Coppermoly Gains Key Exploration License Nearby Nakru Copper Find In PNG

Jul. 06, 2012 1:31 AM ET
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Coppermoly (ASX: COY) has finally been granted an exploration license (ELA 2014 Makmak) by the PNG Minister for Mining on the south coast of New Britain Island in Papua New Guinea.

Significantly, the Makmak tenement, covering 280 square kilometres is only 9 kilometres south of the company's Nakru tenement where drilling intersected 190.85 metres at 1.01% copper and 0.36g/t gold at Nakru-1.

The company expects to announce a maiden Inferred Mineral Reosurce for Nakru-1 and an upgraded estimate for Simuku are in July.

During reconnaissance sampling in 2010, Coppermoly collected surface rock float samples at the 'Pulding' prospect, including 10.7% copper and 15.5g/t silver, 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 license is located on the highly prospective Kulu Awit Transfer structure host to gold-silver and copper-gold-molybdenum-silver systems, with access available via 4WD from New Britain Island's provincial capital, Kimbe.

The Makmak license will be wholly owned by Coppermoly which will not form part of the farm-in agreement Coppermoly has with a subsidiary of Barrick Gold Corporation (NYSE: ABX).

Makmak is an extensive tenement covering 280 square kilometres, while being strategically located less than 10 kilometres south of the Nakru (which is in a joint venture with Barrick) tenement where drilling intersected 190.85 metres at 1.01% copper and 0.36g/t gold at Nakru-1.

Kulu Awit Transfer structure hosting Makmak

Makmak is hosted within the Kulu Awit Transfer, which includes Vangold Resources' (CVE: VAN) Mt.Penck gold-silver system, which returned 131 metres at 2.36g/t gold from drilling.

Coppermoly has experience in the area, with other interests including:

- Simuku copper-gold-molybdenum-silver deposit containing an Inferred Resource of 200 million tonnes at 0.36% copper, 61ppm molybdenum, 0.06g/t hold, 2g/t silver;
- Kulu copper prospect with 27 metres at 0.21% copper;
- Plesyumi porphyry system with 44 metres at 0.85% copper; and
- Nakru-1 Exploration Target of 50 to 60 million tonnes at 0.7% to 0.9% copper.

Coppermoly has a 28% interest Simuku, Talelumas and Nakru, while also having 100% interest in two other tenements nearby under application.

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