HIGHLIGHTS
- Field activities are currently underway in preparation for a drilling programme
expected to begin in May 2011.
- Assay results from all drillholes by Barrick (PNG Exploration) Ltd (“Barrick”) (a
wholly owned subsidiary of Barrick Gold Corporation) at the Nakru-1 copper-gold.
Prospect show copper mineralisation over at least 500 metres strike length.
- Regional rock sampling confirms anomalous grades of copper over an area of 800 metres by 600 metres at the Kulu prospect.
1.0 PROJECTS AND AGREEMENT WITH BARRICK
Over A$10 million has been spent on the Simuku and Nakru projects (refer to Figure 1) by Barrick. An agreement was signed in October 2009 with Barrick whereby exploration is to be managed and carried out by Barrick and allows them to spend A$20 million to earn 72% of the tenements EL 1043 (Nakru), EL1077 (Simuku) and EL1445 (Talelumas) over eight years. Coppermoly Ltd retains 100% ownership until earn-in is complete.
Activities completed by Barrick during the quarter included collation, validation and integration of historic datasets, compilation and interpretation of 2010 exploration results, and planning and preparation for the 2011 field programme which have now commenced. Results from an Airborne LIDAR detailed topographic survey have been received. This data will help with geotechnical analysis to locate areas in the field away from potential landslip hazards. The data is currently being analysed by Coppermoly to help improve its geological framework within these three tenements.
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