Sampling by Papuan Precious Metals at two prospects of its Mt Suckling Copper-Gold Project has returned strong copper values. Ioleu Creek prospect samples returned values as high as 23.86% while Araboro Creek samples returned up to 1.16%.
The company has received geochemical results from 25 rock samples collected at Ioleu Creek. As well as the strong copper values, with 20 of the samples yielding copper values greater than 1%, platinum group element (PGE) soil anomalies within the sampling area were obtained.
To date, the high grade copper mineralization has been found as float boulders in an approximate 3sqkm 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.
In addition, geological mapping has also located a 500 x 300 metre 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.
The present fieldwork has extended the area of copper float into adjacent Iau'don Creek, 1500 metres southeast of Ioleu Creek.
The Ioleu Creek anomalies represent early stage exploration activity. However, similar findings led to the discovery of the company's further advanced Urua Creek gold-copper porphyry prospect, 18km to the west.
Three reconnaissance 3D induced polarization survey lines across each of the gabbro stocks and the immediate hornfels country rock are planned to further investigate the potential for high-grade sulphide mineralization at Ioleu Creek. This survey will be completed during the second quarter. Targets generated by this geophysical survey will be evaluated for follow-up drilling.
Papuan Precious Metals received geochemical results from 57 rock samples collected during a first-pass reconnaissance sampling at Araboro Creek. As well as the 1.16% copper from float sample, a 0.23% copper from outcrop sample was received.
Araboro Creek is a nested series of circular structures some 4km in diameter, midway between the Urua Creek and Ioleu Creek prospects.
The high value float sample of oxidized breccia with quartz-covellite veining was collected from within the centre of the Araboro feature. Another sample of oxidized breccia from the same area, with silica-pyrite alteration, assayed 76 ppm molybdenum. The presence of copper and molybdenum is again suggestive of porphyry-style mineralization.
The company plans to further investigate the potential for porphyry-style mineralization at Araboro Creek with additional stream traversing, mapping and sampling, scheduled to begin in the second quarter.
The Mt Suckling project is situated at the eastern end of New Guinea's Central Range, one of the world's premier porphyry copper belts, which includes several giant porphyries including Grasberg, Ok Tedi, Frieda, Porgera and Wafi/Golpu.
Papuan Precious Metals has recently raised $7.02 million from a non-brokered private placement.