Coppermoly has re-started exploration at its Makmak tenement on the south coast of New Britain Island, after access to the site was hampered for the past month due to inclement weather. Makmak is accessible by 4WD along logging tracks from Kimbe, West New Britain’s provincial capital.  1

The 2013 exploration work follows the 2012 program which included aeromagnetic modelling of anomalies, elevated grab samples from Pulding copper prospect and determining enriched ferruginous mineralization at Wara Creek.

This program will focus on trenching/channel sampling to determine the relative extents of local base metal mineralization at Pulding. Where appropriate, the samples will be collected for petrographic and magnetic susceptibility analysis as well.

Computer modelling at Wara Creek has identified a large magnetic source, and detailed prospecting and mapping is now underway at this broad anomalous zone.

Makmak is Coppermoly’s southern-most prospect on New Britain, where visible copper, gold and iron mineralization has been discovered. Of 32 rock samples collected in 2012, 15 contained copper and/or molybdenum mineralization with nine showing values of greater than 1% copper.

Some rock samples contain black tourmaline and albite alteration suggesting an iron-oxide-copper-gold (IOCG) source of mineralization. Nearby airborne geophysical magnetic anomalies indicate significant aerial extent of iron as magnetite and pinhead-sized gold nuggets have been panned from nearby creeks.

Coppermoly’s nearby Simuku, Nakru and Talelumas prospects are the company’s three main projects, with the Nakru-01 copper-gold system alone containing 233,400 tonnes of copper and 11.3 million ounces of gold. Simuku hosts 700,000 tonnes of copper and both systems contain an upper enrichment zone of secondary copper.

www.coppermoly.com.au

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