Highlights
- Barrick (PNG Exploration) Ltd has taken a 72% interest in Coppermoly’s Simuku, Nakru and Talelumas tenements on New Britain Island, PNG, by spending $20M within two years. A joint venture will now be formed.
- Nakru-1: Maiden Inferred Resource planned for April 2012. Drillhole intersection of 213.75m grading 0.92% copper and 0.33 g/t gold.
- Simuku: Inferred Mineral Resource of 200 million tonnes at 0.47% Cu.Eq (see notes) drill tested to over 1000m depth. A total of 37 diamond holes for 10,248 metres with a resource upgrade planned for April 2012.
- Three nearby tenements under application on New Britain Island.
- Geophysical surveying has begun on the Queensland Esk Trough copper-gold to help define drill targets. An RC drilling programme of 2000 to 3000m planned for April.
- Projects have good access to existing Infrastructure to reduce development costs.
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