Queensland-based copper explorer Coppermoly says results from the latest drill program at the Kulu prospect within its Simuku tenement in Papua New Guinea show significant copper mineralization down to 442 metres.

Assay results confirm copper mineralization from 93 metres to 442 metres depth, including 27 metres @ 0.29% copper equivalent from 143 metres and 2 metres @ 0.15% copper and 286ppm molybdenum from 440 metres.

Mineralization was intersected within diorite, feldspar porphyry and intrusive breccia, demonstrating significant areas of copper and molybdenum throughout the Simuku tenement, which lies in the central north of New Britain Island’s Kulu Awit copper-gold belt.

One hole was completed to 617.2 metres depth at the South Kulu prospect which is 6km east-southeast of the Simuku project. This hole targeted a strongly fractured dioritic intrusive which consistently returned more than 0.2% copper and 20 to 50ppm molybdenum from channel rock chip sampling. Mapping during 2010-11 has delineated a 500 metre strike length along the target zone.

The Kulu, Miwayuen and Rapisme prospects were explored in the 1960s, 70s and 80s as porphyry copper targets by CRA, BHP and Esso, with historical drilling intersecting primary copper mineralization grading less than 0.2% copper.

A total of 10,248 metres has been drilled across 37 diamond holes at Simuku during 2011, which the company says hosts an inferred resource of 200 million tonnes grading 0.47% copper equivalent, 61ppm molybdenum, 0.06 grams/tonne gold and 2 grams/tonne silver. An updated resource estimate for Simuku is expected by June 2012.

Barrick PNG Exploration, a wholly-owned subsidiary of Barrick Gold, is a farm-in partner on three Coppermoly projects on Papua New Guinea’s New Britain Island. It has spent more than $20 million on the Simuku, Talelumas and Nakru tenements and owns a 72% stake in the three projects. It is now continuing with a low level scoping study at Simuku due to the drill program being completed.

www.coppermoly.com.au

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