COPPERMOLY has received an updated JORC-compliant mineral resource estimate for the Mt Nakru Copper-Gold Project. At a cut-off grade of 0.3% copper, the inferred resource now stands at 29.1 million tonnes @ 0.92% copper, 0.22 g/t gold and 2.25 g/t silver for 267,000 tonnes of copper, 208,000 ounces of gold and 2.104 million ounces of silver.
|Coppermoly’s projects, including Mt Nakru, are on the PNG island of New Britain.|
The resource update from independent mining consultancy Mining Associates follows a successful drilling program completed in March. It includes inferred resources from the Nakru 1 and Nakru 2 deposits, which are 1.5km apart.
Modelling by Mining Associates confirmed the presence of higher grade mineralisation lenses at shallow levels, which should have a significant impact on the project’s economics.
Inferred resources are reported from blocks less than 200 metres depth from surface topography, approximating the likely depth limit of an open pit.
The Nakru 1 resource is open to the southwest down plunge. The Nakru 2 resource is the smaller deposit to date, and is open in all directions. It has 7.4 million tonnes for 59,000 tonnes of copper, 10,000 ounces of gold and 672,000 ounces of silver.
Coppermoly says due to the fact that in both deposits the higher grades are concentrated in the upper levels, and the shallow depth, an open-pit mine with conventional copper flotation processing is a foreseeable.
Company director Dr Wanfu Huang said, “Our recent drilling program and this modelling work confirms there is great potential for increasing the copper-gold inferred mineral resource at the Mt Nakru project.
“Importantly, the modelling work indicates that there is 18.2 million tonnes of inferred resources at average 1.26% copper and 0.30 g/t gold at Nakru 1 and Nakru 2 if the cut-off grade is uplifted to 0.5% copper, which may greatly improve the economic viability of this project.”
The next phase of exploration will focus on seeking to upgrade the resource category while defining the size of Nakru 1 and Nakru 2 in particular.
The company has recently received notification from the PNG Mineral Resources Authority that its application for the extension of the term of the Mt Nakru tenement EL 1043 has been granted. The tenement has been renewed for a further two-year term expiring on December 8, 2018.