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Coppermoly Aims To Repeat Previous Success Using Geophysical Survey At Esk Trough

Coppermoly (ASX: COY) is using the same geophysical survey technique at its farm-in venture at Esk Trough in Queensland that it used with success at its Nakru project on New Britain Island in Papua New Guinea in 2008.

The company has begun three dimensional induced polarisation (3DIP) ground geophysical surveys at Esk Trough.

Highlighting the success Coppermoly had with the technique at Nakru, the first drill hole into the centre of the Nakru-1 3DIP anomaly intersected 213.7 metres at 0.92% copper and 0.33 grams per tonne (g/t) gold, with an upper blanket of secondary enrichment of 13 metres at 2.8% copper.

Meanwhile, historical drilling results from the Kakapo prospect within the Booubyjan tenement at Esk Trough shows broad intersections, including 88 metres at 0.47% copper and 0.49g/t gold and 1.8 metres at 2.12% copper.

The copper intersection of 1.8 metres at 2.12% copper is coincident with a low resistivity anomaly detected in a historical induced polarisation dipole-dipole survey line.

The 3DIP survey will help map out the extent of sub-surface mineralisation in three dimensions between survey access lines, covering the 700 metre by 600 metre gold-in-soils anomaly at Kakapo.

At the Demonbanga prospect, the survey will cover the northern contact zone of a large pluton to define sulphide-related mineralisation.

At the Sefton prospect, which returned drill assays of 1,280 parts per million molybdenum and 254 parts per million copper, will help map the vein densities and sulphide-related mineralisation associated with the alteration in a 1300 metre by 400 metre copper-in-soils anomaly beneath a layer of gravel.

Following the completion of the geophysical survey, Coppermoly plans to begin a 2,000-3,000 metre reverse circulation drilling program in April-May to test for copper extensions at Kakapo and other prospects within the Booubyjan tenement.

In October last year Coppermoly signed an agreement with ActivEX (ASX: AIV) to earn up to 70% on the Esk Trough copper-gold projects by spending A$6 million in exploration over the next six years.

An initial $500,000 will be spent on geophysics and drilling during 2012 to determine whether or not the company will decide to proceed with an initial earn-in interest of 51% in the projects.

About Esk Trough

The Esk Trough Project has advanced exploration prospects which can be immediately drill tested.

ActivEX's work in the past has intersected some wide zones of copper-gold mineralisation including 290 metres of 0.13% copper.

Importantly, the Queensland project has significant drill hole intersections, is accessible by roads and track and is close to existing infrastructure.