Drilling to Commence at Urua Creek Gold-Copper Porphyry Prospect
September 28 2011 - 7:30AM
Marketwired
PAPUAN PRECIOUS METALS CORP (TSX VENTURE: PAU)(OTCQX: PAUFF) ("PPM
or the "Company") announces that a minimum of 2,000m of NQ diameter
core drilling will commence mid-October at the Mt. Suckling, Urua
Creek gold-copper porphyry prospect. Quest Exploration Drilling
(PNG) Ltd of Lae, PNG, has been contracted to complete the planned
drilling, which will test a significant chargeability anomaly
identified by the recently completed 3D-Induced Polarization ground
geophysical survey.
Several surface trenches (Trenches 1, 2, 3 and 5; see
http://www.ppmpng.com/urua-chargeability.jpg) were completed and
sampled within this area of high chargeability by PPM in 2009.
Significantly, Trench 5, located closest to the strongest part of
the chargeability anomaly yielded 36m @ 0.72% Cu and 0.97 g/t Au,
including 12m @ 1.12% Cu and 2.03 g/t Au in phyllic altered
breccias, while the remaining three trenches identified wide
intercepts of low to moderate grade porphyry-style gold and copper
mineralization. It is interpreted that the stronger chargeability
results may be reflective of a higher degree of sulphide
mineralization, which in the case of many Cu-Au porphyry systems is
directly associated with the higher grade mineralized areas within
the porphyry.
Urua Creek Chargeability Anomaly
Urua Creek is a very young estimated 2.5 million year old
intrusive (diatreme) breccia. The Urua Creek diatreme is so young
that it still carries fragments of carbonized wood. Gold and copper
mineralization appears to be confined to the 1,700m x 900m breccia.
The chargeability anomaly is also confined to the breccia. It
measures some 1,200m long with a width varying between 600 to 900m
(http://www.ppmpng.com/urua-chargeability.jpg). On Section 11700mE
the anomaly extends from 75m below the surface to a depth of
approximately 400m
(http://www.ppmpng.com/urua-chargeability_section.jpg). An
approximate 200m zone, semi-circular in shape, containing
chargeabilities in excess of 50ms occurs at the eastern end of the
anomaly. Such intense chargeabilities are indicative of
disseminated sulphides. Previous PPM sampling completed in 2008
located a zone of gossanous rocks with remnant kernels of coarse
sulphides containing up to 37 g/t Au on Line 11,000mE. These
gossans, which lie within the chargeability anomaly, will also be
drill tested.
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
Doriri Creek hydrothermal Ni-PGE prospect). It covers two
exploration licenses (EL 1424 and EL 1618: PPM 100%) over 316km2 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 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
1.866.979.7022 info@ppmpng.com www.ppmpng.com
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