Coppermoly granted exploration license

Business, Normal

The National, Thursday 12th July 2012

QUEENSLAND-based copper explorer Coppermoly Ltd has announced that its long standing tenement application exploration license (EL) 2014 Makmak on the south coast of West New Britain province, has been granted by the PNG Minister for Mining for a period of two years.
The Makmak tenement covers 280sqkm and is 9km south of the Company’s Nakru tenement where drilling intersected 190.85m grading 1.01% copper and 0.36 grammes per tonne (g)/t gold at Nakru-1.
Makmak is not part of the farm-in agreement Coppermoly has with Barrick (PNG Exploration), a subsidiary of Barrick Gold Corporation, with Coppermoly wholly owning the licence.
During reconnaissance sampling in 2010, Coppermoly collected surface rock float samples at the ‘Pulding’ prospect at Makmak,  which returned 10.7% copper and 15.5g/t gold, 1.18% copper, 0.64% copper, 2.91% copper and 0.65% copper.
These samples are within granitoid type rocks associated with a geophysical magnetic intrusive target in the eastern section of the tenement.
The project is accessible via 4WD from provincial capital, Kimbe.
The Makmak tenement is located on the highly prospective Kulu Awit Transfer structure which is host to:
g    Vangold Resources Ltd Mt Penck gold-silver system;
g    Coppermoly’s Si­mu­ku copper-gold-molybdenum-silver deposit;
g    Coppermoly’s Kulu copper prospect;
g    Coppermoly’s Plesyumi porphyry system; and
g    Coppermoly’s Nakru-1 exploration target.
Coppermoly expects to announce a maiden inferred mineral resource for Nakru-1 and an upgraded estimate for Simuku this month.