Queensland-based copper explorer Coppermoly Ltd has appointed independent consultants Golder Associates to review all drillhole data from its Nakru-1 copper-gold system in Papua New Guinea, with a view to estimating a maiden Inferred Resource for the project. Golder Associates will also review all drillhole data at Coppermoly’s Simuku copper-molybdenum system, also in PNG, in order to upgrade the existing Inferred Resource. Results are expected in April.
Both the Simuku and Nakru-1 projects are located on PNG’s New Britain Island. They are within a four-hour drive from the provincial capital of Kimbe, which has businesses, roads, shops, electricity and a deep water port that supports the region’s growing oil palm industry. These local services are essential for the future development of Coppermoly’s projects.
The Nakru-1 copper-gold system is the most advanced prospect within the Nakru tenement with 27 diamond drillholes completed for 5,928.4 metres. During 2010, a diamond drillhole through the centre of an untested geophysical chargeability anomaly intersected 213.75 metres grading 0.92% copper and 0.33 g/t gold from 74.45 metres depth. With subsequent drilling of the western portion of the anomaly, Nakru-1 has an exploration target of 50 to 60Mt grading 0.7 to 0.9% copper within the bounds of the existing drillholes.
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