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2012 News Releases

May 01, 2012: Au-Cu drill results from Urua Creek prospect, Mt Suckling

2012 News Releases

 

PAPUAN PRECIOUS METALS CORP(“PPM or the “Company”) announces that further to its press release dated February 27th, 2012, which reported partial results from drill hole URD002 at its Urua Creek prospect within the Mt Suckling project area, complete results for this drill hole, in addition to drill hole URD003 have now been received.

 

Hole URD 002(collar location: 699284mE, 890612mN; azimuth: 000o; dip: -60o; total depth 302.60m)

 

Hole URD002 tested both gold and copper soil anomalies and gold and copper trench values in found in Trenches 1 and 2, Line 10 of the Urua Creek grid (45 m @ 0.13 % Cu, 0.06 g/t Au; 42 m @ 0.10 % Cu, 0.21 g/t Au; 18m grading 0.16% Cu, 0.12g/t Au). This hole encountered several types of Au and Cu mineralization throughout its 302.60m length. As previously reported, a near surface 70m (8.00m-78.00m) wide interval of low-grade copper mineralization assayed 0.10% Cu. Massive magnetite-sulphide and stockwork mineralisation encountered between 208.55m and 215.50m, containing 6.65m grading 0.77% Cu, 1.84g/t Au, including a 1.10m high-grade interval grading 9.60 g/t Au, 2.16% Cu, were also previously reported. The latest results demonstrate a broad 12.30m quartz stockwork zone, at depth (264.60m-276.90m), grading 0.13% Cu, including 0.70m of 1.12% Cu, 1.16g/t Au.

 

Complete results received from URD002 are summarized in Table 1:

 

Table 1: Drill Hole URD002, Urua Creek Prospect, Mt. Suckling

 

Interval

Width

Grade Cu

Grade Au

Comments

8.00 – 78.00m

70.00m

0.10 % Cu

 

0 – 8.00m scree; breccia and monzonite dykes

103.00 – 105.00m

2.00m

0.17% Cu

 

Breccia and monzonite dykes

109.00 – 111.00m

2.00m

0.19% Cu

 

125.00 – 127.30m

2.30m

0.18% Cu

 

139.00 – 140.50m

1.50m

0.16% Cu

 

150.80 – 152.00m

1.20m

0.13% Cu

 

203.55 – 203.70m

0.15m

1.15% Cu

0.26g/t Au

Massive magnetite-sulphide lens in monzonite

208.85 – 215.50m

6.65m

0.77% Cu

1.84g/t Au

Massive magnetite-sulphide lenses & stockwork in monzonite

Incl. 1.10m

2.16% Cu

9.60g/t Au

Massive magnetite-sulphide

 

Incl. 0.50m

0.55% Cu

 13.59g/t Au

    & 0.60m

3.49% Cu

6.20g/t Au

244.10 – 246.10m

2.00m

0.31% Cu

 

Vein

264.60 – 276.90m

12.30m

0.13% Cu

 

Epidote altered monzonite

Incl. 5.90m

0.23% Cu

0.6g/t Au

Incl. 2.10m

0.50% Cu

0.7g/t Au

Incl. 0.70m

1.12% Cu

1.16g/t Au

289.60 – 290.20m

0.60m

0.12% Cu

0.42g/t Au

Cutoffs: 0.1 % Cu; 0.1 g/t Au

 

 

Hole URD003(collar location: 699284mE, 890612mN; azimuth: 045o; dip: -55o; total depth: 300.00m)

 

Hole URD003 intersected 4.0m (14.00m-18.00m) grading 0.71% Cu, 0.25g/t Au and 12.00m (148.00m-160.00m) grading 0.20% Cu, including 4.00m of 0.84% Cu. This hole tested both gold and copper soil anomalies and long intervals of gold and copper trench values in Trench 1, Line 10 of the Urua Creek grid(42m grading 0.10% Cu, 0.21g/t Au; 45m grading 0.13% Cu, 0.06g/t Au). It is the second to intersect the Urua Creek diatreme breccia, as part of a three hole drill program that targeted a significant chargeability anomaly identified by a 3D-Induced Polarization ground geophysical survey completed last fall. The chargeability anomaly is found within the 1700m  x 900m breccia, which hosts the gold and copper mineralization (see news release dated September 26, 2011).

 

Complete results from drill hole URD003 are summarized in the Table 2:

 

Table 2: Drill Hole URD003, Urua Creek Prospect, Mt. Suckling

 

 

Interval

Width

Grade Cu

Grade Au

Comments

4.00 - 6.00m

2.00m

0.11% Cu

-

Veins in breccia

10.30 - 12.00m

1.70m

-

0.60g/t Au

14.00 - 18.00m

4.00m

0.71% Cu

0.25g/t Au

Hairline veins in monzonite and breccia

61.30 - 64.00m

2.70m

0.13% Cu

-

Pyritic stockwork in monzonite

95.00 - 99.60m

4.60m

-

0.33g/t Au

148.00 - 160.00m

 

12.00m

0.20% Cu

-

Chalcopyrite+quartz stockwork in breccia

Incl. 4.00m

0.84% Cu

-

213.20 - 214.00m

0.80m

0.15% Cu

-

Stockwork quartz+ chalcopyrite in intensely epidote altered monzonite and monzonite with orbicular texture

237.80 - 246.00m

8.20m

0.14% Cu

-

252.00 - 253.50m

1.50m

0.34% Cu

0.16g/t Au

268.00 - 270.00m

2.00m

0.11% Cu

-

294.00 - 296.00m

2.00m

0.17% Cu

-

Cutoffs: 0.1 % Cu; 0.1 g/t Au

 

 

Drill holes URD002 and URD003

Drill holes URD002 and URD003 were completed from the same drill pad:URD002 magnetic north, and URD003 oriented at 045o magnetic (http://www.ppmpng.com/SectionURD002/URD003.pdf). Both holes successfully tested gold and copper soil anomalies, in addition to the long intervals of gold and copper trench values in Trenches 1 and 2, Line 10 of the Urua Creek grid.

 

  • Both holes intersected a strongly epidote, calcite, pyrite altered monzonite intrusive phase from 175m downhole. Epidote contents downhole from this level range from 5-80%. Long core intervals have a distinctive green appearance due to the abundance of epidote. The combined section URD002 and URD003 clearly indicates a strongly epidotised monzonite phase which postdates earlier weakly altered monzonite and hydrothermal breccia.
  • Both holes intersected significant Au-Cu porphyry-style mineralisation along their entire length. The high-grade Au and Cu intervals in URD002 are contained in this epidotised monzonite.

 

The geologic model suggests this intense 'inner propylitic' epidote alteration will pass downwards to potassic alteration, similar to other SW Pacific porphyry copper deposits, such as Panguna (Bougainville). In this deposit, potassic alterationhosts the Au-Cu orebody. For this reason, drilling below the depths achieved during this program to around 300-450m depth will be necessary to test deeper prospective targets. 

 

Further details of the prospects identified to date at the Mt Suckling project are available at (http://www.ppmpng.com/projects/mt-suckling/).  

 

Samples were sent to 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. High-grade gold and copper samples were repeat assayed for ore grade.

 

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

 

David Lindley, President and COO

 

For further information contact:

Greg Downey at 1.866.979.7022

Or email: info@ppmpng.com