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The Mt Nakru property is owned 100% by Copper Quest (PNG) Ltd and is accessible by a four hour drive from the provincial capital of Kimbe which is host to an operational deep water port and airport terminal. The significant gold and copper grades with high tonnage potential make these systems valuable assets of the Company. Over 2,300m of drilling has been completed in nineteen drilholes with over 9,000m of surface trenching completed. During 2008, Coppermoly completed 880.8m of drilling in eight drillholes and over 2,100m of trenching.
The Mt Nakru tenement encloses two copper-gold-molybdenum breccia or VHMS systems at Nakru-1 and Nakru-2. Exploration to date has included 17 drill holes (for 1967 metres) at Nakru-1 and the recently completed first two drillholes into Nakru-2 for 412 metres.
Historically, the best drill results from the pre-2008 twelve drillholes at Nakru-1 included 74m of 0.78% copper (Q74D6) and 11.2m of 0.95% copper and 2.55 g/t gold at 91m depth (NAK003). A gold bearing breccia blanket with drilling results of 5.6m of 1.90 g/t gold (NAK001) and 90m at 1.08 g/t gold in a surface trench overlies copper grades of 0.67% to 1.10% (Q74D6). Surface trench results includes 45m of 2.5 g/t gold and 245m of 0.8 g/t gold.
Recent IP geophysics has indicated a significant anomaly beneath ash cover, which has been partially tested by three drill holes including NAK003, NAK017 and Q74D6. Drill hole NAK017 intersected semi-massive sulphides with 63.9m at 0.54% copper and 0.34 g/t gold including 28.4m at 1.1% copper at 30m depth. These intersections were encountered into part of the IP anomaly caused by disseminated sulphide (pyrite and chalcopyrite)..
The Nakru-2 polymetallic system occurs as a 700m diameter breccia or VHMS system located 1km to the west of Nakru-1.
The first ever two drillholes into Nakru-2 in 2008 tested part of the IP anomaly and a trench intersection of 25m at 1.44% copper, 10m at 1.16g/t gold and 155 ppm molybdenum. A historical rock chip sample also graded 19.9% copper at this trench. The drill holes intersected a semi-massive sulphide lens with intersections of 27.7m at 1.90% copper including 6.7m at 3.8% copper at 25m depth. The drillholes confirm an association of copper mineralisation with the IP targets, which remain largely un-tested by drilling. A historical trench 600m north-west of the geophysical target included 5m at 3.5% copper and 6.6% zinc.
At Nakru we have an upper Exploration Target in the top 20 metres of 15 to 35 million tonnes grading 1% to 3% copper. Below 20m we have a second Exploration Target of 100 to 170 million tonnes grading 0.8% to 1.0% copper.
