The first drill hole by Barrick (PNG Exploration) at Coppermoly’s Nakru-1 prospect has intersected primary copper mineralization to below 250 metres depth within the largest portion of the geophysical induced polarization anomaly.
The diamond drill hole is at 353 metres depth and will continue to the target depth of 700 metres. There exists the possibility for additional stronger copper mineralization at further depth.
Core samples to about 270 metres depth have been dispatched to the Intertek laboratories in Lae with assay results pending.
The hole is about 200 metres north-east of an historic drill hole which intersected 210.1 metres grading 0.45% copper and 0.17 grams/tonne gold from 61.2 metres depth, including 8.8 metres grading 1.95% copper from 61.2 metres depth.
The association of copper mineralization to more than 250 metres depth within the main body of the IP anomaly demonstrates significant tonnage potential of the copper system.
Coppermoly has an agreement with Barrick whereby it can spend Aus$20 million to earn 72% of Coppermoly’s three tenements - Nakru, Simuku and Talelumas. Barrick has prepared its second drill site at Nakru-1.

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