Queensland-based copper explorer Coppermoly Limited (“the Company”) (ASX:COY) is pleased to report results from a drilling program at the Horseshoe prospect at its Simuku Project in Papua New Guinea.
Assay results from drillhole BWNBDD0016 at the Simuku Horseshoe molybdenum prospect show copper and molybdenum mineralisation to more than 600 metres depth, including 97m grading 0.42% copper equivalent (0.31% copper, 112 ppm molybdenum and 3.36 g/t silver).
Approximately 250m northeast of BWNBDD0016, historical drillhole SMD14 intersected 14m grading 4,192 ppm molybdenum from surface.
These results demonstrate the continuity of molybdenum and copper mineralisation to depth, beneath mineralised samples from surface bulldozer trenching. During 2010 and 2011, farm-in partner Barrick (PNG Exploration), a wholly-owned subsidiary of Barrick Gold Corporation, drilled six holes at Simuku for an average depth of 700m (total 4,227m) and these have shown continuity of mineralisation to depth throughout the large 3,500m long by 600m wide envelope of copper mineralisation.
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