Coppermoly has received the final data and an Airborne Inductively Induced Polarisation interpretation report from the recently completed helicopter-borne geophysical survey at the Company's EL 2379 Simuku Cu-Au exploration project in Papua New Guinea.
The Simuku project area hosts a large tonnage low grade porphyry style copper mineralisation zone and near surface higher grade secondary copper mineralisation, with both zones having untested extensions.
The helicopter-borne geophysical survey was undertaken by Geotech Ltd's Perth based company UTS Geophysics and utilised Geotech's Versatile Time-Domain Electromagnetic (VTEMTM) geophysical system, which locates discrete conductive anomalies as well as maps lateral and vertical variations in resistivity. This system also collects magnetic data which can be utilised for geological interpretation of structures and buried porphyry systems.
The survey covered approximately 928 line-kilometres (line spacing at 150m) over all of the current Simuku licence area. The preliminary assessment of the processed images show encouragement for potential conductive and resistive anomalous zones within, and also outside of, currently defined mineralised porphyry-style prospects. The Geotech report stated "three additional exploration prospects surrounding the eastern AOI are identified from the so-called fine-grained Metal Factor data. These AOIs and prospects have potential for Cu-Au mineralisation".
The Company has reviewed the initial assessment of the data and report and has decided to do further evaluation of the magnetic and EM data received from this VTEMTM survey.
Coppermoly is also pleased to announce that it has received notification from the PNG Mineral Resources Authority that the Company's application for the extension of the term of tenement EL 2379 Simuku has been granted by the PNG Minister for Mining. The tenement has been renewed for a further 2-year term to 10 September 2019.