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Porphyry Copper-Molybdenum-Gold Systems
The Company holds a 100% interest in the Simuku porphyry copper-molybdenum-gold Project on New Britain Island. Over 28 kilometers of bulldozer trenching and a total of 6,021 metres of drilling in 31 holes have defined porphyry style mineralisation in a 3,500m by 650m area of anomalous copper with an inner molybdenum envelope. Simuku is only a one hour drive from Kimbe, which has a functioning deep water port and regional airport with daily flight access to Sydney via Port Moresby.
An Inferred Mineral Resource has been estimated containing 200 million tonnes grading 0.47% copper equivalent (0.36%Cu, 61ppm Mo, 0.06 g/t Au, 2 g/t Ag). Using a higher cut-off value of 0.5% copper equivalent shows a higher grade Inferred Mineral Resource of 80 million tonnes grading 0.6% copper equivalent* (0.44% copper, 76 ppm Molybdenum, 0.07 g/t gold and 2 g/t silver). This Resource covers less than one third of the area of known surface copper mineralisation and it has excellent potential for expansion to the south-southwest.
The Simuku porphyry copper deposit contains 700,000 tonnes of copper, 12,000 tonnes of molybdenum, 12 tonnes of gold and 391 tonnes of silver (or 1.5 billion pounds of copper, 26 million pounds of molybdenum, 0.4 million ounces of gold and 13 million ounces of silver).
Higher grade primary copper is noted at the Nayam Prospect in drillhole SMD026, with 56 metres grading 0.77% copper (including 16 metres grading 1.24% copper) from 240 metres down hole depth. High grade zones of molybdenum have been demonstrated at the Horseshoe Prospect (SMD014) including 14 metres grading 0.41% molybdenum from surface and are yet to be fully evaluated by drilling.
A near surface ‘supergene’ blanket of secondary copper enrichment has been encountered in at least eleven drillholes at Nayam, Tobarum and Misile Prospects. Once a near surface copper resource is defined, the project has the potential to be economically viable and will progress to full feasibility studies. There is scope for a significant increase in tonnage potential for both primary and secondary copper.
Near surface copper enrichment highlights from drilling (0.4% copper cut-off) include:
Nayam Prospect:
- SMH12: 12m thick 0.62% copper at 21m depth
- SMD18: 16m thick 0.97% copper and 174ppm molybdenum at 36m depth
- SMD19: 16m thick 1.0% copper and 140ppm molybdenum at 16m depth
- SMD25: 14m thick 0.49% copper and 215ppm molybdenum from 36m depth
- SMD26: 21m thick 0.62% copper from 16m depth
Tobarum Prospect:
- SMD03: 6m thick 0.52% copper at 16m depth
- SMD04: 38m thick 0.64% copper at 28m depth
- SMH10: 36m thick 0.70% copper at 30m depth
- SMD27: 27m thick 0.74% copper at 23m depth
Misile Prospect:
- SMD21: 11m thick 0.62% copper from 16m depth
- SMD30: 16m thick 0.67% copper and 126ppm molybdenum at 11m depth
