Coppermoly Ltd has completed an exploration drilling program at its most advanced project on New Britain Island in Papua New Guinea, the Mt Nakru Copper-Gold project. The company has been encouraged by the assay data returned from the program.
A total of 14 diamond core holes were drilled during the program for a total of 2900.2 metres as part of an infill drilling program aimed at upgrading the resource to an indicated category at Nakru 1 and testing the extension of mineralisation at Nakru 2. The drill program was completed as planned and there were zero lost time injuries.
Coppermoly has received certified assay results from three of the nine diamond cored holes drilled at Nakru 1. All core samples from the recently completed drill program have been dispatched to the Intertek Laboratory in Lae and results are pending.
Best intersections from the recently received results include 16 metres from 46 metres @ 0.58 g/t gold, 6 metres from 64 metres @ 0.92% copper, 16 metres from 170 metres @ 1.25% copper and 0.37 g/t gold, 56 metres from 60 metres @ 1.95% copper, 37.7 metres from 170 metres @ 0.79% copper and 0.34 g/t gold, 2 metres from 40 metres @ 7.39 g/t gold, and 13.9 metres from 96 metres @ 4.43% copper.
There are a further six holes at Nakru 1 and five holes at Nakru 2 prospect for which assays are yet to be received. These will be reported as soon as the certified results are received.
Coppermoly director Dr Wanfu Huang said, “It is very pleasing to report that the drilling program announced in October 2016 has been successfully completed without incident. “Results are starting to arrive, and will be released as they are certified by the Laboratory. I must commend the team for completing this program on time and within budget, considering it was progressing through the height of the wet season.
“Results to date are encouraging for the company to plan the next phase of exploration to define economic resources in the project area.”