COPPERMOLY Limited says all its planned exploration activity in the country, which includes the proposed drilling programme at the Mt Nakru prospect in West New Britain, has been deferred indefinitely due to Covid-19 related restrictions on travel between Australia and Papua New Guinea.
A planned exploration drilling at Mt Nakru to define the strike length and depth extent of the currently exposed massive and disseminated sulphides was to be conducted.
The Australian based mineral exploration and resource development company had been conducting activities in the Islands of New Britain, however, announced on the stock market that it remains well funded to resume exploration activities when circumstances allow.
It currently has cash reserves of A$4.3 million (K10.5m) as of Sept 30.
Providing an update of its activities in the country, the company said: “Mt Nakru (EL 1043): The Mt Nakru Cu-Au project (EL 1043) comprises two known deposits, Nakru 1 and Nakru 2, which are 1.5km apart.”
The Mt Nakru project hosts mineral resources, classified in accordance with JORC (2012), which were estimated by mining associates in February 2019. Simuku (EL 2379): The Simuku project comprises exploration licence 2379 on the island of New Britain in Papua New Guinea.
Mineralisation at Simuku is copper-molybdenum-gold porphyry style associated with the Simuku-Kulu Intrusive Complex, which is Upper Oligocene in age.
Three and potentially four porphyry copper-molybdenum-gold prospects, spaced along a 3km to 4 km, north to northeast trending zone, have been recognised on the Simuku project.
Coppermoly’s exploration strategy is to investigate areas adjacent to the Simuku mineral resource for similar styles of mineralisation in order to expand the overall mineral resource. Recent geophysical studies completed by the company outlined target areas in close proximity to the Simuku mineral resource for follow up exploration.
No significant exploration activity was undertaken on the Simuku project during the quarter.
Mak Mak (EL2514): Mak Mak is a greenfields exploration tenement that lies proximal to the Nakru tenement.
The National/Pacific Mining Watch
Next : PNG Govt to push for Wafi-Golpu Mine Project with Deep Sea Tailing Placement