COPPERMOLY believes it has discovered a near surface body of high-grade copper mineralisation at the Nakru-2 prospect in Papua New Guinea’s West New Britain Province, underpinned by the explorer’s latest batch of drilling results.
The Queensland-based company announced to the Australian share market in May an array of high-grade assay results from two reconnaissance drill holes completed at Nakru-2.
Coppermoly said the assays considerably enhanced the prospects of a significant near-surface copper deposit.
Best results included 63m at 1.01% copper, 0.1 grams per tonne of gold and 4gpt silver from 5m including 23m grading 2.05% copper, 0.22gpt gold and 9gpt silver from 7m.
“The assay results we have obtained at the Nakru-2 prospect clearly demonstrate the merit of our targeting of this prospect for its potential to rapidly enhance shareholder value in the medium term,” Coppermoly managing director Maurice Gannon said.
“In January we stated that we would undertake drilling to follow-up the exceptional rock chip assays that 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.
“These are very exciting results which should enable us to take Coppermoly to the next stage of its development”.
On the basis of the recent results coupled with previous results stored in the company’s database, Mr Gannon said it was very likely Coppermoly had discovered a near surface body of high grade copper mineralisation.
The company will now move on to conducting a technical review of the results before mobilising the most productive drilling equipment in preparation for an extensive drilling program aimed at advancing the resource.
“This will be funded from the shareholder rights issue that we currently have in-progress,” Mr Gannon said.
Coppermoly is aiming to have the drilling program underway by July.
Coppermoly is currently sourcing a suitable track mounted rig to start a systematic drill out of the prospect.
The high-grade results failed to impress investors, with Coppermoly shares having dropped 15 per cent to A1.7c at market close on 15 May.