Papuan Precious Metals Corporation: Sampling Returns Copper Values as High as 23.86% from Ioleu Creek Prospect, Mt. Suckling

Papuan Precious Metals (TSX VENTURE:PAU)(OTCQX:PAUFF) announced that it has received geochemical results from 25 rock samples collected at its 100% owned Ioleu Creek copper-gold prospect, Mt Suckling, Papua New Guinea. In addition, platinum group element (“PGE”) soil anomalies within the sampling area were obtained. Twenty of the twenty-five rock samples yielded copper values greater than 1%, with the best value returning an assay grade of 23.86% Cu. It is likely that these highly encouraging copper-bearing rocks are derived locally from two recently recognised altered mafic intrusive stocks.

High-grade copper mineralisation occurs as thick (to 10cm) chalcopyrite-bornite-quartz veins occasionally with hornfels selvages, which is often observed surrounding porphyry deposits. To date, the high grade copper mineralisation has been found as float boulders in an approximate 3 km2 section of Ioleu Creek catchment, where two outcropping intensely argillised mafic intrusions, referred to as the “Western Gabbro” and “Eastern Gabbro” have been identified and mapped. (See Figure 4 The Western Gabbro is elongated north-south and is ~1,500m long X 400-600m wide. The Eastern Gabbro is also elongated north-south and is ~1,000m long X~500m wide. In addition, geological mapping has also located a 500m x 300m+ diatreme body, similar to those at Araboro Creek and Urua Creek Prospects, between these mafic intrusives. Ridge and spur soil sampling indicates the diatreme to be copper anomalous (200-582ppm Cu in soils).

The present fieldwork has extended the area of copper float into adjacent Iau’don Creek, 1,500 m southeast of Ioleu Creek. Mafic rocks are exposed in Iau’don Creek. The distribution of copper mineralisation in Ioleu Creek is also coincident with pannable crystalline gold. The crystalline gold occurrence suggests samples have been minimally transported. The relationships of copper mineralisation and alluvial gold further suggest a genetic relationship between mineralisation and mafic intrusive igneous activity. An outcropping quartz-chalcopyrite vein (sample 14189) located at the eastern edge of the anomalous copper float and obtained from hornfels wallrock of the “Eastern Gabbro”, was sampled. This sample assayed 0.27% Cu. However, results from ridge and spur soil sampling did not indicate any significant gold or copper soil anomaly over these mafic stocks.

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