Coppermoly (ASX: COY) has reported that the third hole drilled by Barrick (PNG) Exploration Ltd into the Nakru system on New Britain Island in Papua New Guinea, has extended the known copper mineralisation.
Final results from this first Barrick drill hole at the Nakru-2 prospect (BWNBDD0003) shows 64 metres of copper mineralisation grading 0.59% copper from 141 metres depth. Within this zone there is an interval of 10.2 metres grading 1.59% copper.
A separate lower interval of 4.9 metres grading 13.6% zinc, 0.85% copper, 0.41 g/t gold and 24.03 g/t silver was encountered at 290.1 metres depth.
This intersection represents a mineralisation style that is found in the widespread polymetallic anomalous rock samples which extend to over 800 metres in diameter at surface.
There are more large areas of un-tested anomalous copper and zinc geochemistry throughout the Nakru tenement that provide a lot of scope for additional discoveries.
The copper mineralisation encountered within this Barrick hole is over 100 metres west of the copper mineralisation encountered in the first ever two drillholes that were completed in 2008 by Coppermoly which intersected 54 metres of 1.22% copper from 30.3 metres depth and 73 metres grading 0.96% copper from 36 metres depth.
This copper mineralisation is coincident with the geophysical anomalies at depth and with the surface soil geochemistry at surface which supports the robust nature and size potential of the system.
Coppermoly raised PNG kina 633,723.42 (approximately A$250,000) before costs through the issue of 1,871,599 shares for further exploration in PNG on September 8.
Coppermoly has a market capitalisation of A$20.58 million and A$2.19 million cash at the end of the September quarter.