Coppermoly Ltd (ASX: COY) has commenced diamond drilling at the Nakru-02 copper prospect in Papua New Guinea.
Highlighting the prospectivity of the area, surface sampling in late 2013 delivered high grade copper-in-soil assays up to 66,800 ppm and rock chips up to 24% copper.
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.
The new drilling will include four holes of 150 metre depth will be drilled beneath high-grade rock chip and trench samples, with assays expected by April.
In addition, two 100 metre deep diamond drill holes were completed at its Simuku tenement in December 2013.
Assaying of core samples from these holes will be completed in conjunction with the processing of the drill cores from the current program on Nakru-02.
Visually, the cores displayed andesite, up to 3% disseminated pyrite, and trace chalcopyrite confined to shear zones, with strong fracturing observed in places.
Coppermoly’s mineral exploration activities are focused solely on the island of New Britain in PNG where it holds five exploration licences, and an additional two under application.
These licences cover copper, gold, silver, zinc, molybdenum and iron mineralisation, and the company is capitalised at around $5 million.
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