Papuan Precious Metals Corp.: Platinum, Gold and Potassium Anomaly at Dimidi Prospect, Mt. Suckling
30 June 2011 - 10:30PM
Marketwired
PAPUAN PRECIOUS METALS CORPORATION ("PPM" or "the Company") (TSX
VENTURE: PAU)(OTCQX: PAUFF) announces that it has received the
results of the recently completed Mt Suckling airborne magnetic and
radiometric geophysical survey. Preliminary interpretation has
identified a large 2500m long x up to 750m maximum width
north-northeast elongated radiogenic potassium anomaly on the
western slopes of the middle reaches of Dimidi Creek, a tributary
of the Ada'u River. The potassium anomaly is localized within a
similarly oriented trans-island structure referred to as the
"Dimidi Trend". Coincident with this potassium anomaly is pannable
platinum and gold.
Historical detailed panning/prospecting completed at 500m
intervals along the creek by Dr. David Lindley in 1990, and under
his supervision by PPM in April 2008, has shown that alluvial
platinum and gold is sourced entirely from this anomaly in the
middle reaches of Dimidi Creek. Updated maps summarizing the
platinum and gold values found can be viewed
at;(http://www.ppmpng.com/Dimidi_K_Pt.pdf),
(http://www.ppmpng.com/Dimidi_K_Au.pdf)
PPM plans to continue prospecting the Dimidi Creek anomaly with
selective traverses, mapping and sampling along the tributaries
that flow across the potassium anomaly. In addition, ridge and spur
soil sampling along intervening ridges will be carried out. This
work will run concurrently with the helicopter supported drilling
program planned for Urua Creek during the third and fourth quarters
of 2011.
The Mt. Suckling Project
The Mt. Suckling project comprises a cluster of recently
PPM-discovered prospects (Urua Creek, Araboro Creek, and Ioleu
Creek porphyries; Dimidi Creek-Duna Creek-Muruk platinum-gold
prospects which are sourcing alluvial Au and Pt; and the unique
Doiriri Creek hydrothermal Ni-PGE prospect). It covers two
exploration licenses (EL 1424 and EL 1618: PPM 100%) over 316 km(2)
at the eastern end of the Central New Guinea Range, one of the
world's premier porphyry copper and precious metals belts.
Further details of the prospects identified to date at the Mt
Suckling project are available at
(http://www.ppmpng.com/project-mtsuckling.html).
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, President and COO
Contacts: Papuan Precious Metals Corp. Greg Downey
1.866.979.7022 info@ppmpng.com www.ppmpng.com
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