Papuan Precious Metals Corp. (CVE:PAU) has started a 150 metre drill program on the Doriri Creek hydrothermal prospect at its Mt. Suckling project, the company said Wednesday.
The drill program will test the nickel mineralogy accompanied by high
concentrations of phosphorus minerals like palladium and platinum.
The Mt. Suckling project, which covers two exploration licenses over
316 square kilometres, lies to the eastern end of New Guinea’s Central
Range, one of the world’s premier porphyry copper belts.
It consists of the Urua Creek, Araboro Creek and loleu Creek
porphyries and includes the Dimidi Creek potassium anomaly and the
Doriri Creek hydrothermal prospect.
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
In February, the junior mineral explorer unveiled partial results
from the uppermost 79 metres of the discovery hole at the Urua Creek
Among the highlights, hole URD002 hit 70 metres grading 0.10% copper
from eight to 78 metres and returned 6.65 metres of 0.77% copper and
1.84 grams per tonne of gold (g/t) from 208.85 metres to 215.5 metres.
This includes 1.10 metres of 2.16% copper and 9.60 g/t gold.
Shares of the company went up 5.56 percent Wednesday, climbing to 9.5 cents on Toronto’s junior venture exchange.