Papuan Precious Metals (CVE:PAU)(OTCQX:PAUFF) said Monday that it had received drill results from its newly extended drilling
program at its Doriri Creek Nickel-palladium-platinum prospect at its Mt Suckling project in Papua New Guinea.
The company announced that assay results have been received from the first two holes of the recently completed four hole drill program at its Doriri Creek Nickel-Platinum Group Metals (Ni-PGM) prospect.
Papuan reported that discovery hole DOD001 showed mineralization from 17.60 metres to 29.80 metres, and drilling revealed a significant 12.20 metre intersection of near surface Ni-PGM mineralization grading 1.08 percent Nickel (Ni) and 0.52 grams per
tonne (g/t) platinum group metals (NYSEARCA:PGM) in the 520 metre-long Doriri Creek Lode.
Hole DOD002 intersected 4.00 metres grading 0.86 percent Ni, 0.41 g/t PGM, and 4.00 metres grading 1.28 percent Ni, 0.53 g/t PGM, including 1.00 metres of 0.65 percent Ni and 1.19 g/t PGM.
The company said that both holes were drilled under Costean (surface trench) IV, which returned 7.00 metres grading 0.66% Ni, 1.33 g/t PGM, and represent the first successful exploration drill hole intersections in the Doriri Creek Lode.
Papuan noted that true width of the Doriri Creek Lode is determined to be approximately 10 metres as derived from both surface and drill hole data.
The company reported that both mineralized intersections within the Doriri Creek Lode were below the base of total oxidation and contained significant amounts of stockwork sulphide minerals hosted in massive magnetite-mica rock.
Sulphides logged in drill core include pyrrhotite, pentlandite and pyrite.
Papuan said PGM are dominated by palladium and platinum in the ratio of less than 4:1, respectively.
In addition, the company said it is significant to note that apatite, a phosphate mineral, is also present (up to three percent) in magnetite-rich sections of the drill core, suggesting potential for the presence of Rare Earth Elements (NYSEMKT:REE).
Both holes were assayed for phosphorous (NYSE:P) as a proxy for REE, with Hole DOD002 returning 1.00 metres grading 1.02 percent P. As a result of this, Papuan said it will continue to test for potential REE enrichment.
The remaining two drill holes he remaining two drill holes, DOD003 and DOD004 have assays pending.
Drill hole DOD003 was completed to a depth of 20.00 metres and intersected a 10.70 metre width of the Doriri Creek lode.
Drill hole DOD004 was completed to a depth of 27.00 metres and intersected a 16.90 metre width of the Doriri Creek lode.
Papuan said mineralized intersections within the Doriri Creek Lode widths will be determined from the pending assay results, which will be announced when available.
Further exploration plans will be determined once all data from this program has been obtained and analyzed.
Last month, the company extended its drilling program by two holes at Doriri Creek.
The two-hole, 150 metre drill program testing the Nickel mineralogy that is accompanied by high concentrations of phosphorous minerals, palladium and platinum was expanded to a total of four holes.
The company said the move was based on initial positive observations from core.
The Mt Suckling project is comprised of the Urua Creek, Araboro Creek, and Ioleu Creek porphyries, as well as the Dimidi Creek potassium anomaly and the Doriri Creek hydrothermal prospect.
It covers two exploration licenses over 316 square kilometres at the eastern end of the Central New Guinea Range, one of the world's most prolific porphyry copper and precious metals belts.
Last week, Papuan released complete drill results for two drill holes at its Urua Creek prospect, part of the company's Mt Suckling project in Papua New Guinea.
The miner, which reported partial results in February from the uppermost 79 metres of the discovery hole at the Urua Creek prospect, said Hole D002 at the Urua Creek prospect in the company's Mt. Suckling project area tested gold and copper soil
anomalies and gold and copper trench values found in Trenches 1 and 2, Line 10 of the Urua Creek grid.
Papuan reported that D002 encountered several types of gold and copper mineralization throughout its 302.60-metre length.
As previously reported, a near surface 70-metre wide interval of low-grade copper mineralization assayed 0.10 percent copper.
The company also said previously that massive magnetite-sulphide and stockwork mineralization was encountered between 208.55 metres and 215.50 metres, containing 6.65 metres grading 0.77 percent copper and 1.84 grams per tonne (g/t) gold, including a 1.10 metre interval grading 9.60 g/t gold, 2.16 percent copper.
Papuan said the latest results showed a broad 12.30-metre quartz stockwork zone, at depth (264.60-276.90 metres), grading 0.13 percent copper, including 0.70 metres of 1.12 percent copper and 1.16g/t gold.
The company reported that hole URD003 intersected 4.0 metres grading 0.71 percent copper, and 0.25g/t gold and 12.00 metres of 0.20 percent copper, including 4.00 metres of 0.84 percent copper.
Hole 003 tested both gold and copper soil anomalies and long intervals of gold and copper trench values in Trench 1, Line 10 of the Urua Creek grid, said Papuan.
The holes are the first to intersect the Urua Creek diatreme breccia, as part of a three hole drill program designed to test a significant chargeability anomaly identified by a 3D-induced polarization ground geophysical survey completed last fall.