Papuan Precious Metals Corporation: Sampling Returns Values as High as 69.9 g/t Au, 84.6 g/t Ag and 14.5% Cu in Outcrop from War
25 May 2011 - 10:45PM
Marketwired
PAPUAN PRECIOUS METALS CORPORATION ("PPM" or the "Company") (TSX
VENTURE: PAU)(OTCQX: PAUFF) announces that it has received
geochemical results from 71 rock samples (outcrop and float)
collected during its recent follow-up reconnaissance sampling from
Exploration Licence (EL) 1732 - Ondowa Creek, Waria River, Papua
New Guinea ("PNG"). The best single sample result assayed 69.6 g/t
Au, 84.6 g/t Ag and 14.5% Cu from an outcropping vein. EL 1732 is
part of the Waria River farm-in agreement with Petromin (PNG)
Holdings Ltd ("Petromin"), whereas PPM can earn a 50% interest by
spending CDN $1.2 million by July 2012. The tenement is held in
title by a 100% wholly owned subsidiary of Petromin. EL 1732 is
underlain by massive to highly fractured gabbro with late-stage
leucocratic and aplite dyking and veining. Cu and Au bearing veins
are associated with argillised/altered gabbro.
PPM's sampling from EL 1732 focussed on two areas: Area A - 40
samples were obtained along the streams in the Ondowa Creek area,
which drains the mountainous central part of the tenement, and Area
B - 31 samples were obtained from the Onepa River area in the
western part of the tenement. Visible gold is present in panned
concentrates from both areas. In Area A, 19 of the 40 rock samples
(47%) collected from the streams are anomalous for Au (10 samples
greater than 0.1 g/t Au), Ag (6 samples greater than 25 g/t Ag) and
Cu (19 samples greater than 0.1 % Cu)
(http://www.ppmpng.com/Ondowa%20Creek.pdf). Twelve of these rock
samples contained 1 % or more Cu, including three from outcrop. In
addition, 5 of the 20 float samples collected from Area B contained
either anomalous Au or Cu values, with the best value assaying 1.71
% Cu. Vein float is locally abundant in streams and will require
further prospecting to source.
Preliminary interpretation of the recently completed Fugro
Airborne Geological survey data suggests the south flowing Onepa
River follows a major fault structure nearly perpendicular to the
through-going structures of the Central New Guinea Range. The
central mountainous block to the east of the Onepa River is
geophysically distinct with its radiogenic uranium, potassium and
thorium anomalies. The geophysical results support the geochemical
sampling completed to date, and have identified an encouraging new
target for follow-up exploration.
Follow-up exploration planned in 2011 will involve traversing
and sampling of the mountainous area east of the Onepa River,
believed to be the source of much of the Au and Cu-bearing
float.
Samples were sent to the 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.
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
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, at one time, was one of the main overland
routes to the early 20th century 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 earning a
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 Kuliuta Gold project
Kuliuta Gold Property, New Hanover, Papua New Guinea, May 23,
2011: The Company is pleased to announce it has begun drilling
operations at its 100% owned Kuliuta Gold property. The drill
program includes 1,500m in six diamond-drill core holes and will
test the near surface gold potential, in addition to the deeper
porphyry copper potential. The program may be expanded depending on
results.
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 Corporation Greg Downey
1.866.979.7022 info@ppmpng.com www.ppmpng.com
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