Papuan says sampling at Waria River returns 10.49% copper
Papuan Precious Metals (CVE:PAU) said Tuesday it received assays for 101 rock samples that it collected from its Waria River project in Papua New Guinea, with best results of 10.49% copper, 0.33 grams per tonne (g/t) gold, and 10.0 g/t silver.
The Papua New Guinea-focused company said the samples were collected during follow-up prospecting after an airborne geophysical survey discovered the Kode, Nosoboro, and Jasawa Creek anomalies.
The best results noted above are from the 21133F sample on the Nosoboro anomaly, where sample 21132F also returned 5.89% copper, 0.6 g/t gold, and 7.6 g/t silver.
Meanwhile, sample 21103O from the Kode anomaly returned 2.13% copper, 0.67 g/t gold, and 33.9 g/t silver, while sample 21143F from the Jasawa Creek anomaly found 2.11% copper, 0.18 g/t gold, and 5.6 g/t silver.
Papuan said 20 percent of all samples contained anomalous copper values higher than 0.1%.
The Waria River project is situated in the Central New Guinea Range, a prolific porphyry copper belt on the southern extension of Papuan New Guinea. It consists of four exploration licenses that cover a 750 square kilometre area. Papuan holds a 100 percent interest in two of the licenses, and a 50 percent interest in the other two licenses.
In addition to its Waria River project, the Kelowna, B.C.-based company has a copper project at New Hanover, and a nickel project at Doriri Creek.
On the TSX-Venture Exchange, Papuan share prices rose 4.76 percent to $0.22, as of 12:25 pm ET.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
