Coppermoly is focussed on exploring for and developing copper–gold deposits.

At the Nakru-1 Prospect drilling intersected 213.75m grading 0.92% copper and 0.33 g/t gold. Drilling results so far show an Exploration Target of 50 to 60 million tonnes grading 0.7 to 0.9% copper.

Evaluation is currently underway to estimate a Maiden Inferred Resource.

The Nakru-2 Prospect is one kilometre to the west of Nakru-1. It includes an upper zone of primary massive sulphide of 8m grading 3.8% copper. In a drillhole 100m further west, Barrick intersected 64m of 0.59% copper.

The Simuku porphyry copper system has an Inferred Mineral Resource of 200 million tonnes grading 0.47% copper equivalent (0.3% Cu.Eq. cut-off) for 700,000 tonnes of copper (1.5 billion pounds). Recent drilling to over 1000m depth is being evaluated to increase the resource.

Barrick Gold Corporation now have a 72% stake in these projects which are close to infrastructure, including an operating deep water port that will be essential for future development.

Coppermoly has three additional projects under application covering 1586sq.km in PNG.

New Project Activity

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The Esk Trough project fits our corporate strategy of exploring copper-gold projects close to existing infrastructure. Geophysics and drilling are being used to advance these projects.