Coppermoly Limited (ASX: COY) is preparing for diamond drilling at its Nakru-02 copper prospect on New Britain Island in Papua New Guinea.
This follows high grade copper-in-soil assays up to 66,800 ppm and rock chips up to 24% copper received from a surface sampling program in late 2013.
Copper mineralisation in the samples occurs as primary chalcopyrite associated with secondary chalcocite, over 1 square kilometre.
Indications are that mineralisation at Nakru-02 may extend a further 400 metres to the west than previously thought, and surface mineralisation now extends over a strike length of 800 metres in an east-west direction.
Only three diamond core holes have previously been drilled into Nakru-02, testing a strike length of 150 metres.
Notably, all three intersected elevated copper-gold mineralisation including narrow high grade zones that reflect the results of the recent surface sampling.
Nakru-02 shares similarities with Coppermoly’s Nakru-01 deposit located 1 kilometre to the east, which holds a JORC Inferred Resource of 38 million tonnes at 0.6% copper and 0.3 grams per tonne gold.
Investors and speculators are likely to want a piece of the action, with drilling below these high grade results likely to unveil some interesting geology.
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