The Papua New Guinea Mineral Resources Authority has notified Coppermoly Ltd that its Nakru exploration licence has been renewed for two years to December 7, 2014.
“We are very pleased to have the Nakru licence renewed,” says managing director Maurice Gannon. “Nakru is a very valuable asset in Coppermoly’s portfolio of projects. We are currently undertaking a diamond drilling program at the Nakru-2 prospect and we’re looking forward to having results to announce to the market during April.”
Coppermoly’s mineral exploration activities are focused entirely on the island of New Britain in PNG where it holds five exploration licences and an additional two under application. These licences cover copper, gold, silver, zinc, molybdenum and iron mineralization. The five current tenements are Simuku, Talelumas, Nakru, Makmak and Powell. The two tenement applications are Wowonga and Fulleborn.
The Simuku and Nakru projects are within a 4-hour drive from the provincial capital of Kimbe, which has businesses, roads, shops, electricity and a deep water port.
The company announced in early March that drilling at the Nakru-02 copper prospect had commenced. Four holes of 150 metres depth will initially be drilled beneath the site where consistently high-grade rock chip and trench samples have been previously obtained. Very high-grade assays were received from the December 2013 sampling program and the potentially high-grade prospect is being drilled.
Meanwhile, following the resignation of Tom Revy as chairman of Coppermoly on March 11, the Board has unanimously resolved to appoint Maurice Gannon as interim chairman. He continues in his role as managing director.