Coppermoly is focussed on exploring for and developing copper – gold – molybdenum and gold deposits in highly prospective Papua New Guinea on New Britain Island. Through an agreement with Barrick Gold Corporation, their projects are being assessed for their economic mineral potential through an on-going drilling programme.
Drilling confirms a major copper mineralised system at Nakru.At the Nakru-1 Prospect drilling intersected 213.75m grading 0.92% copper and 0.33 g/t gold. Drilling in 2010 confirmed mineralisation extendng to over a 500m strike length to at least 200m depth.
The Nakru-2 Prospect is one kilometer to the west of Nakru-1. Drilling by Coppermoly in 2008 intersected 54m grading 1.22% copper from 30m depth. This included an upper zone of primary massive sulphide of 8m grading 3.8% copper. In a drillhole 100m further west, Barrick intersected 64m of 0.59% copper.
The Simuku porphyry copper system has an Inferred Mineral Resource of 200 million tonnes grading 0.47% copper equivalent (0.3% Cu.Eq. cut-off) for 700,000 tonnes of copper (1.5 billion pounds). An overlying secondary enrichment blanket of copper mineralisation occurs in eleven drillholes including a 16m thick intersection at 1.0% copper.