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Coppermoly secures Papua New Guinea copper exploration permit

Staff Reporter | 2:31 PM | ||
Proactive Investors

Australian company Coppermoly says it has secured new copper exploration ground with the award of its long standing tenement application ELA 1782 Powell in Papua New Guinea’s East New Britain Province for two years.

Coppermoly says, importantly, the 763 square kilometre Powell tenement is located on the Powell Copper Belt, a north-west trending fault structure similar to the Kulu-Awit structure that contains its advanced and highly prospective licences and applications in West New Britain.

Powell expands Copermoly’s land position in a new copper belt and it says it allows the company to leverage its existing expertise and facilities without substantial additional expenditure commitments in the short-term.

The company has recently secured 51% ownership over three advanced exploration licences on New Britain Island that were previously subject to a joint venture with Barrick Gold.