Coppermoly has received high grade copper assay results from two reconnaissance drill holes completed at its Nakru-2 prospect in West New Britain. The assays confirm copper mineralization observed in drill core and considerably enhance the prospects of a significant near-surface copper deposit.
Results are: 63 metres from 5 metres @ 1.01% copper, 0.10 grams/tonne gold and 4 grams/tonne silver, including 23 metres from 7 metres @ 2.05% copper, 0.22 grams/tonne gold and 9 grams/tonne silver; 50.5 metres from 1 metre @ 0.79% copper less than 0.1 grams/tonne gold and less than 3 grams/tonne silver, and 33 metres from 72 metres @ 0.81% copper and similar gold and silver grades to the higher intersection, including 18 metres from 5 metres @ 1.33% copper, 0.13 grams/tonne gold and 4 grams/tonne silver, 7 metres from 74 metres @ 1.09% copper, and 8 metres from 89 metres @ 1.40% copper.
“The assay results at Nakru-2 clearly demonstrate the merit of our targeting of this prospect for its potential to rapidly enhance shareholder value in the medium term,” Coppermoly’s managing director Maurice Gannon says.
“In January we stated that we would undertake drilling to follow-up the exceptional rock chip assays we had obtained and I said at the time that I believe that the Nakru Exploration Licence is a premium prospect in an area that is shaping up as a new mineral province.
“We now have mineralized downhole intervals of up to 63 metres at greater than 1% copper starting from the surface and including a 23 metres grading more than 2% copper. These are very exciting results which should enable us to take Coppermoly to the next stage of its development.
“We believe that on the basis of these results and our database of previous results it is very likely that we have discovered a near surface body of high grade copper mineralization.
“We will conduct a technical review of the results thus far before mobilizing the most productive drilling equipment we can obtain for an extensive drilling program, to advance the resource. This will be funded from the shareholder rights issue we have in progress. Therefore our objective is to have the program fully under way by July.”