Coppermoly appears to have intersected copper mineralization in two reconnaissance diamond core drill holes completed at its Nakru-2 prospect in West New Britain. This is based upon visual inspection by experienced geologists with assay results yet to be received.
The Nakru-2 prospect is 1km west of Coppermoly’s Nakru-1 prospect which has a JORC 2004 inferred resource of 38 million tonnes @ 0.61% copper and 0.28 grams/tonne gold.
The two new diamond core holes are 100 metres apart and were drilled from the south, testing for a gently south-dipping pumice breccia unit. A similarly orientated pumice breccia unit is the preferential host to mineralization at Nakru-1.
Coppermoly’s managing director Maurice Gannon says, “Although we have not yet received assay results from these two holes it is very exciting to have indications of continuous mineralization starting virtually from surface. These early results also appear to confirm the model of the mineralization that we’ve been working with.
“The preliminary results complement the surface sampling we completed during the last quarter of 2013 and add considerable weight to the theory that the mineralization of the Nakru system is potentially extensive and high-grade.
“We will have the assay results shortly, and from there, we will evaluate and plan our next steps very carefully to make sure that we get the best possible productivity and value-adding results when we put shareholders’ funds to work.”
Only three drill holes have been previously drilled at Nakru-2 (information prepared and first disclosed under the JORC Code 2004):
Two diamond core holes drilled by Coppermoly in 2009 intersected strong chalcopyrite mineralization with a best interval of 51.7 metres @ 1.21% copper including 27.7 metres @ 1.90% copper.
In 2010, Barrick (PNG Exploration) Ltd drilled a deep hole from the north that intersected 64 metres @ 0.59% copper.
Both of the diamond core holes drilled at Nakru-2 during March 2014 have intersected coarse disseminated copper mineralization as secondary chalcocite and primary chalcopyrite from near surface to depths in excess of 100 metres.
Drill core samples have been transported to Coppermoly’s compound in Kimbe, West New Britain, logged and sampled, and are being despatched to SGS Laboratories in Lae for preparation and analysis, the results of which are expected to be available in late April.
The company has decided to curtail the current reconnaissance drilling program with a view to relocation of the drill camp from Nakru-1 to Nakru-2, upgrading the camp and commencing a program that will focus upon resource definition using faster and more suitable drilling equipment.