BARRICK (PNG) Exploration Ltd is preparing in New Britain to start exploration activity on the West New Britain joint venture.
The exploration programme is expected to include further surface sampling, mapping and a drilling programme at the Nakru project early next year.
Coppermoly would assist Barrick over the next few months with staff and equipment to facilitate the launch of field activity.
Barrick’s can earn up to 72% in Coppermoly’s copper-gold-molybdenum projects by funding up to A$20 million (K50 million).
The projects on the island are accessible by road from the provincial capital of Kimbe, which has a deep-water port and a domestic airport at Hoskins.
At Mt Nakru, 2,380m of drilling in 19 diamond drillholes and 9km of bulldozer surface trenching have defined significant copper-gold mineralisation.
Coppermoly has completed a three dimensional induced polarisation (IP) geophysical survey which clearly identified for the first time two large chargeable bodies of sulphide potentially related to copper mineralisation which present very targets for further drill testing.
Barrick plans to undertake diamond drilling to test the extent and grade of copper mineralisation outlined in surface geochemical sampling.