Waria River Sampling Returns 10.49% Copper
Nov 29, 2011
OTC Disclosure News Service
Kelowna, BC, Canada –
Papuan Precious Metals Corporation (“PPM” or the “Company”) announces that it has received the geochemical results from 101 rock samples collected during follow-up prospecting of airborne geophysical anomalies on Waria River EL 1271. The best sample was collected from float and assayed 10.49% Cu, 0.33g/t Au and 10.0g/t Ag. Twenty precent of samples contained anomalous copper values 0.1% Cu. A complete summary of copper, gold, and silver sampling results are shown in Table 1.
EL 1271 and 1732 are part of the Waria River farm-in agreement with Petromin (PNG) Holdings Ltd (“Petromin”), PPM can earn a 50% interest in the property by spending CDN $1.2 million by July 2012 and has advised Petromin that it has met its expenditure requirements as of Sept 28, 2011. Planning is underway for the next phase of exploration that will focus on identifying drill targets.
Table 1: Copper, Gold and Silver in Rock Results from Kode, Nosoboro and Jasawa Creek Anomalies
Cutoffs: Cu – 0.10%; Au – 0.10 g/t; Ag – 1 g/t.
O = outcrop sample; F = float sample (-) denotes no significant result.
High-grade copper mineralisation occurs as chalcopyrite-pyrite-quartz veins. The distribution of this float and/or outcrop vein material defines five areas of interest, the most important being Kode Creek, Nosoboro Creek and Jasawa Creek anomalies. The strongest mineralization to date is found in the Nosoboro Creek area located in the north central region of tenement EL1271.
(http://www.ppmpng.com/waria_Kode.jpg). (http://www.ppmpng.com/waria_Nosoboro.jpg). (http://www.ppmpng.com/waria_Jasawa.jpg).
To date, copper/gold/silver vein mineralisation has been found as outcrop and float boulders from a 400 km2 area of Waria and Eia River catchments centred on Tubi village and straddling the boundary between EL 1271 and EL 1732. Previous sampling results in EL 1732 were reported in the Company’s May 24, 2011news release.
The WariaRiver project
The Waria River project is located in the Central New Guinea Range, one of the world’s premier porphyry copper belts, and in managements opinion presents an outstanding opportunity to locate Au/Cu porphyry-style mineralisation similar to that of the nearby Hidden Valley mine and the giant Wafi-Golpu deposit (both Newcrest Mining/ Harmony). Located along what was one of the main overland routes to the early 20th gold rushes at Wau, Edie Creek and Bulolo, the presence of abundant alluvial gold in many of the Waria River tributaries has long been known. However, the area has remained relatively untouched by modern exploration.
The WariaRiver project comprises four exploration licences (EL 1683 and ELA 1943: PPM 100%; and EL 1271 and EL 1732: PPM 50 % interest) covering a 750 km2 area and a 70 km interval along the once active Australian-Pacific plate boundary.
Further details about the WariaRiver project are available at www.ppmpng.com.
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 member 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, COO and President
For further information contact Greg Downey at 1-250-868-8140.
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