CSIRO Study Confirms Doriri Creek is Hydrothermal Ni-Pd-Pt Mineralization
Nov 21, 2011
OTC Disclosure News Service
Kelowna, BC, Canada –
PAPUAN PRECIOUS METALS CORP (“PPM or the “Company”) announces it has received the final report from its commissioned Commonwealth Scientific and Industrial Research Organisation (CSIRO) study of the Doriri Creek Ni-Pd-Pt prospect in EL 1424 Mt Suckling (PPM: 100%). The study conducted by CSIRO’s Minerals Down Under Flagships Program, concluded that mineralisation formed as a result of episodic hydrothermal fluids rising through a prominent near-vertical structure. Fluid circulation resulted in nickel concentration. Nickel grades as high as 1.55% in a spot sample from a zone up to ~15m wide and ~500m long were concentrated in chlorite mica and serpentine group minerals and iron oxide mineralogies. The nickel mineralogy is also accompanied by high concentrations of phosphorous minerals, palladium and platinum. Ground held by PPM to the northeast of Doriri Creek is considered prospective for the location of additional Doriri Creek type mineral prospects.
PPM considers the style of mineralization at Doriri Creek similar to that of the Avebury nickel deposit in Tasmania (discovered 1998, 172,000 tonnes Ni metal at 1.02 % global Ni grade), one of the few recognized hydrothermal nickel deposits in the world.
During 2007 and 2008 PPM re-opened and/or completed 16 trenches across the 500m strike of the Doriri Creek prospect. Best result from sampling was a composite 15m grading 1.39% Ni and 1.22 g/t Pd + Pt. The Company is planning to complete at least four drill holes at Doriri Creek. This drill programme is scheduled to commence at the conclusion of drilling at the nearby Urua Creek gold-copper prospect currently underway.
The Mt Suckling Project
The Mt Suckling project comprises a cluster of recently PPM-discovered prospects, viz. Urua Creek, Araboro Creek, and Ioleu Creek porphyries; Dimidi Creek airborne potassium anomaly which is sourcing alluvial Au and Pt; and the unique Doriri Creek hydrothermal Ni-Pd-Pt prospect. It covers two exploration licenses (EL 1424 and EL 1618: PPM 100%) over 316 km2 at the eastern end of the Central New Guinea Range, one of the world’s premier porphyry copper and precious metals belts.
Further details of the prospects identified to date at the Mt Suckling project are available at (http://www.ppmpng.com/project-mtsuckling.html).
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ian David Lindley, President Chief Operating Officer of Papuan Precious Metals Corp, a Qualified Person. Dr. Lindley has First Class Honours and Ph.D. degrees in Geology, 34 years mining industry experience, and is a Fellow of the Australian Institute of Geoscientists.
This press release contains “forward-looking information” Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause PPM’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. PPM disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
ON BEHALF OF THE BOARD
David Lindley, President and COO
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