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Coppermoly Focused On PNG Copper Assets, Elects To Relinguish Esk Trough

Coppermoly (ASX: COY) has elected not to proceed with the farm-in to the Esk Trough Project, but instead renew its focus on advancing its exploration assets on New Britain Island, Papua New Guinea.

The company and farm-in partner Barrick (PNG Exploration) are making strides in Papua New Guinea with the recent definition of a maiden Inferred Resource for the Nakru-1 copper-gold-silver project, which has taken the copper inventory in the region to 2 billion pounds.

The Nakru-1 deposit contains 514 million pounds of copper, 350,000 ounces of gold and 2 million ounces of silver.

Importantly, there is the potential to increase the tonnage of the resource through further drilling.

Nakru-1 is the most advanced prospect within the Nakru tenement, with an exploration target of 50-60 million tonnes at 0.7-0.9% copper.

The delivery of the initial Resource for Nakru-1 marks the second maiden Inferred Resource delivered for the New Britain Island tenements.

Since 2012 Barrick has spent over A$21.6 million on drilling and exploration.

The joint venture partner has previously advised Coppermoly that it intends to commence a process to engage with market participants for the purpose of divesting its interest in the tenements.

A Conceptual Mining Study is currently being undertaken to evaluate the basic economic potential of the Nakru-1 deposit in its present form. The study is expected to be completed in August.

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