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Coppermoly gets licence for tenement

Staff Reporter | 9:29 PM | |
COPPERMOLY Ltd says its long-standing tenement licence application for ELA 1782 Powell located in PNG's East New Britain has been granted by Minister Minister Byron Chan for a period of two years.
The tenement covers 763sqkm and is located on the Powell Copper Belt, which is a north-west trending fault structure and is similar to the Kulu-Awit structure that contains the company’s advanced and highly prospective licences and applications in West New Britain.
The Queensland-based copper explorer said in a statement yesterday the grant of the Powell exploration licence expanded its land position in New Britain significantly in a new copper belt.
“It also introduces new exploration potential where existing expertise and facilities could be applied, without incurring additional expenditure in the short-term,” the company said.