Coppermoly (ASX:COY) has confirmed iron oxide, copper gold (IOCG) type deposit potential at its Makmak tenement in Papua New Guinea after assay results identified upto 2.39% copper and high grade iron ore.
Assay results from four samples from the Pulding copper and molybdenum prospect showed high potential.
Results included 2.39% copper and 223 parts per million (ppm) Mo; 1.98% Cu and 503 ppm Mo; 1.27% Cu and 183 ppm Mo; and 1.33% Cu and 440 ppm Mo.
Geological consultant Stan Yeaman said these results are from rock-chip character samples, which are not representative linear channel samples, but were taken to characterise the silicate alteration with the chalcopyrite mineralisation over a significant area.
"I think it would be legitimate to say that this style of mineralisation is comparable to IOCG mineralisation mined in Chile and Peru for iron ore and copper," he said.
Four samples from the Wara Creek iron ore prospect also assayed greater than 50% iron. These samples are of interest for high grade, low impurity iron ore, the source of which requires additional exploration ahead of drilling.
The four samples greater than 50% Fe will be re-assayed to more accurately determine their iron and silica contents.
The Makmak tenement (EL 2014) is accessible via 4WD vehicle along logging tracks from Kimbe, the Provincial Capital of West New Britain, on the north coast of the island.
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