Papuan Precious Metals announced that complete assay results have been received from URD002 and URD003 drill holes from its Urua Creek prospect located in the Mt Suckling project region. Earlier on February 27, 2012, only partial results were obtained from URD002 drill hole.
URD002 drill hole tested both copper and gold soil anomalies. Copper and gold trench values were discovered in trenches 1 and 2, line 10 of the Urua Creek grid. This hole intersected 45 m at 0.13% copper and 0.06 g/t gold, including 42 m at 0.10% copper and 0.21 g/t gold, and 18 m grading 0.16% copper and 0.12 g/t gold. The hole returned several types of copper and gold mineralization across its 302.60 m length.
The latest results indicate a wide 12.30 m quartz stockwork zone grading 0.13% copper, including 0.70 m of 1.16 g/t gold and 1.12% copper.
URD003 drill hole intersected 4.0 m grading 0.25 g/t gold, 0.71% copper, and 12.00 m grading 0.20% copper, including 4.00 m of 0.84% copper. This hole examined copper and gold soil anomalies and lengthy intervals of copper and gold values in trench 1, line 10 of the Urua Creek grid. URD003 is the second hole to intersect the Urua Creek diatreme breccias.
The combined portion of URD002 and URD003 holes denotes an epidotised monzonite phase which highlights weakly modified hydrothermal and monzonite breccia. Both holes intersected strong gold-copper porphyry-style mineralisation along their whole length. The high-grade copper and gold intervals in URD002 hole are included in this epidotised monzonite. The geologic model indicates that this strong inner propylitic epidote alteration will go in the downward direction to potassic alteration, which is analogous to other SW Pacific porphyry copper deposits like Panguna. Potassic alteration hosts the gold-copper orebody in this deposit. Further drilling will be required to analyze deeper potential targets.