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2011 News Releases
June 28, 2011: Exploration of Au/Cu Porphyry Potential Commences at Elang Area, New Hanover
2011 News Releases
PAPUAN PRECIOUS METALS CORPORATION("PPM" or the "Company") announces that it has received the interpretation report for the recently completed New Hanover airborne geophysical survey. A discrete reverse dipolar magnetic target in the Elang Creek area of EL 1566 New Hanover is interpreted as evidence for an intrusive different from others in the project area www.ppmpng.com/New Hanover geochemical anomalies.pdf.The Elang geophysical anomaly is rated as high priority for followup by PPM's consulting geophysicists.
The Elang geophysical anomaly is coincident with the 2.5km2 Elang geochemical anomaly (www.ppmpng.com/New Hanover geochemical anomalies.pdf). Panned concentrate samples collected during March 2009 from streams draining the area contained anomalous gold (Au > 30 mg) and several rock float and outcrop samples contained > 0.1 g/t Au. These geochemical anomalies were observed to be coincident with abundant boulders/sub-outcrop of vuggy silica-breccia and alunite along ridgelines. Followup outcrop sampling and mapping in May 2010 located copper in an outcropping 6m wide brecciated quartz-sulphide vein (3m @ 0.36% Cu; grab of selvage @ 0.15% Cu, 20g/t Ag) and extensive zones of silica breccia alteration and argillization. The Elang anomaly is localized at the intersection of a prominent west-northwest fault zone and northeast trending faults, both very obvious from the results of the airborne geophysical survey.
Coincidence of copper and gold values in outcrop with extensive zones of argillization and silica breccia alteration and a discrete magnetic anomaly, localized at the intersection of dominant through-going structures, is interpreted by the Company to represent a high priority target for Au/Cu porphyry mineralization. A program of grid based soil sampling is presently underway, and it is planned to drill test the Elang target at the conclusion of drilling at the Kuliuta gold prospect.
The New Hanover Project
New Hanover is an outstanding opportunity for the discovery of Lihir-style gold mineralisation in a geological terrane that has been bypassed by modern mineral exploration for the past 22 years. The project comprises two 100% owned exploration licences (EL 1566 & ELA 1856) covering 591.6 km2 at the northwestern end of the Lihir-Tabar alkaline volcanic belt, host to the giant Lihir and Simberi gold deposits. Andesitic-dacitic volcanic rocks are widespread on New Hanover. They were erupted from a coalesced complex of Late Miocene-Early Pliocene stratovolcanoes that were built upon older Late Eocene-Late Oligocene submarine andesitic and basaltic rocks. Diorite, microdiorite and micromonzonite stocks intrude the younger volcanic rocks. Of particular interest is the presence of alkalic rocks, having relatively low silica content and enriched in sodium and potassium, at the Kuliuta epithermal gold prospect, indicating that New Hanover is geologically related to the Plio-Pleistocene Lihir-Tabar chain of alkaline volcanic islands.
Further details of the New Hanover project are available at www.papuanpreciousmetals.com/project-newhanover.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 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 1.866.979.7022.
Or email: [email protected]