PNGC.CN · 2022-09-21 12:00:00

Assay Results Update September 21, 2022

Drill Results

Assay Results Update

Toronto, Ontario--(Newsfile Corp. - September 21, 2022) - PNG Copper Inc. (CSE: PNGC) ("

PNG

Copper

" or the "

Company

") announces that assay results have been received from the final drillhole of

the recently completed four-hole drill program at the Doriri nickel-palladium-platinum prospect, Mt

Suckling, Papua New Guinea.

Highlights

14.10 m of 0.72% Ni, 0.53 g/t PGM in DOD008 from 13.35 m

10.70 m of 1.78% Ni, 0.67 g/t PGM in DOD003 from 2.80 m (best intersection)

All eight holes intersected significant nickel and platinum-palladium

Airborne and ground magnetics suggests 650 m continuation to the east

Preliminary metallurgy study planned to test for recovery of Ni, Pt, Pd

David Lindley, Interim CEO and responsible for the drilling of the present drillholes at Doriri and the

previous 2012 drillholes, said "The results from DOD008 continue to indicate the presence of

encouraging nickel-palladium-platinum-cobalt mineralisation at Doriri. The mineralisation in DOD008 is

associated with a long interval of brecciation and rhythmically interlayered nickel-chlorite and magnetite,

textures typically found in low temperature epithermal systems and consistent with Doriri being a truly

unique accumulation of metals. Nickel, palladium, platinum and cobalt are all metals of the 'new

economy', belonging to either of the battery, magnet, speciality or critical material categories."

Drillhole DOD008 intersected a 14.10 m (13.35 m-27.45 m) width of nickel-palladium-platinum

mineralisation grading 0.72 % Ni, 455 ppb Pd and 77 ppb Pt, including a 4.30 m interval grading

1.17 % Ni, 800 ppb Pd and 146 ppb Pt.

DOD008 on Section 10000N was designed as a deeper test

beneath the previously completed Costean I, which assayed 11 m @ 1.31 % Ni, 944 ppb Pd and 81 ppb

Pt, and two previously completed cored drillholes (DOD003 and DOD004). Placement of the drill rig was

constrained by very steep slopes and proximity to streams prone to flash-flooding. The dip of the drillhole

was steepened to 75

to accommodate the drillhole as best as possible with respect to previously

completed holes.

Core samples from the drillhole were dispatched to Australian Laboratory Services for analysis. Gold,

palladium and platinum analyses were completed by standard 50 gm lead collection Fire Assay followed

by Inductively Coupled Plasma analysis. Nickel assaying (including copper, silver, cobalt and iron)

involved a four-acid digest including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon tubes.

Analyses were completed by Inductively Coupled Plasma-Optical (Atomic) Emission Spectrometry.

Table 1: Drillhole Statistics for DOD008

Drillhole

Collar location

Azimuth

Dip

Total Depth

DOD008

Section 10000N

Costean I

8910986mN/0691732mE

234

-75

34.35 m

Table 2: Drillhole Results for DOD008

Drillhole

From (drill

depth) m

Width

ppb

DOD008

13.35 m

14.10 m

0.72

0.030

14.69

455

Incl. 4.30 m

1.17

0.040

17.04

800

146

Table 3: Results for all 8 drillholes completed at Doriri, 2012 and 2022 programmes

Section

Drillhole

Mineralisation

From - To (m)

Width

(m)

Grade Ni

(%)

Grade

(%)

Grade

(ppb)

Grade Pt

(ppb)

Grade

(%)

10000N

DOD003

2.80 - 13.50 m

10.70 m

1.78

590

Incl. 5.20

2.51

824

with 1.00

1.68

1245

159

Incl. 1.20

5.71

980

Incl. 1.00

0.60

1049

157

DOD004

6.00 - 18.00 m

12.00 m

0.83

548

Incl. 3.00

1.16

979

143

with 1.00

0.69

1367

175

Incl 3.00

1.15

698

with 1.00

1.41

1484

191

DOD008

13.35 -27.45 m

14.10 m

0.72

0.030

455

14.69

Incl. 4.30

1.17

0.040

800

146

17.04

10025N

DOD006

11.55 - 23.15

11.60 m

1.12

0.035

430

23.06

Incl. 6.35

1.43

0.043

481

28.38

with 0.85

2.43

0.055

1105

15.45

Incl. 0.85

1.26

0.040

118

29.80

DOD007

17.10 - 29.20

12.10 m

0.93

0.030

503

28.99

Incl. 2.28

1.75

0.054

701

42.50

38.95 - 40.45

1.50 m

0.44

0.016

105

310

7.92

10040N

DOD001

17.60 - 29.80

12.20 m

1.08

485

Incl. 4.60

1.69

507

with 0.90

0.69

913

DOD002

25.00 - 29.00

4.00 m

0.86

385

33.00 - 37.00

4.00 m

1.28

488

Incl. 1.00

0.65

1111

DOD005

51.80 - 62.05

10.25 m

0.56

0.020

450

16.98

Incl. 2.25

1.19

0.037

760

27.23

Cutoffs: 0.4% Ni; NA Not assayed

Airborne magnetics over the Doriri nickel-palladium-platinum prospect

Doriri was included in a November-December 2010 helicopter-borne detailed low-level airborne

geophysical survey completed by contractor Fugro Airborne Surveys Pty Ltd and commissioned by

Papuan Precious Metals Ltd. The survey acquired magnetic and radiometric data along north-south flight

lines with a 200 m spacing and a nominal 60 m mean terrain clearance. Only two flight lines passed over

the 425 m long lode. Manipulations of the Doriri data sets have produced various images including

reduced-to-pole, which is standard in low-latitudes, and analytic signal versions. Iron content in the Doriri

mineralisation varies from 14 % to in excess of 50 %. Interpretation indicates a possible 650 m strike

extension of the Doriri zone in an east-southeast direction. In the field work completed to-date, utilisation

of data from a previously completed ground magnetic survey along with trenching, mapping of alteration

and geochemistry has defined the Doriri mineralisation zone.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8090/137909_5ad9ae38e4adba4f_001full.jpg

Total magnetic intensity reduced-to-pole analytic signal data over the Doriri area. The 425 m long

lode structure, defined using ground magnetics, trenching, alteration mapping and geochemistry, is

shown as a solid black line. An inferred 650 m extension of the Doriri mineralisation to the east-

southeast, based on geophysical interpretation, is shown as a dashed black line. At its northwestern

strike extent, the Doriri mineralisation disappears under thick ultramafic breccia deposits. This is

reflected by low (shown as blue) magnetic

intensities. The thin black contour lines represent lines of

equal magnetic intensity, and have been produced by manual contouring

of the data set. Compare

this figure with the Doriri geology figure. 500 m tick marks are shown along the map's margins.

Doriri epithermal nickel-palladium-platinum prospect

Doriri is a very low temperature accumulation of nickel, palladium and platinum located in the mafic and

ultramafic rocks of the Mt Suckling massif in southeastern Papua New Guinea. It is a shear zone-hosted

oxide-rich deposit and there is no other documented mineral occurrence with a similar geology.

Temperatures of formation of nickel-rich chlorite, rhythmically interlayered with magnetite in the deposit,

are in the range 100-220

C, classifying it as an epithermal deposit. The mineralisation has an average

width of 10 m-15 m and has been previously mapped over a strike length of 520 m. It remains open

ended in both directions. Mineralisation crops out at the surface and remains open at depth.

The technical information in this news release has been prepared in accordance with the Canadian

regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by

Ian David Lindley, Interim Chief Executive Officer of PNG Copper Inc, a Qualified Person. Dr Lindley has

First Class Honours and Ph.D. degrees in Geology, 44 years mining industry experience, and is a

Fellow of the Australian Institute of Geoscientists.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8090/137909_5ad9ae38e4adba4f_002full.jpg

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8090/137909_picture1.jpg

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/8090/137909_picture2.jpg

About PNG Copper Inc.

PNG Copper Inc. is a mineral exploration company focused on acquiring, exploring, and developing

quality mineral properties in Papua New Guinea. The Company's core values are respect for the

Community, the Landowners, the environment and operating a safe workplace for its employees. The

Company is also committed to best practice standards of Corporate Governance.

For further information please visit the Company's website at

pngcopper.ca

or contact:

PNG Copper Inc.

Paul Rokeby, Chief Financial Officer

Tel: +1.705.465.1880

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there

be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be

unlawful, including any of the securities in the United States of America. The securities have not been

and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act")

or any state securities laws and may not be offered or sold within the United States or to, or for account

or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under

the 1933 Act and applicable state securities laws, or an exemption from such registration

requirements is available.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the

policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of

this release.

Forward-Looking Statements

This Press Release contains forward-looking information within the meaning of applicable securities

laws. When used in this document, the words "may", "would", "could", "will", "intend", "plan",

"anticipate", "believe", "estimate", "targeted" and similar expressions are intended to identify forward-

looking statements. Forward-looking information in this news release includes, but is not limited to, the

Company's objectives, goals or future plans, statements. Since forward-looking statements are based

on assumptions and address future events and conditions, by their very nature they involve inherent

risks and uncertainties which may cause actual results to differ materially from the statements made.

These assumptions include industry assumptions relating to, the price of copper, gold and other

metals, currency and interest rate fluctuations, and assumptions concerning mineralization, mineral

recoveries, the ability to conduct exploration activities in Papua New Guinea, and assumptions

concerning COVID-19. Factors that could cause actual results to vary from the Company's stated

expectations include, but are not limited to, mineral price and exchange rate fluctuations, increased

competition and general economic and market factors, potential mineralization not being as

anticipated, uncertainties inherent in the estimation of mineral resources, exploration and mine

development plans, timing of the commencement of operations and estimates of market conditions,

failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the

inability to complete a feasibility study which recommends a production decision, the preliminary

nature of metallurgical test results, delays in obtaining or failures to obtain required governmental,

environmental or other project approvals, political risks, uncertainties relating to the availability and

costs of financing needed in the future, changes in equity markets, inflation, changes in exchange

rates, fluctuations in commodity prices, delays in the development of projects, capital and operating

costs varying significantly from estimates.

Although the Company believes that the assumptions and factors used in preparing the forward-

looking information in this news release are reasonable, undue reliance should not be placed on such

information, which only applies as of the date of this news release, and no assurance can be given

that such events will occur in the disclosed time frames or at all. The Company disclaims any

intention or obligation to update or revise any forward-looking information, whether as a result of new

information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/137909

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