Assay results from a drilling program at Coppermoly’s Horseshoe prospect within the Simuku project in Papua New Guinea show copper and molybdenum mineralization to more than 600 metres depth.
A majority of the 37 diamond drill holes across 10,248 metres have shown mineralization within breccia, quartz and feldspar porphyry units within predominantly phyllic alteration.
Highlights include 97 metres @ 0.42% copper equivalent (for 0.31% copper, 112 ppm molybdenum and 3.36 grams/tonne silver) from 391 metres, 29 metres @ 0.6% copper equivalent from 413 metres and 6 metres @ 0.64% copper and 619 ppm molybdenum from 553 metres. Another hole intersected 14 metres @ 4192 ppm molybdenum from surface.
Coppermoly says these results demonstrate the continuity of molybdenum and copper mineralization to depth, beneath mineralized samples from surface bulldozer trenching.
The results will now be reviewed with the aim of upgrading the resource estimate by June this year.
Simuku is in the central north of New Britain Island within the Kulu Awit copper-gold belt, about 40km south of the port of Kimbe. It has an inferred mineral resource of 200 million tonnes at 0.47% copper equivalent.
In 2010 and 2011, the project’s farm-in partner Barrick PNG Exploration drilled six holes at Simuku for an average depth of 700 metres which also revealed continuity of mineralization to depth throughout a 3500 metre-long by 600 metre-wide envelope of copper mineralization.
Barrick has spent $20 million on exploration across Coppermoly’s three Papua New Guinea projects, earning a 72% stake in Simuku, Nakru and Talelumas. Coppermoly’s managing director Peter Swiridiuk says the companies are working to establish a joint venture for the exploration of the tenements.