Queensland-based copper explorer Coppermoly Limited (ASX:COY) (“Coppermoly”) is pleased to announce a Maiden Inferred Mineral Resource on its Nakru-01 copper-gold-silver project on New Britain Island, Papua New Guinea (“PNG”).
HIGHLIGHTS
- A Maiden Inferred Mineral Resource was estimated for the Nakru-01 copper deposit by independent consultants Golder Associates. Using a 0.2% copper cut-off, the deposit contains 38.4 million tonnes grading 0.82% copper equivalent* (or 0.61% copper + 0.28g/t gold + 1.80 g/t silver).
- Using a 0.5% copper cut-off the deposit contains 21.6 million tonnes grading 1.10% copper equivalent* (or 0.81% copper + 0.39 g/t gold + 1.81 g/t silver).
- The Nakru-01 Volcanogenic Massive Sulphide (VMS) copper deposit contains 233,400 tonnes of copper, 11 tonnes of gold and 69 tonnes of silver (or 514 million pounds of copper, 350,000 ounces of gold and 2 million ounces of silver).
- Through further drilling there is great potential to increase the tonnage of the resource. The geophysical response and exploration results received to date indicate that further drilling is required to determine the confines of overall mineralisation, as well as define the extent of the upper oxide zone and secondary copper enrichment blanket beneath.
- A Conceptual Mining Study (CMS) is currently being undertaken to evaluate the basic economic potential of the Nakru-01 deposit in its present form. The CMS is expected to be completed in August.
- The milestone marks the second Maiden Inferred Mineral Resource on New Britain Island, after the Company announced in 2009 an Inferred Mineral Resource of 200 million tonnes grading 0.36% copper, 61 ppm molybdenum, 0.06 g/t gold and 2 g/t silver at the Simuku Project.
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