Coppermoly Limited (ASX:COY) (“Coppermoly”) is pleased to announce a preliminary field exploration programme has commenced on its 100% owned EL 2014 Makmak tenement on the south coast of New Britain Island, Papua New Guinea. The Makmak tenement is accessible via 4WD vehicle along logging tracks from Kimbe, the Provincial Capital of West New Britain, on the north coast of the island.
A small exploration team has mobilised to the site to follow-up on historical samples collected near the beach at the Pulding prospect (refer to Figure 2), where copper sulphide (chalcopyrite) was recognised in rock samples (refer to Photo 1). These rock outcrop and float samples, collected in 2010, returned significant copper and molybdenum assay results.
The current exploration program will involve rock, creek and soil sampling and geological mapping. The sampling will help identify the exact location of anomalous copper associated with a 5km diameter circular feature which may be host to a significant body of mineralisation at depth.
A discrete airborne geophysical magnetic anomaly will also be inspected and sampled as it may be one possible source of mineralisation in the area. The exploration programme will be completed in October with assay results expected in November 2012.
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