Papuan Precious Metals (CVE:PAU) Friday announced that significant gold and copper results from outcrop samples at Metewoi River have opened up exploration potential for high-sulphidation epithermal gold and porphyry copper-gold mineralization.
Friday morning, Papuan shares rose six percent to $0.17 on the news.
The Metewoi prospect, part of the company's New Hanover project, is
between three and four kilometres southeast of the Kuliuta copper-gold
prospect in Papua New Guinea.
Among the highlights, sample 38072 contained 3.67 grams per tonne
(g/t) gold, 0.03% copper, 5.5 g/t silver, 8 parts per million (ppm)
molybdenum, 378 ppm antimony and 1,095 ppm arsenic; sample 38071 had
1.43 g/t gold, 0.03% copper, 5.2 g/t silver, 1 ppm molybdenum, 28 ppm
antimony and 370 ppm arsenic; and sample 38069 contained 0.92 g/t gold,
0.02% copper, 12.7 g/t silver, 1 ppm molybdenum, 3 ppm antimony and 50
Papuan said the extensive outcrop of quartz-alunite breccia covers a
six square kilometre area at Metewoi and was the target of detailed
mapping and grid soil sampling by company geologists during the second
half of 2011.
Chalcocite, covellite and chalcopyrite have been observed in quartz veins within the quartz-alunite breccias, Papuan said.
The coincidence of high arsenic and copper rock values and widespread
quartz-alunite alteration at Metewoi is not unlike high sulphidation
alteration and mineralization in the upper parts of major porphyry
copper-gold deposits in New Guinea at Wafi-Golpu and Frieda-Nena, and
elsewhere in the Indonesian and Philippines archipelagoes, the company
Papuan said that it was important to understand that the porphyry
copper potential of New Hanover was unrecognized by previous explorers.
Over a short time period, Papuan's exploration throughout EL 1566 and
drilling at the Kuliuta prospect has confirmed New Hanover's porphyry
potential, it said.
The company's drilling at Kuliuta has attracted mineral industry
interest for its unusual intersection of a native and sulphide
copper-bearing sub-volcanic hosted porphyry to depths of approximately
500 metres below La'mau'sing Mountain.
Previous field reconnaissance by the company located 9.67% copper in
an outcrop in Metemana Creek, five kilometres southwest of Kuliuta, and
detailed fieldwork during 2011 at Elang and now Metewoi has expanded the
number of porphyry copper plays in the New Hanover project to four.
Grid soil sampling and detailed mapping covering extensive areas at
both Elang and Metewoi is nearing completion, with results to be
presented when they become available.
Papuan intends to advance both prospects to drill targets by mid-2012.