Coppermoly Limited (ASX:COY) (“Coppermoly”) is pleased to announce the commencement of diamond core drilling on the Simuku copper-molybdenum porphyry system on New Britain Island, Papua New Guinea.
Drilling at the Nayam Prospect (refer to Figure 1) commenced in September and has now been completed to 314.9 metres depth (BWNBDD0019). A second hole has commenced at the Misile Prospect (BWNBDD0020).
Barrick (PNG Exploration) Ltd (“Barrick”) has spent over $22.4 million on Coppermoly’s Simuku (EL1077), Nakru (EL1043) and Talelumas (EL1445) tenements and has now earned a 72% stake in these three tenements. Barrick are managing and funding the exploration and drilling on these tenements.
“Barrick have commenced drilling in order to maintain the tenements in good standing while they continue to pursue the divestment of their 72% stake in the project. Coppermoly has a right of first refusal over any offer that Barrrick accepts. Our appointed advisors, Odyssey Capital Partners are sourcing cornerstone investors who could possibly help us exercise that right and regain 100% ownership of the tenements. This outcome would benefit our shareholders in that we could continue drilling to progress our projects to a stage of pre-feasibility”, said Managing Director Peter Swiridiuk.
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