COPPERMOLY has kicked off a drilling campaign at the Nakru-02 prospect in Papua New Guinea after being encouraged by exceptionally high copper grades yielded from rock chip and float samples.
A diamond drill rig was deployed in early March with results likely to be reported by April.
Four holes of 150 metres depth will initially be drilled beneath the site, with particular focus to be given to the high-grade prospect.
Coppermoly managing director Maurice Gannon said the company was excited to begin drilling on site, following its December sampling program.
“Previous results have been excellent and we are confident that follow-up drilling will give us even greater certainty of the quality and value of the Nakru project and will warrant further drilling,” he said.
The best assay reported was a grading of 24 per cent copper, while at the lower end of the scale, a copper grade of 1.88% was yielded.
Coppermoly collected 125 rock chip and float samples which were dispatched for preparation and assaying at SGS PNG and further assaying by SGS Australia.
Nine samples yielded between 1.88% and 24% copper; twelve samples graded between 0.5% and 1% copper and molybdenum highs of between 200 parts per million to 750ppm were also recorded.
The recent sampling, taken over an area of 1 square kilometre, indicates that mineralisation at Nakru-02 may extend a further 400m to the west than previously thought. Surface mineralisation now extends over a strike length of 800m in an east-west direction.
At the time of reporting the results to the market, Mr Gannon said they underpinned the company’s strategy for realising value.
“These assay results, which include some of the highest copper assays ever obtained on New Britain Island, are just the highlights of a very successful sampling program that very strongly supports our strategy of targeting the Nakru-02 prospect for its potential to rapidly enhance shareholder value,” he said.
“They’ve exceeded our expectations.”