Tuesday, 12 June 2012

Papuan says drilling “success” continues, hits 10.7 metres of 1.78% nickel at Doriri Creek

Papuan Precious Metals Corp. (CVE:PAU)(OTCQX:PAUFF) unveiled Monday the results from the last two holes of its recently completed four-hole drill program at the Doriri Creek Nickel-platinum group metals (PGM) prospect, part of the Mt Suckling project in Papua New Guinea.
The company said hole DOD003 returned 10.7 metres of near surface Nickel-platinum group metals mineralization, grading 1.78% Nickel and 0.68 grams per tonne (g/t) of platinum group metals, including 1.20 metres of 5.71% Nickel, 1.03 g/t PGM in the 520 metre long Doriri Creek lode.
Hole DOD004 intersected 3.00 metres grading 1.16% Nickel and 1.12 g/t PGM, and 3.00 metres of 1.15% Nickel and 0.78 g/t PGM, including 1.00 metre grading 1.41% Nickel and 1.68 g/t PGM.
Mineralized intercepts from all four Doriri Creek drill holes were taken at the southeast end of the lode and are considered encouraging, the company said. The lode remains open-ended and untested for much of its 520 metre strike length, as well as at depth.
Holes DOD003 and DOD004 were completed under surface Costean (surface trench) I, which returned 15.00 metres grading 1.39% Nickel and 1.22g/t PGM. Costean I is 45 metres southeast of Costean IV, target of holes DOD001 and DOD002.
Last month, Papuan reported that discovery hole DOD001 showed mineralization from 17.60 metres to 29.80 metres, and drilling revealed a significant 12.20 metre intersection of near surface Nickel-PGM mineralization grading 1.08 percent Nickel and 0.52 grams per tonne (g/t) PGM.
Hole DOD002 intersected 4.00 metres grading 0.86 percent Nickel, 0.41 g/t PGM, and 4.00 metres grading 1.28 percent Nickel, 0.53 g/t PGM, including 1.00 metres of 0.65 percent Nickel and 1.19 g/t PGM.
The company said platinum group metals in the last holes are dominated by palladium and platinum. Apatite, a phosphate mineral, continues to be “obvious” in mineralized intersections in magnetite-rich sections of the drill core, Papuan added, suggesting potential for Rare Earth Elements (REE).
Both holes were tested for phosphorous as a proxy for rare earths, with hole DOD004 returning 1.00 metre grading 1.12% phosphate.
“PPM considers that significant REE enrichment may be expected within the largely untested +520m long lode,” the company said in a statement.
Further exploration plans will be decided once all data from this latest program has been analyzed, Papuan added.
Doriri Creek is a low temperature hydrothermal accumulation of Nickel, platinum and palladium. The Doriri Creek lode has an average width of 10-15 metres.
The Mt Suckling project is comprised of the Urua Creek, Araboro Creek, and Ioleu Creek porphyries, as well as the Dimidi Creek potassium anomaly and the Doriri Creek hydrothermal prospect.

It covers two exploration licenses over 316 square kilometres at the eastern end of the Central New Guinea Range, one of the world's most prolific porphyry copper and precious metals belts.
In early May, Papuan released complete drill results for two drill holes at its Urua Creek prospect.
The miner, which reported partial results in February from the uppermost 79 metres of the discovery hole at the Urua Creek prospect, said hole D002 encountered several types of gold and copper mineralization throughout its 302.60-metre length.

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