Coppermoly Limited has signed an agreement with ActivEX Limited (ASX: AIV) to farm-in to the Esk Trough Project in South East Queensland (Refer to Figure 1). Coppermoly can earn up to 70% interest within six years by spending $6 million.
The Esk Trough Project has advanced exploration prospects which will be immediately drill tested in 2012, including the Kakapo prospect which has a historical drilling intersection of 88m grading 0.47% copper and 0.49 g/t gold at 38 metres depth.
Coppermoly has its existing three copper-gold-zinc (molybdenum) properties in Papua New Guinea currently being drill tested by Barrick, one of the world’s largest mining companies. We have three additional tenements under application in PNG on New Britain Island covering 1586 square kilometres.
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