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Porphyry Copper-Molybdenum-Gold Systems
The Company holds a 90% interest in the Simuku porphyry copper-molybdenum-gold Project. This project has significant copper and molybdenum credits in a relatively accessible and lower cost region of Papua New Guinea.
Historical trench results include 14m at 1.03% copper, 63m at 0.47% copper and 72m at 0.17% molybdenum. Molybdenum and copper prices have increased by over 300% in the past four years. A total of over 23km of bulldozer / excavator trenching and 27 drillholes (4,473 metres) have been completed on the project. All results of the trenching were released in an independent NI43-101 report lodged with the BCSC in 2006 and available in this website.
The essential parts of the Simuku Project are summarised below:
- Porphyry copper-gold-molybdenum system
- Target is >200 million tonnes at plus 0.5% copper equivalent
- Separate molybdenum targets with a target of >10 million tonnes at 0.2% molybdenum
- Drillhole results include 36m of 0.7% copper, 77m at 0.49% copper and 19m at 0.32% molybdenum.
Recent drilling at the Tobarum and Nayam prospects has expanded on our known area of copper mineralisation with 32m at 0.87% copper equivalent at Nayam and 56m at 0.51% copper equivalent 800m to the sout at Tobarum.
Two drillholes at the horeshoe prospect confirmed significant molybdenum mineralisation with summary intersections from surface as follows:
7m at 0.6% molybdenum SMD13 71m at 0.5% copper equivalent
Copper equivalents are the combined value of copper, molybdenum, gold and silver that are converted to an equal amound of pure copper and summed. It is used to allow interpretation of the possible theoretical 'value' of mineralised rock.
Copper equivalent is based upon metal prices of US$3.80/lb Cu, US$946/oz Au, US$33.60/lb Mo (57% Mo Oz Conc) and US$18.28/oz Ag (15 July, 2008).
"Readers are advised to refer to Announcements and Projects sections of this web site for complete information of drill and trench results".
