Papuan Precious Metals Corporation(“PPM” or the “Company”) announces that it has received geochemical results from 57 rock samples collected during a first-pass reconnaissance sampling at its 100% owned Araboro Creek prospect, Mt Suckling, Papua New Guinea (“PNG”). Highlights of sampling results included 1.16% Cu from float and 0.23% Cu from outcrop.
The Araboro Creek prospect is a nested series of circular structures some 4 km in diameter, located midway between the Urua Creek and Ioleu Creek Cu-Au prospects. As previously reported in the Company’s December 3, 2010 press release, the extensive depression forming the centre of this circular feature is underlain by intense argillisation and a large 1,000 m x 900 m diatreme breccia body. Historical sampling of quartz-sulphide float from Araboro Creek contained 1.35 % Cu and 0.14 g/t Au. PPM sampled a float of oxidised breccia with quartz-covellite veining, collected from within the centre of the Araboro feature, and assayed 1.16 % Cu. Another sample of oxidised breccia from the same area, with silica-pyrite alteration, assayed 76 ppm Mo. The presence of copper and molybdenum is again suggestive of porphyry-style mineralisation. From the outer perimeter of the Araboro circular feature, and to the south of the Ada’u River, an outcrop sample exhibiting strongly fractured veined basalt with secondary copper staining (malachite and chalcocite) assayed 0.23 % Cu.
Results from 56 ridge and spur soil samples collected from two soil lines within the centre of the circular feature do not indicate any significant gold, copper or molybdenum soil anomaly. Thresholds used are Au-100 ppb, Cu-200 ppm and Mo-10 ppm.
PPM plans to further investigate the potential for porphyry-style mineralisation at Araboro Creek with additional stream traversing, mapping and sampling, scheduled to begin second quarter, 2011.
Samples were sent to the 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 and molybdenum 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.
The Mt Suckling project
The Mt Suckling project comprises a cluster of recently PPM-discovered prospects (Urua Creek, Araboro Creek and Ioleu Creek) with porphyry copper affinity. It covers two exploration licences (EL 1424 and EL 1618: PPM 100%) over 316 km2 at the eastern end of the Central New Guinea Range, one of the world’s premier porphyry copper belts. The porphyries are localised in an 18 km zone (Keveri Fault Zone) at the intersection of the once active Australian-Pacific plate boundary.
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, COO and President
For further information contact Greg Downey at 1-250-868-8140.
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