Tuesday, 28 February 2012

Papuan Precious Metals hits 70.00 metres of 0.10% copper at Mt Suckling project

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 prospect.
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.

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