Recent exploration by Papuan Precious Metals at the Metemana-Metekavil area of the New Hanover project in New Ireland province has resulted in discovery of a new gold-copper porphyry system.
Field work, including mapping, outcrop sampling and a ridge and spur soil sampling program, identified a new copper/gold porphyry system in the 2km x 5km Randei prospect area. The company is awaiting the results of geochemical analysis.
There were 32 mineralized samples collected comprising both outcrop grab and 5 metres channel samples. Copper mineralization in the form of covellite, chalcopyrite, bornite, chalcocite and malachite were observed in these samples. There were also 61 soil samples collected over ridges and spurs at 50 metre spacing.
Papuan Precious Metals’ director Ross McElroy says, “This is encouraging progress and, pending the geochemical results, a detailed soil sample survey is being contemplated with the aim of defining drill targets to determine the potential of this new exciting prospect.”
All samples were sent to Intertek Services Laboratories in Lae, PNG for preparation, and pulps will be sent to Intertek’s facility in Jakarta, Indonesia for analysis.
The work program was managed by Bernard Kavanamur of Vakamano Ltd. With more than 20 years of experience and extensive knowledge of Papua New Guinea gold-copper porphyry deposits, he was part of the exploration team responsible for increasing the resource at the Wafi-Golpu deposit in Morobe Province to 16 million ounces of gold and 4.8 million tonnes of copper.
The New Hanover project is 60km west of the provincial capital of Kavieng. Access is by a two-hour boat journey from Kavieng. The project comprises two exploration licences covering 591.6sqkm at the north-western end of the Lihir-Tabar alkaline volcanic belt, host to the giant Lihir gold deposit and the Simberi gold deposit.
Papuan Precious Metals also announces that it has increased the financing announced on June 3, 2014 to approximately $800,000. The financing is a unit private placement at $0.08 per unit. The proceeds of the offering will be used for the advancement of the company's properties, general working capital and a loan of US$350,000 to the company's subsidiary pursuant to a plan of arrangement. www.ppmpng.com