Highlights
- Coppermoly enters a period of exclusivity with Barrick to re-acquire 100% of its assets within the three tenements Nakru, Simuku and Talelumas
- Barrick (PNG Exploration) Ltd have spent over A$22.4m since 2009 to acquire a 72% stake in the three tenements. As a result of this work, a resource has been able to be estimated for the Nakru-01 copper-gold deposit. A conceptual mining study has indicated Nakru-01 as a favourable project to advance to pre-feasibility
- Nakru-1 (28% Coy): Inferred Resource of 38.4 Mt grading 0.61% Cu + 0.28 g/t Au + 1.80 g/t Ag. Conceptual Mining Study indicates a NPV of US$291million based on 100% ownership, copper price of $3.34/lb, 10% discount and 90% mill recovery
- Simuku (28% Coy): Inferred Mineral Resource of 200 Mt grading 0.36% Cu + 61ppm Mo + 0.06 g/t Au + 2 g/t Ag containing 700,000 tonnes of copper, 12,000 tonnes of molybdenum and 391 tonnes of silver
- Makmak (100% Coy): IOCG style mineralisation from copper anomalous rock samples taken from the south coast of New Britain Island. Large area of alteration.
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