Coppermoly (ASX: COY, POMSOX: COY) should trade substantially higher today after revealing high grade copper assays up to 24% from rock chip and float samples collected over its Nakru-02 prospect on New Britain Island in Papua New Guinea
Coppermoly collected 125 samples, nine of which yielded between 1.88% and 24% copper, with three samples over 11%.
All the samples with elevated copper are sulphidic with little or no oxidation. The dominant sulphides are pyrite and chalcopyrite with some secondary chalcocite. These characteristics are indicative of primary mineralisation.
Notably, the rock chip sample that assayed 24% copper was collected 100 metres from two diamond drillholes in 2008 that intersected near surface semi-massive sulphides.
More than half of the samples collected also contained gold, five assayed greater than 0.5 grams per tonne and a further three assayed greater than 1 gram per tonne.
Molybdenum up to 750 parts per million was also recorded.
These assays include some of the highest copper assays ever obtained on New Britain Island, and Coppermoly will mobilise a drill rig to the area as a priority..
Investors and speculators are likely to want a piece of the action, with drilling below these high grade results expected to commence shortly.
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