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Excellent Result!

Quintessential Resources identifies up to 15m at 1.38% copper in Papua New Guinea
Thursday, October 27, 2011 by Christine Feary


Quintessential Resources (ASX: QRL) has received rock sample assays that have demonstrated significant high grade copper along with silver and molybdenum mineralisation at the Irak Prospect in Papua New Guinea.

Recently listed Quintessential has hit the exploration trail hard, with limited creek rock wall continuous chip (channel) assays confirming the prospectivity of the Mal Porphyry Copper District.

Several copper mineralised outcrops were discovered at Irak while undertaking brief creek traverses that assayed 15 metres at 1.38% copper, 17 grams per tonne (g/t) silver, 170 parts per million (ppm) molybdenum and 0.09g/t gold.

Within the broader intersection were higher grade highlights including 2 metres at 4.69% copper, 47g/t silver and 219ppm molybdenum; 2 metres at 2.76% copper, 31g/t silver and 228ppm molybdenum; and 7 metres at 1.88% copper, 23g/t silver and 158ppm molybdenum.

This new exploration follows up on the historic very high grade samples of 3% copper, plus 46g/t silver and 9.57g/t gold from rock samples.

Quintessential’s reconnaissance geochemical program was an adjunct to the grid cutting and 3D induced polarisation geophysical program recently completed at Irak.

A total of 86 variable length continuous channel samples were collected in a creek over 268 metres.

The Mal District

Is located 9.5 kilometres from the Yenkis airstrip and 15 kilometres from the Tekem Prospect, which is highly prospective for porphyry copper-gold-silver-molybdenum due to the location on the Maramuni-Karawari Fault Zone.

This zone is at the intersection of a major regional, arc-parallel terrane bounding fault and a major arc normal lineament, where the geology consists of mid-Miocene age intermediate intrusives into Mesozoic age shales and slates.

August Listing

Quintessential listed on the ASX in early August, following a successful IPO which offered 30 million shares at $0.20 to raise $6 million.

The company’s initial focus is on exploring for gold and porphyry copper-gold deposits at the Bismarck Exploration Licence, which includes the Irak prospect.

Quintessential also has two exploration licence applications in the prospective D’Entrecasteaux Islands for epithermal gold deposits.