Coppermoly Limited (ASX: COY) has revealed high grade copper assay results from two reconnaissance drill holes completed at its Nakru-2 prospect in West New Britain, Papua New Guinea.
Best results included 63 metres at 1.01% copper with 0.1g/t gold, which contained 23 metres at 2.05% copper and 0.22% gold from 7 metres.
These assays confirm copper mineralisation observed in drill core and considerably enhances the prospects of a significant near-surface copper deposit.
Coppermoly will now conduct a technical review of the results thus far before mobilising drilling equipment for an extensive program to advance the resource.
This will be funded from the shareholder rights issue that the company currently has in-progress, and should be underway by July.
The Nakru-2 prospect has a large surface geochemical and geophysical footprint where rock chip sampling indicates copper mineralisation over an area at least 800 metres by 400 metres, with individual assays up to 24% copper.
Two diamond core holes drilled by Coppermoly in 2009 intersected strong chalcopyrite mineralisation with a best interval of 51.7 metres at 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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