Coppermoly says its first diamond drill hole at the Nakru-4 prospect on New Britain Island has intersected 22 metres @ 0.21 grams/tonne gold and 0.15% copper including an interval of 1 metre @ 1.54 grams/tonne gold and 1.17% copper.
The company’s managing director Peter Swiridiuk says, “These results confirm the presence of widespread copper and gold mineralization at depth in the Nakru system. Further drilling will be required to test for tonnage potential on all prospects, including other geochemical and geophysical targets yet to be drill tested.”
The Nakru 1, 2, 3 and 4 prospects are on Coppermoly’s exploration licence within a historical gold-in-soil anomaly. Previous drill results at the Nakru-1 copper system include 23.5 metres @ 2.38 grams/tonne gold and 1.30% copper containing 1 metre @ 42 grams/tonne gold and 4.6% copper.
Nakru-1 is the most advanced prospect within the tenement with 27 diamond drill holes over 5928 metres completed revealing mineralization is open to the east and requires additional drilling to test for tonnage potential. There have been 31 diamond drill holes completed at the Nakru-1, 2 and 4 prospects, intersecting copper, gold and zinc, however Coppermoly says further drilling will define the extent of the mineralization.
Nakru is in a remote central part of the island with access limited to a 4-hour drive along logging tracks. There is a modern deep water container port at the provincial capital of Kimbe which is accessible by daily flights from PNG capital Port Moresby. The company believes the existing infrastructure in Kimbe is ideally suited for any future development of Nakru.
Coppermoly says an agreement with Barrick is expected to be finalized in coming weeks, regarding an earn-in of not only the Nakru but Simuku and Talelumas tenements with an Aus$20 million investment, of which Barrick has already spent half on exploration at Nakru.