Coppermoly is awaiting assay results from its New Britain Island projects after completion of a drilling and exploration program. Barrick PNG Exploration was contracted to carry out drilling at the Simuku, Talelumas and Nakru projects, spending more than $23 million at the tenements during the last three years.
Drilling to 220 metres depth was undertaken at Nakru and two drill holes for a total of 602.9 metres were completed at Simuku. Field work including geological mapping and rock and stream sampling was completed at the Talelumas site.
Assay results for the Nakru drill hole are pending, however it did intersect minor copper mineralization. Best results for the holes at Simuku include 40 metres @ 0.24% copper, 0.06 grams/tonne gold and 87ppm molybdenum; and 33 metres @ 0.33% copper, 0.04 grams/tonne gold and 31ppm molybdenum.
Coppermoly is awaiting assay results of the field work at Talelumas, with 57 rock chip samples and 13 stream sediment samples taken from the Misusu prospect. Three main areas of porphyry-style stockwork veining were confirmed during the program.
Nakru-1 is the most advanced of the three projects. It is in central New Britain Island about 50km south of the port of Kimbe 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.
Barrick is seeking to divest its 72% interest in the projects now that the drill program is complete.
In other news, Coppermoly has announced changes to its Board of directors, coinciding with the resignation of managing director Peter Swiridiuk who is pursuing other professional interests. Peter was the founding managing director and performed a pivotal role in the floating of the company and advancement of its exploration assets over the past five years.
Geoff Booth has been appointed as a non-executive director and independent chairman of the Board. “Geoff Booth is a mining and exploration professional with over 30 years of private and public sector experience in North America, the South Pacific, Africa and the Middle East. He has worked for a variety of resource and energy companies including BHP Billiton, Shell Canada, Suncor and Amax Minerals. He brings exceptional technical exploration and mining skills as well as valuable finance and management experience to the Board of Coppermoly,” says executive director Maurice Gannon.