Coppermoly to expand mineral hunt

AUSTRALIAN mining and exploration company Coppermoly Ltd said it will expand its current mineral exploration in Papua New Guinea following some positive results from various drills at its exploration sites.
Giving updates of the company’s progress to Finance News Network, Coppermoly managing director Peter Swiridiuk said: What we want to do now being a large company is to find additional tonnage which was why we are stepping out further to the east and further to the southwest, to see what the size potential of this big system really has.”
Coppermolly has a exploration agreement with Barrick Gold involving three projects covering 170sqkm to find out their economic mineral potential through an on-going drilling programme.
Reporting on the neighbouring Nakru-2 progress, he said: “We got impressive intersections of copper … and including a 7m thick intersection in both holes of around 3.5 to 4% copper, Barrick Gold saw there was a large geophysical anomaly that needed to be tested as well.
“And there, we got impressive grades of copper.”
Responding to question regarding Simuku where Barrick Gold was at an advanced stage of drill hole planning and what did this involve and when drilling was likely to commence, Swiridiuk said the drilling they did last year aimed to expand on the size of their resource.
He said they had mineralisation well outside that zone of the 200 million tonnes at 0.36% copper.
“What we want to do this year was concentrate on finding mineralisation, higher grades of mineralisation at depth within that resource area,” Swiridiuk said.
Coppermoly and other historical explorers got intervals, for example, of 282m at 0.45% copper.