Coppermoly’s Planned Exploration Deferred
The planned exploration activities of Coppermoly Limited has been deferred indefinitely because of the restrictions of travel between Papua New Guinea and Australia.
One of these activities is the proposed drilling programme at the Mt Nakru prospect in West New Britain.
According to Coppermoly which has a cash reserve of A$4.3 million (K10.5m) as of Sept 30, the company remains well-funded to continue its exploration when time permits. It said, “Mt Nakru (EL 1043): The Mt Nakru Cu-Au project (EL 1043) comprises two known deposits, Nakru 1 and Nakru 2, which are 1.5km apart.”
Classified in accordance with JORC (2012), estimated by mining associates in February 2019, the Mt Nakru project has many mineral resources.
Simuku (EL 2379): The Simuku project, meanwhile, has exploration licence 2379 on the island of New Britain in Papua New Guinea.
At Simuku, mineralisation is copper-molybdenum-gold porphyry style linked with the Simuku-Kulu Intrusive Complex, an Upper Oligocene in age. Spaced along a 3km to 4km, north to northeast trending zone, three and potentially four porphyry copper-molybdenum-gold prospects, have been recognised on the Simuku project.
The exploration strategy of Coppermoly is to check out areas adjacent to the Simuku mineral resource for the same styles of mineralisation in order to widen the mineral resource. The company has recently outlined some geographical studies related to areas near the site. One of these is Mak Mak, a greenfields exploration tenement lying almost to the Nakru tenement.
For this quarter, no exploration has been done.