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

Will Ortac’s big move into Africa pay off?
October 29 2015
The rewards could be huge, but there are still risks
May 21 2015
“Financing due diligence is underway; a third party review of the DFS document is in progress and field trips to evaluate the project and existing infrastructure by potential  financiers will commence in the near future.
May 18 2015
“There is a suspicion that this is a new Carlin Trend emerging,” says chairman Colin Bird of Galileo Resources. For the avoidance of doubt the Carlin Trend is one of the most prolific gold producing regions of the world, situated in the heart of one of the world’s most friendly mining jurisdictions, Nevada, and in the past hundred years or so has accounted for more than 70mln ounces of gold.
Copyright ©, 2015. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC