The National – Tuesday, February 1, 2011
EXPLORATIONS at the Simuku project area conducted by Barrick Gold Corp have revealed high grade copper deposits from each of the three drillholes.
In agreement with Coppermoly Ltd, Barrick is allowed to spend A$20 million to earn 72% of the three tenements Nakru, Simuku and Talelumas, while it continues with the drilling and exploration.
Coppermoly retains a 100% ownership until the earn-in is complete on this New Britain exploration site.
Results from each of the three drillholes at Simiku exploratory camp have shown up quality high grade copper mineralisation.
In 2009, Coppermoly announced a maiden inferred resource of 200 million tonnes grading 0.36% copper at Simuku.
Managing director Peter Swiridiuk said there was higher grades of copper mineralisation within this resource at the Nayam drilling intercepts of 279ft grading 0.59% copper, including an upper zone for secondary enrichment of 18ftgrading 1% copper.