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 has been drill tested to over 1000m depth beneath the existing Inferred Resource. With a total of 10248 metres in thirty-seven 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 show 0.24% Copper over 1001.9m, including 53m at 0.4% copper at 818 metres depth (Photo 1).
A second drillhole (BWNBDD0015) at the Misili prospect intersected 383 metres grading 0.22% Copper, including 24m grading 0.75% Copper. These results significantly increase the tonnage potential of the system. Drilling results are pending for two drillholes beneath the Horseshoe prospect and the Kulu prospect.
Near surface copper enrichment highlights from drilling (0.4% copper cut-off) include:
Figure 1: Coppermoly Tenements on the Kulu-Awit Copper Belt