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2012 News Releases

June 11, 2012: Drilling Success Continues: Hole DOD003 Intersects 10.70m Grading 1.78% Ni, 0.68g/t PGM at Doriri Creek Ni-PGM Prospect

2012 News Releases

 

PAPUAN PRECIOUS METALS CORP (“PPM or the “Company”) announces that assay results have been received from Holes DOD003 and DOD004, the last two holes of the recently completed four hole drill program at PPM’s Doriri Creek Nickel-Platinum Group Metals (Ni-PGM) prospect, Mt. Suckling. Hole DOD003 intersected a significant 10.70m (2.80m-13.50m) of near surface Ni-PGM mineralization grading 1.78% Ni and 0.68g/t PGM, including 1.20m grading 5.71% Ni, 1.03g/t PGM in the 520m+ long Doriri Creek Lode. Hole DOD004 intersected 3.00m grading 1.16% Ni and 1.12g/t PGM, and 3.00m grading 1.15% Ni and 0.78g/t PGM, including 1.00m grading 1.41% Ni and 1.68g/t PGM. All four holes intersected well mineralized portions of the Ni-PGM lode.

 

Holes DOD003 and DOD004 were completed under surface Costean I which returned 15.00m grading 1.39% Ni, 1.22g/t PGM (http://www.ppmpng.com/DOD003/DOD004_section.pdf and http://www.ppmpng.com/Doriri Creek Lode_South.pdf). Costean I is 45m southeast of Costean IV, target of holes DOD001 and DOD002 (see PPM news release of May 6, 2012). Mineralized intersections are below the base of total oxidation and contained significant amounts of stockwork sulfide minerals hosted in massive magnetite-mica rock. PGM are dominated by palladium and platinum in the ratio >4:1, respectively. Apatite, a phosphate mineral, continues to be obvious in mineralized intersections (up to 3%) in magnetite-rich sections of the drill core, suggesting potential for the presence of Rare Earth Elements (REE). Both holes were assayed for phosphorous as a proxy for REE, with Hole DOD004 returning 1.00m grading 1.12% P. PPM considers that significant REE enrichment may be expected within the largely untested +520m long lode.

Drill results for holes DOD003 and DOD004 are summarized in Table 2 below.

 

Table 1: Drill Hole Statistics for DOD003 and DOD004

 

Drill Hole

        Collar Location

Azimuth

Dip

Total Depth

DOD003

Costean I

691728mE/8910990mN

234oM

-50o

20.00m

DOD004

Costean I

691728mE/8910990mN

234oM

-70o

27.00m

 

Table 2: Drill Hole Results for DOD003 and DOD004

 

Drill Hole

Mineralization

From - To (m)

Width (m)

Grade Ni%

Grade PGM

g/t

DOD003

2.80 – 13.50 m

10.70m

1.78 % Ni

0.68 g/t PGM

Incl. 5.20m

2.51% Ni

0.92 g/t PGM

Incl. 1.20m

5.71% Ni

1.03g/t PGM

DOD004

6.00 – 18.00m

12.00m

0.83% Ni

0.62 g/t PGM

Incl. 3.00m

1.16% Ni

1.12g/t PGM

And 3.00m

1.15% Ni

0.78g/t PGM

Incl. 1.00m

1.41% Ni

1.68g/t PGM

Cutoffs: Ni - 0.40%; PGM (Pd + Pt) - 0.05g/t

 

Drill results for holes DOD001 and DOD002 (previously announced) are summarized in Table 3 below:

 

Table 3: Drill Hole Results for DOD001 and DOD002

 

Drill Hole

Mineralization

From - To (m)

Width (m)

Grade Ni %

Grade PGM

g/t

DOD001

17.60 – 29.80m

12.20m

1.08% Ni

0.52g/t PGM

Incl. 4.60m

1.69% Ni

0.53g/t PGM

DOD002

 

25.00 – 29.00m

4.00m

0.86% Ni

0.41g/t PGM

33.00 – 37.00m

4.00m

1.28% Ni

0.53g/t PGM

Incl. 1.00m

0.65% Ni

1.19g/t PGM

Cutoffs: Ni - 0.40%; PGM (Pd + Pt) - 0.05g/t

 

Mineralized Ni-PGM intercepts from all four Doriri Creek drill holes were obtained at the southeast end of the lode and are considered encouraging.The lode remains open-ended and untested for much of its +520m strike length and at depth. True width of the Doriri Creek Lode is approximately10m as determined from both surface and drill hole data. Further exploration plans will be determined once all data from this program has been analyzed.

Samples were sent to Genalysis Laboratory in Lae, PNG, for sample preparation prior to pulps being sent to Townsville, Australia for analysis. Gold, platinum and palladium analyses were completed by standard 25g lead collection Fire Assay followed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry. Nickel, copper, phosphorous and silver analyses involved multi-acid digest including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon tubes. Analyses were completed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry.

 

Doriri Creek hydrothermal Ni-PGM prospect

Doriri Creek is a low temperature hydrothermal accumulation of nickel, platinum and palladium. There is no other documented mineral occurrence similar to Doriri Creek. Detailed examination of the Doriri Creek mica-magnetite mineralization by the CSIRO (PPM news release of November 21, 2011) suggested temperatures of formation for mica in the range 100-220oC. The study also indicated an enrichment of REE (in the mineral apatite) in mineralized rock up to 50 times compared with normalized primitive mantle values. The Doriri Creek lode has an average width of 10-15m and a mapped strike length of 520m.

Further details of the prospects identified to date at the Mt Suckling project are available at (http://www.ppmpng.com/projects/mt-suckling/).  

 

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, 35 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

 

David Lindley, President and COO

 

For further information contact:

Greg Downey at 1.866.979.7022

Or email: [email protected]