Sign up USA
Proactive Investors - Run By Investors For Investors

Papuan Precious Metals to sell 90% of Mt. Suckling project

Papuan Precious Metals to sell 90% of Mt. Suckling project

Papuan Precious Metals Corp (CVE:PAU)(OTCQX:PAUFF) says it has agreed to sell its 90 per cent interest in its Mount Suckling project in Papua New Guinea to Suckling Minerals. 

The company will maintain a 10 per cent carried interest, and retain a 2 per cent net smelter royalty. Suckling will deliver 5.34 million PPM shares to Papuan, with a current value of $106,895. 

Under the terms, Suckling Minerals can buy the 2 per cent net smelter royalty at any time with a cash payment of C$2 million.

The deal is still subject to a number of conditions, including approval from the TSX Venture Exchange, Papuan said. 

Papuan is focused on the acquisition, exploration and development of mineral properties with a focus on copper-gold porphyries in Papua New Guinea.         

In the summer, the company unveiled results from the last two holes of the completed four-hole drill program at the Doriri Creek Nickel-platinum group metals (PGM) prospect, part of the Mt Suckling project.

The company said hole DOD003 returned 10.7 metres of near surface Nickel-platinum group metals mineralization, grading 1.78% Nickel and 0.68 grams per tonne (g/t) of platinum group metals, including 1.20 metres of 5.71% Nickel, 1.03 g/t PGM in the 520 metre long Doriri Creek lode.

Hole DOD004 intersected 3.00 metres grading 1.16% Nickel and 1.12 g/t PGM, and 3.00 metres of 1.15% Nickel and 0.78 g/t PGM, including 1.00 metre grading 1.41% Nickel and 1.68 g/t PGM.

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.



Register here to be notified of future PAU Company articles
View full PAU profile

Papuan Precious Metals Timeline

Related Articles

Glencore1.jpg
December 04 2015
Come February, Vast Resources will potentially have brought three mines into production in six months
shutterstock_125021321.jpg
December 09 2015
The Sonora Project in Northern Mexico is host to an estimated 9mln tonnes of lithium carbonate, 5mln tonnes of which are in the higher confidence ‘indicated’ category.
Drilling. The Grid 5 target is believed to host the western continuation of the C10 and C10 South conductors being explored by Cameco nearby on the Fox Lake deposit trend
May 31 2016
"The fault zones are characterised by localised sandy-clay gouge, broken core, fracture controlled clay, weak sooty pyrite and moderate to locally strong quartz dissolution," said company president, Peter Dasler.
Copyright © Proactiveinvestors.com, 2016. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC