Papuan Precious Metals Corp (CVE:PAU)(OTCQX:PAUFF) unveiled Monday partial results from the uppermost 79 metres of the discovery hole at the Urua Creek prospect, part of the company's Mt Suckling project in Papua New Guinea.
Hole URD002 intersected 70.00 metres grading 0.10% copper from 8.00
to 78.00 metres, and returned 6.65 metres of 0.77% copper and 1.84 grams
per tonne (g/t) gold from 208.85 to 215.5 metres, including 1.10 metres
of 2.16 % Cu and 9.60 g/t gold.
The company said the hole "successfully" tested both gold and copper
soil anomalies and long intervals of gold and copper trench values in
trenches one and two on Line 10 of the Urua Creek grid.
The hole is also the first to intersect the Urua Creek diatreme
breccia, as part of a three hole drill program designed to test a
significant chargeability anomaly identified by a 3D-induced
polarization ground geophysical survey completed last fall.
The chargeability anomaly is found within the 1,700 by 900 metre breccia, which hosts the gold and copper mineralization.
The Mt Suckling project is situated at the eastern end of New
Guinea’s Central Range, one of the world’s most prolific porphyry copper
belts that includes several giant porphyries including Grasberg, Ok
Tedi, Frieda, Porgera and Wafi/Golpu.
Papuan has identified three prospective porphyry prospects in a
linear belt some 19 kilometres long and localized within the wide trace
of the Keveri Fault Zone, part of the once-active plate boundary between
the Australian and Pacific plates.
The Doriri Creek hydrothermal prospect is also located in the trace
of this structure, about eight kilometres west of the Urua Creek
The flagship prospect is Urua Creek, whose host breccia contains
areas of both low-grade propylitic zone and high-grade phyllic zone
gold-copper mineralization. Gold-copper mineralization in the propylitic
zone in surface trenches ranges up to 33 metres at 0.17 % copper, 0.27
g/t gold, and in the phyllic zone up to 36 metres at 0.72 % copper and
0.97 g/t gold.