Monday, 27 February 2012

Papuan says outcrop results define new porphyry copper play at Metewoi

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 ppm arsenic.
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 said.
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.

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