Drilling Commences at Urua Creek Copper-Gold Prospect
November 10 2011 - 9:26AM
Marketwired
PAPUAN PRECIOUS METALS CORP ("PPM or the "Company") (TSX
VENTURE:PAU)(OTCQX:PAUFF) announces that drilling commenced at the
Urua Creek gold-copper prospect in EL 1424-Mt Suckling (PPM: 100%)
on 7 November 2011. A ground-breaking ceremony was staged at Urua
Creek by the landowning Ba'u clan, who number only 400 in total.
Hole URD001 is targeting an intense 200m diameter chargeability
anomaly with chargeabilities in excess of 50ms (see news release of
28 September 2011). The first hole is likely to be completed in 4-5
weeks.
Kuliuta copper-gold prospect update
Drilling of Hole KUD011 was terminated at 480.40m due to rig
depth constraints. The hole was the fifth to be drilled on
La'mau'sing Mountain copper zone. Native copper and haematite
alteration were present in the last intervals of this longest of
Kuliuta drill holes. The drill rig has been stood-down and is being
demobilized off New Hanover. The company is of the opinion that
while all drillholes completed at La'mau'sing have intersected
copper, it is important that issues relating to the analysis of
native copper are resolved before additional drilling is
completed.
Accredited laboratory ALS-Chemex of Brisbane, Australia, has
been selected to re-analyse native copper-bearing quarter-core from
hole KUD007 at the Kuliuta copper-gold prospect in EL 1566-New
Hanover (PPM: 100%). Drill core was logged and quarter-split by saw
on site and is presently in transit Port Moresby en-route to the
laboratory. Results are expected in four weeks.
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
Contacts: Papuan Precious Metals Corp. Greg Downey
1.866.979.7022info@ppmpng.comwww.ppmpng.com
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