Papuan Precious Metals Corp.: Final Copper-Gold Results Received from Kuliuta Prospect
23 Fevereiro 2012 - 7:02PM
Marketwired Canada
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
(TSXV:PAU)
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