious Metals Corp.: Au-Cu Drill Results From Urua Creek Prospect, Mt Suckling
02 May 2012 - 4:17AM
Marketwired Canada
PAPUAN PRECIOUS METALS CORP. (TSX VENTURE:PAU)(OTCQX:PAUFF) ("PPM or the
"Company") announces that further to its press release dated February 27th,
2012, which reported partial results from drill hole URD002 at its Urua Creek
prospect within the Mt Suckling project area, complete results for this drill
hole, in addition to drill hole URD003 have now been received.
Hole URD 002 (collar location: 699284mE, 890612mN; azimuth: 000 degrees; dip:
-60 degrees; total depth 302.60m)
Hole URD002 tested both gold and copper soil anomalies and gold and copper
trench values in found in Trenches 1 and 2, Line 10 of the Urua Creek grid (45m
@ 0.13% Cu, 0.06g/t Au; 42m @ 0.10% Cu, 0.21g/t Au; 18m grading 0.16% Cu,
0.12g/t Au). This hole encountered several types of Au and Cu mineralization
throughout its 302.60m length. As previously reported, a near surface 70m
(8.00m-78.00m) wide interval of low-grade copper mineralization assayed 0.10%
Cu. Massive magnetite-sulphide and stockwork mineralisation encountered between
208.55m and 215.50m, containing 6.65m grading 0.77% Cu, 1.84g/t Au, including a
1.10m high-grade interval grading 9.60g/t Au, 2.16% Cu, were also previously
reported. The latest results demonstrate a broad 12.30m quartz stockwork zone,
at depth (264.60m-276.90m), grading 0.13% Cu, including 0.70m of 1.12% Cu,
1.16g/t Au.
Complete results received from URD002 are summarized in Table 1:
Table 1: Drill Hole URD002, Urua Creek Prospect, Mt. Suckling
----------------------------------------------------------------------------
Interval Width Grade Cu Grade Au Comments
----------------------------------------------------------------------------
8.00 - 78.00m 70.00m 0.10% Cu 0 - 8.00m scree; breccia
and monzonite dykes
----------------------------------------------------------------------------
103.00 - 105.00m 2.00m 0.17% Cu Breccia and monzonite
dykes
-------------------------------------------------
109.00 - 111.00m 2.00m 0.19% Cu
-------------------------------------------------
125.00 - 127.30m 2.30m 0.18% Cu
-------------------------------------------------
139.00 - 140.50m 1.50m 0.16% Cu
-------------------------------------------------
150.80 - 152.00m 1.20m 0.13% Cu
----------------------------------------------------------------------------
203.55 - 203.70m 0.15m 1.15% Cu 0.26g/t Au Massive magnetite-sulphide
lens in monzonite
----------------------------------------------------------------------------
208.85 - 215.50m 6.65m 0.77% Cu 1.84g/t Au Massive magnetite-sulphide
lenses & stockwork in
monzonite
-----------------------------------------------------------
Incl. 1.10m 2.16% Cu 9.60g/t Au Massive magnetite-sulphide
--------------------------------
Incl. 0.50m 0.55% Cu 13.59g/t Au
--------------------------------
& 0.60m 3.49% Cu 6.20g/t Au
----------------------------------------------------------------------------
244.10 - 246.10m 2.00m 0.31% Cu Vein
----------------------------------------------------------------------------
264.60 - 276.90m 12.30m 0.13% Cu Epidote altered monzonite
--------------------------------
Incl. 5.90m 0.23% Cu 0.6g/t Au
--------------------------------
Incl. 2.10m 0.50% Cu 0.7g/t Au
--------------------------------
Incl. 0.70m 1.12% Cu 1.16g/t Au
-------------------------------------------------
289.60 - 290.20m 0.60m 0.12% Cu 0.42g/t Au
----------------------------------------------------------------------------
Cutoffs: 0.1% Cu; 0.1g/t Au
----------------------------------------------------------------------------
Hole URD003 (collar location: 699284mE, 890612mN; azimuth: 045 degrees; dip: -55
degrees; total depth: 300.00m)
Hole URD003 intersected 4.0m (14.00m-18.00m) grading 0.71% Cu, 0.25g/t Au and
12.00m (148.00m-160.00m) grading 0.20% Cu, including 4.00m of 0.84% Cu. This
hole tested both gold and copper soil anomalies and long intervals of gold and
copper trench values in Trench 1, Line 10 of the Urua Creek grid (42m grading
0.10% Cu, 0.21g/t Au; 45m grading 0.13% Cu, 0.06g/t Au). It is the second to
intersect the Urua Creek diatreme breccia, as part of a three hole drill program
that targeted a significant chargeability anomaly identified by a 3D-Induced
Polarization ground geophysical survey completed last fall. The chargeability
anomaly is found within the 1700m x 900m breccia, which hosts the gold and
copper mineralization (see news release dated September 26, 2011).
Complete results from drill hole URD003 are summarized in the Table 2:
Table 2: Drill Hole URD003, Urua Creek Prospect, Mt. Suckling
----------------------------------------------------------------------------
Interval Width Grade Cu Grade Au Comments
----------------------------------------------------------------------------
4.00 - 6.00m 2.00m 0.11% Cu - Veins in breccia
-------------------------------------------------
10.30 - 12.00m 1.70m - 0.60g/t Au
----------------------------------------------------------------------------
14.00 - 18.00m 4.00m 0.71% Cu 0.25g/t Au Hairline veins in
monzonite and breccia
----------------------------------------------------------------------------
61.30 - 64.00m 2.70m 0.13% Cu - Pyritic stockwork in
monzonite
-------------------------------------------------
95.00 - 99.60m 4.60m - 0.33g/t Au
----------------------------------------------------------------------------
148.00 - 160.00m 12.00m 0.20% Cu - Chalcopyrite+quartz
stockwork in breccia
--------------------------------
Incl. 4.00m 0.84% Cu -
----------------------------------------------------------------------------
213.20 - 214.00m 0.80m 0.15% Cu - Stockwork
quartz+chalcopyrite in
intensely epidote altered
monzonite and monzonite
with orbicular texture
-------------------------------------------------
237.80 - 246.00m 8.20m 0.14% Cu -
-------------------------------------------------
252.00 - 253.50m 1.50m 0.34% Cu 0.16g/t Au
-------------------------------------------------
268.00 - 270.00m 2.00m 0.11% Cu -
-------------------------------------------------
294.00 - 296.00m 2.00m 0.17% Cu -
----------------------------------------------------------------------------
Cutoffs: 0.1% Cu; 0.1g/t Au
----------------------------------------------------------------------------
Drill holes URD002 and URD003
Drill holes URD002 and URD003 were completed from the same drill pad: URD002
magnetic north, and URD003 oriented at 045 degrees magnetic
(http://www.ppmpng.com/SectionURD002/URD003.pdf). Both holes successfully tested
gold and copper soil anomalies, in addition to the long intervals of gold and
copper trench values in Trenches 1 and 2, Line 10 of the Urua Creek grid.
-- Both holes intersected a strongly epidote, calcite, pyrite altered
monzonite intrusive phase from 175m downhole. Epidote contents downhole
from this level range from 5-80%. Long core intervals have a distinctive
green appearance due to the abundance of epidote. The combined section
URD002 and URD003 clearly indicates a strongly epidotised monzonite
phase which postdates earlier weakly altered monzonite and hydrothermal
breccia.
-- Both holes intersected significant Au-Cu porphyry-style mineralisation
along their entire length. The high-grade Au and Cu intervals in URD002
are contained in this epidotised monzonite.
The geologic model suggests this intense 'inner propylitic' epidote alteration
will pass downwards to potassic alteration, similar to other SW Pacific porphyry
copper deposits, such as Panguna (Bougainville). In this deposit, potassic
alteration hosts the Au-Cu orebody. For this reason, drilling below the depths
achieved during this program to around 300-450m depth will be necessary to test
deeper prospective targets.
Further details of the prospects identified to date at the Mt Suckling project
are available at (http://www.ppmpng.com/projects/mt-suckling/).
Samples were sent to Genalysis Laboratory in Lae, PNG, for sample preparation
prior to pulps being sent to Townsville, Australia for analysis. Gold analyses
were completed by standard 25g lead collection Fire Assay followed by Flame
Atomic Absorption Spectrometry. Copper analyses involved multi-acid digest
including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon
tubes. Analyses were completed by Inductively Coupled Plasma Optical (Atomic)
Emission Spectrometry. High-grade gold and copper samples were repeat assayed
for ore grade.
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
(TSXV:PAU)
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