Coppermoly celebrates early Christmas

THE DRILL SERGEANT: The festive season kicked off early for copper-gold-focused exploration company Coppermoly with the first ever diamond drillhole sunk into the company’s Nakru-4 prospect in Papua New Guinea.

The hole intersected 22 metres grading 0.21 grams per tonne gold and 0.15 per cent copper from 9 metres depth.

This included a one metre interval of 1.54 g/t gold and 1.17 per cent copper in telluride.

The hole was drilled 800m northwest of the company’s Nakru-1 prospect and was completed to a depth of 271.9m.

“Results confirm the presence of widespread copper and gold mineralisation at depth which warrants further drilling to test for tonnage potential,” Coppermoly said in its ASX announcement.
 
“A number of other prospects within the Nakru exploration licence, including other geochemical and geophysical targets, are yet to be drill tested.”

The Nakru-4 prospect is situated within the northern extent of a 600m by 1400m historical gold in soil anomaly which extends from the south-western portion of the Nakru-1 copper-gold system.

 

Location of Coppermoly tenements. Source: Company announcement

Previous drilling at Nakru-1 recorded an interval of 23.5m grading 2.38 g/t gold and 1.30 per cent copper from 87.3m depth, including 1m grading 42 g/t gold and 4.6 per cent copper at 99m depth.

“The Nakru-1, 2, 3 and 4 prospects occur as a cluster of copper-gold-zinc breccia related mineralisation,” Coppermoly said.

“The Nakru-1 system exhibits an overprinting of epithermal gold, while both the Nakru-1 and Nakru-2 systems show characteristics similar to volcanogenic massive sulphide deposits.

“Further drilling will be required to define the extent of mineralisation within these four prospect areas as well as test the other geophysical and geochemical targets.”