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2011 News Releases
August 17, 2011: 100 Meter Stepout at Kuliuta Intersects 256m of Visible Copper Mineralization
2011 News Releases
PAPUAN PRECIOUS METALS CORP("PPM" or “the Company") announces that Hole KUD008, drilled at the Kuliuta gold-copper prospect, intersected a 256m interval of porphyry copper style mineralization with visible copper from 52m downhole. Mineralization over this 256m interval comprises a number of copper minerals, with native copper dominating from 52 to 123m, and trace native copper, cuprite, chalcopyrite and chalcocite present from 123 to 308m. Hole KUD008 was drilled beneath the 189m intersection with visible copper reported from Hole KUD007. Both drill holes tested a prominent conductivity anomaly detected during the recently completed 3D-Induced Polarization ground geophysical survey. (http://www.ppmpng.com/La’mau’sing_drillholes.pdf).
Hole KUD008 (azimuth 070o, dip 45o) was drilled on Line 17, 100m grid west of the discovery hole, KUD007 (Hole PKUD08 on figure http://www.ppmpng.com/La’mau’sing.pdf), announced on August 2nd. KUD008 intersected a 71m interval from 52m to 123m in which visible native copper occurs in augite porphyritic latite with narrow zones of pyroclastic
s breccia. The copper occurs as both disseminations and as fracture fillings, typical of porphyry copper mineralisation (http://www.ppmpng.com/KUD008_89.66m.jpg and http://www.ppmpng.com/KUD008_89.68m.jpg). . The 185m interval from 123m to 308m intersected only trace native copper, with other copper minerals including cuprite, chalcopyrite and chalcocite. Pyrite increases downhole beyond 250m where potassic altered strongly fractured fine-grained feldspar porphyritic latite contains pyrite disseminations to 2 to 5% and in places strongly fractured zones have a pyrite content of 5 to 7% with trace chalcopyrite. The interval is cut by quartz-sulphide (pyrite)-K feldspar veins. Completed to a depth of 315.10m, KUD008 remained in potassic altered feldspar porphyritic latite cut by quartz-sulphide (pyrite)-K feldspar veins at termination.
The PPM Board has recently approved an expansion of the Kuliuta drilling programme, which is testing the deeper porphyry copper potential. An additional 2,500m (an estimated 10 holes) of close-spaced step-out drilling is underway to delineate the copper mineralization found in Holes KUD007 and KUD008.
Holes KUD002, KUD004, KUD006
Assay results from Hole KUD002 (azimuth 130o, dip 45o), drilled below Trench 12, Hole KUD003 (azimuth 300o, dip -45o), drilled below Trench 2, and Hole KUD006 (azimuth 130o, dip 45o), drilled immediately grid east of Trench 12, have been received. Each of these holes targeted near surface hydrothermal breccias. No significant results were received using cutoffs of 0.5 g/t Au and 0.1% Cu.
Drill core from Holes KUD004, 005 and 007 has been logged and sampled. Logging and sampling of Hole KUD008 is nearing completion. Samples are being sentto Genalysis Laboratory in Lae, PNG, for sample preparation prior to pulps being sent to Townsville, Australia for analysis.Gold analyses will include standard 25g lead collection Fire Assay followed by Flame Atomic Absorption Spectrometry. Assays will be reported when available.
The New Hanover Project
New Hanover is an outstanding opportunity for the discovery of Lihir-style gold mineralization and porphyry copper mineralization in a geological terrane that has been bypassed by modern mineral exploration for the past 22 years. The project comprises two 100% owned exploration licences (EL 1566 & ELA 1856) covering 591.6 km2 at the northwestern end of the Lihir-Tabar alkaline volcanic belt, host to the giant Lihir and Simberi gold deposits. Andesitic-dacitic volcanic rocks are widespread on New Hanover. They were erupted from a coalesced complex of Late Miocene-Early Pliocene stratovolcanoes that were built upon older Late Eocene-Late Oligocene submarine andesitic and basaltic rocks. Diorite, microdiorite and micromonzonite stocks intrude the younger volcanic rocks. Of particular interest is the presence of alkalic rocks, having relatively low silica content and enriched in sodium and potassium, at the Kuliuta gold-copper prospect, indicating that New Hanover is geologically related to the Plio-Pleistocene Lihir-Tabar chain of alkaline volcanic islands.
Further details of the New Hanover project are available at www.ppmpng.com.
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
For further information contact:
Greg Downey at 1.866.979.7022
Or email: email@example.com