HIGHLIGHTS
- Maiden Inferred resource announced at Nakru-01 of 38.4million tonnes @ 0.82% copper equivalent (using a 0.2% copper cut-off). A conceptual mining study on the deposit is expected to be completed in August.
- Barrick (PNG Exploration) Limited will fund and conduct a further $2.21m exploration program for the West New Britain projects in PNG. The 2012 exploration program will include drilling aimed at targeting the higher grade secondary copper enrichment zones at Nakru-01 and Simuku. This drilling will keep the tenements in good standing while Barrick seek to divest their 72% interest in tenements EL1043 (Nakru), EL 1445 (Talelumas) and EL 1077 (Simuku).
- Granting of Makmak tenement (EL 2014) on New Britain Island 100% to Coppermoly
- Completion of a nine-hole 654-metre reverse circulation (RC) drilling program which intersected a copper enrichment blanket at the White Horse prospect. Results revealed significant zones of shallow oxide and secondary copper mineralisation in all holes drilled including:
17m grading 1.4% Cu from 32m depth
30m grading 0.53% Cu from 1m depth
15m grading 1.09% Cu from 29m depth
- Appointment of Shawn Uldridge as Non-Executive Director who has twelve years’ financial market experience and co-founded William Shaw Securities in 2006.
Queensland-based explorer Coppermoly Limited (ASX:COY) is pleased to report its activities at the Company’s copper-gold projects on New British Island, Papua New Guinea (PNG) and south-east Queensland for the quarter ending 30 June 2012.
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