Results from drilling at Coppermoly’s Nakru prospect on New Britain have confirmed further high-grade mineralization. Best results are 26 metres @ 0.11% copper and 0.12 grams/tonne gold from 3 metres and 43 metres @ 0.94% copper and 0.35 grams/tonne fold from 107 metres.
“These results improve the confidence in the boundaries and the geological model for the known mineralization which defines the north-western margins of the Nakru-1 prospect,” says Coppermoly’s managing director Maurice Gannon.
Barrick PNG Exploration has spent Aus$24.6 million on the Simuku, Nakru and Talelumas tenements within the West New Britain project under an agreement with Coppermoly, which recently rejected an offer of Aus$13million from a private equity group to purchase the projects.
The Board considered the offer wasn’t in the best interests of shareholders. It is however, pursuing a number of options for the ongoing exploration and future development of the company’s PNG assets.
In December 2012, Coppermoly employed Odyssey Capital Partners to advise the company on restoring its ownership of the West New Britain project to 100%, after Barrick decided to sell its 72% stake.
Nakru-1 is the most advanced of Coppermoly’s three projects within the region, about 50km south of the port of Kimbe. It is in central New Britain and has a maiden inferred resource of 38.4 million tonnes @ 0.61% copper, 0.29 grams/tonne gold and 1.8 grams/tonne silver. Simuku has an inferred resource of 200 million tonnes @ 0.36% copper, 61ppm molybdenum, 0.06 grams/tonne gold and 2 grams/tonne silver.
Coppermoly has also been granted an exploration licence for the 280sqkm Makmak tenement nearby and has applied for two additional tenements within the same region.