The National, Monday 20th August, 2012
COPPERMOLY will not proceed with the farm-in to the Esk Trough project and instead will renew its focus on advancing exploration assets on New Britain Island.
The company and farm-in partner Barrick (PNG Exploration) are making strides in PNG with the recent definition of a maiden Inferred Resource for the Nakru-1 copper-gold-silver project, which has taken the copper inventory in the region to two billion pounds.
The Nakru-1 deposit contains 514 million pounds of copper, 350,000 ounces of gold and two million ounces of silver.
Importantly, there is the potential to increase the tonnage of the resource through further drilling.
Nakru-1 is the-most advanced prospect within the Nakru tenement, with an exploration target of 50 million to -60 million tonnes at 0.7-0.9% copper.
The delivery of the initial Resource for Nakru-1 marks the second maiden Inferred Resource delivered for the New Britain Island tenements.
Since this year, Barrick has spent over A$21.6 million on drilling and exploration.
The joint venture partner has previously advised Coppermoly that it intends to commence a process to engage with market participants for the purpose of divesting its interest in the tenements.
A conceptual mining study is currently being undertaken to evaluate the basic economic potential of the Nakru-1 deposit in its present form.
The study is expected to be completed in August. – Proactive Investors