Coppermoly (ASX: COY) has announced the commencement of diamond core drilling on the Nakru-01 copper-gold system on New Britain Island, Papua New Guinea.
Diamond drillhole BWNBDD0021 is reported to be at 169.8m depth, so far intersecting minor copper mineralisation.
The Nakru-01 deposit has an Inferred Resource of 38.4 million tonnes grading 0.61% copper + 0.29 g/t gold + 1.80 g/t silver + 13 ppm molybdenum + 19.29 ppm lead + 659 ppm zinc (using a 0.2% copper cut-off).
Results from a Conceptual Mining Study showed that its development could be cash flow positive within two years of commencement of production, however additional drilling is required to determine the full extent of mineralisation.
Barrick (PNG Exploration) Ltd have managed and funded over $23 million on the exploration and drilling on three of Coppermoly’s tenements since 2009.
SIMUKU DRILLING UPDATE (EL 1077)
The commencement of drilling at Nakru follows-on from the recently completed diamond drilling at the Nayam and Misili prospects within the Simuku porphyry copper system.
BWNBDD0020 was completed to 288m depth and designed to test the southern extent of secondary copper enrichment. Barrick have reported that the hole intersected quartz porphyry, hornblende porphyry and andesitic volcanics with some chalcocite enrichment from 30 to 40m depth. Assay results are pending.
BWNBDD0019 was completed to 314.9 metres depth. Assay results are expected to be released during December.
The Simuku Project has an Inferred Resource of 200 million tonnes grading 0.36% copper + 61 ppm molybdenum + 0.06 g/t gold + 2 g/t silver. The drilling by Barrick has demonstrated continuity of mineralisation at over 500m depth beneath the resource.
In October 2012, the tenement was renewed by the MRA for an additional two years to 28th November 2013.
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