NEW Britain minerals explorer Coppermoly Limited had a recent visit to its main project sites when new majority shareholder Ever Leap Services Ltd took the opportunity to get a first-hand look at the company’s Nakru and Simuku tenements.
Ever Leap, a wholly owned subsidiary of China focused engineering firm Shanxi Xierun Investment Limited, became Coppermoly’s largest shareholder after investing A$2.5 million in the first half of 2016.
Representatives from Ever Leap Services joined Coppermoly director Dr Wanfu Huang and its PNG operations manager Peter Ainge on a tour of the Nakru and Simuku tenements in late July.
The Ever Leap representatives used the visit to assess the potential to apply their engineering and mining expertise to the further development of the properties.
According to Coppermoly, the trip was very successful with all parties enthused by the potential of the company’s tenements.
As part of the PNG trip Coppermoly’s representatives met with potential drill contractors for an upcoming exploration programme at Nakru. The advanced preparations for the planned programme includes up to 10 drill holes concentrating on the Nakru 1 and adjacent Nakru 2 prospects where drilling in 2014 intersected high grade near-surface copper mineralisation. It is expected that the programme will be started in the next two months.
Coppermoly has also undertaken some important landowner meetings within its main tenement areas in the lead-up to the upcoming exploration programme. It also undertake maintenance work on the tenements and collected mineral samples for library and other internal studies.
The company also moved its operations base in Kimbe to more suitable premises located close to the Kimbe town centre and port area.
Coppermoly has also reported that renewal applications for exploration licences EL 2014 Makmak and EL 2272 Wowonga have been accepted by the PNG Mineral Resource Authority (MRA). Warden hearings for both licenses set down for July 2016 have been postponed to early September 2016 due to adverse weather conditions and the state of the roads between Kimbe and the south coast of New Britain.