Coppermoly Limited (ASX: COY) should trade higher today after intersecting visible copper mineralisation in two reconnaissance diamond core drill holes at its Nakru-2 prospect in West New Britain, Papua New Guinea.
Indications of continuous mineralisation start near surface and continues to below 100 metres, with assays pending.
These early results also appear to confirm Coppermoly's model of mineralisation, complementing surface sampling late last year of copper-in-soil up to 66,800 ppm and rock chips up to 24% copper.
The Nakru-2 prospect is located 1 kilometre west of Coppermoly’s Nakru-1 prospect, which has an Inferred Resource of 38 million tonnes at 0.61% copper and 0.28g/t gold.
The two new diamond core holes are spaced 100 metres apart, testing for a pumice breccia unit; a similar pumice breccia unit is the host to mineralisation at Nakru-1.
Only three drill holes have been previously drilled at Nakru-2.
Two diamond core holes drilled by Coppermoly in 2009 intersected strong chalcopyrite mineralisation with a best interval of 51.7 metres @ 1.21% copper including 27.7 metres at 1.90% copper.
Then in 2010, Barrick Limited drilled a deep hole from the north that intersected 64 metres at 0.59% copper.
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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