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Porphyry Copper-Molybdenum-Gold Systems
The Simuku porphyry copper system (Figure 1) has an Inferred Resource of 200 million tonnes grading 0.36% copper. It 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).
The project site is within a one hour drive from an existing deep water port at the Provincial Capital of Kimbe, which will be essential for future development. This deposit is currently being drill tested to over 1000m depth beneath the existing Inferred Resource. With a total of over 9000 metres in thirty six drillholes completed to date, there is significant potential to increase the grade and tonnage with depth.
Barrick’s first diamond drillhole during 2011 (BWNBDD0014) drilled to 1004.9 metres beneath the Inferred Resource to test for copper mineralisation at depth. Results include 16 metres grading 0.54% copper from 202 metres depth, 43 metres grading 0.54% copper from 224 metres depth and 70 metres grading 0.42% copper from 359 metres depth (Photo 1). These values will help to significantly increased the tonnage of the Inferred Resource.
A second drillhole (BWNBDD0015) is currently underway approximately 400 metres further south to test the deeper parts of the Tobarum prospect. Drilling is set to continue throughout 2011.
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
Figure 1: Coppermoly Tenements on the Kulu-Awit Copper Belt
