Positive samples for PPM’s Waria project

Business, Normal

The National , Wednesday, June 1, 2011

PAPUA New Guinea- based Canadian exploration company Papuan Precious Metals Corporation (PPM) announced that it has received geochemical results from 71 rock samples (outcrop and float) collected during its recent follow-up reconnaissance sampling from exploration licence (EL) 1732 – Ondowa Creek, Waria River, in the Owen Stanly Ranges between Oro and Central.
In a statement released last Wednesday, the best single sample result assayed 69.6 g/tonne gold, 84.6 g/tonne silver and 14.5% copper from an outcropping vein.
EL 1732 is part of the Waria River farm-in agreement with Petromin (PNG) Holdings Ltd, whereas PPM can earn a 50% interest by spending C$1.2 million by July 2012.
 The tenement is held in title by a 100% wholly-owned subsidiary of Petromin Ltd.
EL 1732 is underlain by massive to highly-fractured gabbro with late-stage leucocratic and aplite dyking and veining.
Copper and gold bearing veins are associated with argillised/altered gabbro.
PPM’s sampling from EL 1732 focussed on two areas: 
* Area A – 40 samples were obtained along the streams in the Ondowa Creek area, which drains the mountainous central part of the tenement; and   
* Area B – 31 samples were obtained from the Onepa River area in the western part of the tenement.
Visible gold is present in panned concentrates from both areas.
In area A, 19 of the 40 rock samples (47%) collected from the streams were anomalous for gold, silver and copper.
Twelve of these rock samples contained 1% or more copper, including three from outcrop.
 In addition, five of the 20 float samples collected from area B contained either anomalous gold or copper values, with the best value assaying 1.71% copper.
Vein float is locally abundant in streams and will require further prospecting to source.
Preliminary interpretation of the recently completed Fugro airborne geological survey data suggests the south flowing Onepa River followed a major fault structure nearly perpendicular to the through-going structures of the Central New Guinea range.
The central mountainous block to the east of the Onepa River is geophysically distinct with its radiogenic uranium, potassium and thorium anomalies.