PNG Copper Inc. to report that drillhole DOD008, on Section 10000N, the final drillhole in the Phase I drilling programme at Doriri Ni-Pd-Pt prospect, was collared on July 5, 2022. The hole intersected an 18.55 m downhole width of the Doriri mineralization between 10.95 m to 29.50 m. The drillhole was completed below Costean I and previously completed (2012) cored drillholes DOD003 and DOD004. DOD008 was terminated in footwall peridotite at 34.35 m on July 10, 2022.

The present drilling has confirmed the following geological aspects of the mineralization, important for continued drill evaluation: Continuity of the mineralization over a 70 m vertical extent, from between 510 m RL to 440 m RL; A dip to the mineralization, over this vertical extent, of between 60 to 70 degrees to the northeast; A true width of the mineralization varying between 10 to 15 m. Core samples from DOD005 are presently undergoing analysis at Australian Laboratory Services, Townsville, Australia. Core samples from DOD006 and DOD007 are presently in-transit to Australian Laboratory Services, Townsville. The mineralization intersection from DOD008 is presently being logged and sampled and is expected to be dispatched in the next week.

Gold, palladium and platinum analyses will be completed by standard 30 gm lead collection Fire Assay followed by Inductively Coupled Plasma Mass Spectrometry. Nickel assaying (including copper and silver) will involve a four-acid digest including hydrofluoric, nitric, perchloric and hydrochloric acids in Teflon tubes. Analyses will be completed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry.

Doriri is a 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. 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 to 220oC, classifying it as an epithermal deposit.

The mineralization has an average width of 10 to 15 m and has been previously mapped over a strike length of 520 m. It remains open ended in both directions. Mineralization crops out at the surface and remains open at depth.