Coppermoly limited’s submission for exploration licence EL2578 Kori River has been approved by the Mineral Resources Authority of Papua New Guinea.
|Map showing locations of the Company’s exploration licences including the newly granted EL2578|
EL2578 comprises 116 sub-blocks, covering an area of approximately 315km2 that encloses the Company’s existing Simuku exploration licence.
This includes areas near the boundary of the Simuku exploration licence that show encouraging signs for potential conductive and resistive anomalous zones.
The EL2578 licence is valid for an initial term of two years at which time the Company may apply for a further extension. The company’s minimum expenditure under the exploration is K50, 000 (AU$21,181) per annum for the initial two years.
The company also advises that it has signed a contract with Austhai Geophysical consultants to conduct an IP survey of the Simuku exploration licence.
The IP survey will follow up the highest ranked VTEM anomalies to delineate greater detail to allow for identification of drill targets.
Coppermoly explores and develops copper, gold, molybdenum deposits. The company has projects, which are in line with its corporate strategy of exploring versatile metals close to the existing infrastructure. It has an inventory of over 2 billion pounds of contained copper in two deposits.
On the financial front, the company reported a loss after tax for the half-year ended 31 December 2018 of AU$378,760 as compared to a loss of AU$236,969 in the prior corresponding period.
The current exploration and evaluation work in Papua New Guinea was funded by the group during the half-year. Moreover, during the period, the significant changes in the company that occurred were on 13 November 2018, Jade Triumph International Limited agreed to extend the maturity date for the convertible notes by further 24 months to 19 December 2020. The other terms of the convertible notes remained unchanged, and the company raised AU$2.4 million according to a non-renounceable pro-rata entitlement offer of one new fully paid ordinary share for every three shares held at AU$0.007 per share. A total of 345,381,843 fully paid ordinary shares were issued on 2 January 2019.
*Article published in the July-September 2019 issue of The Asia Miner