Projects


West New Britain 3D Fly-Through


Click image to enlarge


PROJECT SUMMARY
Tenement Area Km2 Description
MT NAKRU*

EL 1043



47

The Mt Nakru tenement covers 47km2 and encloses four known copper-gold systems known as Nakru-01 to Nakru-04. It is our key project as it hosts high-grade open pittable copper.

The tenement is a four-hour drive from the provincial capital of Kimbe, which has a deep water port and airport terminal.

Exploration across the Mt Nakru project to date has identified a number of mineralisation styles across the Mt Nakru tenement, including a supergene copper zone (34.35m at 1.96% Cu, 0.17g/t Au), a massive sulphide zone (6.7m at 3.8% Cu, 1.66% Zn, 9.5g/t Ag, 0.19 g/t Au), primary copper and copper-gold, and high-grade copper, silver, zinc, telluride and polymetallic mineralisation.

The Nakru-01 and Nakru-02 prospects are our most advanced. Coppermoly recommenced exploration at the Mt Nakru tenements in late 2013 after re-acquiring majority ownership.

Other Prospects
To date, little exploration has been undertaken at the other prospects at Mt Nakru. These include the Nakru-03 and Nakru-04 systems and the known historical prospect Plesyumi.


Nakru Exploration Licence showing extensive geochemical anomolies, geophysical anomolies and drill hole locations.

Plesyumi, to the West, is the other part of the Nakru exploration licence and is an historical prospect which warrants further exploration.


Model of Simuku Mineralisation


Copper envelope in the north of the Simuku exploration licence

SIMUKU* (EL 1445 Talelumas was consolidated with EL 1077 Simuku to form EL 2379 Simuku in September 2015)

EL 2379

The new Simuku tenement (EL2379) was granted as a newly consolidated exploration licence combining EL1077 Simuku and EL1445 Talelumas in 2015. The newly consolidated Simuku project covers 122.7 km2 (the old Simuku tenement is 47.8km2) and is also located on New Britain Island, PNG, within one hour's drive from existing infrastructure, including deep water port Kimbe.

Simuku is a key asset in terms of supporting Coppermoly's long-term growth on New Britain Island.

Simuku is a large copper-molybdenum porphyry system over a 4km strike length and extending to more than 800m deep. The project has a JORC Inferred Resource of 200 million tonnes at 0.36% copper + 61ppm molybdenum + 0.06 g/t gold + 2 g/t silver, containing 700,000 tonnes of copper, 12,000 tonnes of molybdenum, 12 tonnes of gold and 391 tonnes of silver.

(Refer to Coppermoly Limited ASX Announcement dated 1 May 2009. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not been materially changed since it was last reported).

Within the Inferred Resource area, drilling results have indicated an upper zone of secondary enrichment. A report completed in 2009 recommended the secondary enrichment blanket be drilled and a seperate high level resource which could be potentially economically viable in its own right.

Simuku hosts a number of prospects, including Nayam, Tobarum, Misili and Horseshoe, a molybdenum prospect.

Previous results from Simuku have included:
- 18m at 1.0% Cu from 18m
- 58m at 0.53%Cu from 24m
- 14m at 0.42% Mo from surface.

The Talelumas project is adjacent to the Simuku project and covers 75.0km2. It was amalgamated with the Simuku project in 2015. Porphyry copper and gold style mineralisation occur along the mineralised Kulu-Awit copper belt. Our projects lie within this trend which has been historically explored with airborne geophysics and geochemical sampling.

Isme Creek rock samples returned 9.47g/t gold, 7.94% zinc, 552g/t silver, 0.15% copper and 7.05% lead. This geochemical combination is similar to that encountered at Nakru. The Mt. Misusu prospect has anomalous copper occuring over an area of 850 by 500 metres with one sample returning 1.07% copper and 109ppm molybdenum.
MAKMAK

EL 2014

280.1

Visible copper, gold and iron mineralisation occurs in samples on the south coast at Montagu Harbour. Of 32 rock samples measured by Niton XRF, 15 contained copper and/or molybdenum mineralisation with nine showing values greater than 1% copper. Some rock samples contain black tourmaline and albite alteration suggesting an IOCG source of mineralisation. Nearby airborne geophysical magnetic anomalies indicate significant aerial extent of iron as magnetite. Pinhead sized gold nuggets have been panned from nearby creeks.

POWELL

EL 1782

378.5

Copper and gold prospects occur within this application which lies in a NW trending copper belt which includes the Mt. Likuruanga porphyry copper system.


APPLICATIONS
No current Application

ELA 2514 Makmak

269.4

New application for much of the land covered by the old EL 2014 plus additional land that now adjoins Coppermoly's key project, EL 1043 Nakru.

Previous EL showed Visible copper, gold and iron mineralisation occuring in samples on the south coast at Montagu Harbour. Of 32 rock samples measured by Niton XRF, 15 contained copper and/or molybdenum mineralisation with nine showing values greater than 1% copper. Some rock samples contain black tourmaline and albite alteration suggesting an IOCG source of mineralisation. Nearby airborne geophysical magnetic anomalies indicate significant aerial extent of iron as magnetite. Pinhead sized gold nuggets have been panned from nearby creeks.

All exploration licences are in the name of Copper Quest PNG Ltd, a wholly owned subsidiary of Coppermoly Ltd.

* Barrick Gold Corporation, through a subsidiary company (Barrick), still holds a nominal 28% interest in the WNB Projects (EL 1043 Mt Nakru and EL 2379 Simuku), whichCoppermoly has a binding agreement to acquire, completion of which will be effected on the payment of a further $A4.5M to Barrick within 6 months after the commencement of commercial production at the WNB Projects. Barrick do not have to contribute any further costs to exploration or development of the projects nor are they entitled to any profits from the projects.