Coppermoly Ltd is a mineral exploration and resource development Company steadily advancing an exciting portfolio of copper/gold projects in the South West Pacific nation of Papua New Guinea.
Since listing on the Australian Stock Exchange in 2007, Coppermoly’s exploration efforts have been focused on the island of New Britain, where the Company holds extensive highly prospective exploration territory and has had major success in discovering and defining significant copper and gold deposits.
Papua New Guinea has a long history of successful development of major resources projects, being richly endowed with some of the world’s largest copper/gold deposits, including Ok Tedi, Lihir Island, Porgera, Misima, Panguna, Hidden Valley and Frieda River.
The so-called “Pacific Ring of Fire” – the volcanic arc that hosts many of these deposits – extends through New Britain, where Coppermoly holds or has applications in place for a number of exploration tenements.
|EL 1043 Mt Nakru*||47km²|
|EL 2379 Simuku*||122km²|
|EL 2514 Makmak||269km²|
|EL 2578 Kori River||396km²|
|ELA 2638 Metelen River||246km²|
*Barrick Gold Corp holds a nominal 28% interest in each of the Mt Nakru and Simuku projects, which the Company has a binding agreement to acquire within 6 months following the commencement of commercial production.
Coppermoly’s exploration activity currently is focused on two of these prospects: the Nakru copper/gold deposit and the Simuku copper / gold / molybdenum deposit.
The exploration portfolio is ideally located, being easily accessed by road and air from the provincial capital of Kimbe and close to essential infrastructure including roads, an airfield and a deep-water port.
Coppermoly’s exploration territory is highly prospective for large, porphyry-style and shallow felsic dome hosted, copper-molybdenum-gold deposits with substantial mineral resources already defined at Mt Nakru and Simuku, which are the two most advanced projects.
The Mt Nakru tenement covers 47km2 and encloses four known copper-gold systems known as Nakru-01 to Nakru-04.
After significant drilling by Coppermoly and former joint venture partners, an initial inferred resource was defined at the Mt Nakru project in 2012.
As a result of further exploration work and drilling campaigns conducted over the past few years, including a 2018 campaign of 16 drill holes for 1997.5 metres, the resource has been updated and upgraded, with the first indicated resource category declared for the project in February 2019.
The Simuku project is the second of Coppermoly’s projects to have a declared resource and continues to be a focus of recent exploration activity.
The tenement (EL2379) covers 122.7 km2 and is located within one hour’s drive from existing infrastructure, including the deep-water port of Kimbe.
The Simuku deposit consists of a large tonnage, low grade, porphyry style copper mineralisation zone and near surface higher grade secondary copper mineralisation.