Queensland-based copper explorer Coppermoly Limited (ASX: COY) (“the Company”) is pleased to report results from a drilling program in the Kulu prospect area at its Simuku tenement in Papua New Guinea.
Drillhole BWNBDD0018 was completed to 617.2m depth at the South Kulu prospect, which is 6km east-southeast of the Simuku Project within the Kulu batholith. The Kulu, Miwayuen and Rapisme prospects were explored in the 1960’s, 70’s and 80’s by CRA, BHP and Esso as porphyry copper targets. Historical drilling by CRA and BHP intersected primary copper mineralisation grading less than 0.2% copper.
Barrick (PNG Exploration), a wholly-owned subsidiary of Barrick Gold Corporation, is Coppermoly’s farm-in partner on three PNG projects, including Simuku. The recent hole by Barrick at South Kulu targeted a strongly fractured dioritic intrusive which consistently returned more than 0.2% copper and 20 to 50ppm molybdenum from channel rock chip sampling. The target zone has at least a 500m strike length delineated from 2010 and 2011 mapping by Barrick.
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