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Coppermoly Ltd.
Summary
| Project: | Mt Nakru | |
|---|---|---|
| Deposit: | Mt Nakru | |
| Location: | Papua New Guinea | |
| Commodities: | Gold-Copper-Silver | |
| Date: | 6/22/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 22-6-2017: Coppermoly Ltd. announces a Resource Estimation report for its Mt Nakru deposit at the Mt Nakru project. Updated mineral resource estimate confirms open pit mining potential. Coppermoly Ltd (Coppermoly or the Company) is pleased to announce an | |
| Resources: | (Resource, Inf.): 29.1Mt @ 0.92% Cu, 0.22g/t Au, 2.25g/t Ag for 267kt Cu, 208koz Au, 2104koz Ag | |
| CP/QP: | [Resources]: John Donald Macansh (Internal) | |
| ABSTRACT: | Coppermoly Ltd (Coppermoly or the Company) is pleased to announce an updated JORC Mineral Resource Estimate for its Mt Nakru Copper-Gold Project in Papua New Guinea. The updated Mineral Resource follows the successful drilling program completed by Coppermoly in March 2017. Independent mining consultancy Mining Associates Pty Ltd (Mining Associates) has estimated Inferred Mineral Resources in two deposits (Nakru 1 and Nakru 2) totalling approximately 29 million tonnes @ 0.92% Cu and 0.22 g/t Au using a cut-off grade of 0.3% Cu (Table 1). mineralisation lenses at shallow levels (refer to long sections of Nakru 1 and Nakru 2, Figure 1), which should have a significant impact on the project’s economics. Inferred Mineral Resources are reported from blocks less than 200 m depth from surface topography, approximating the likely depth limit of an open pit. Mt Nakru Upgraded Resource Page 3 of 18 The Nakru 1 Inferred Mineral Resource is open to the south west down plunge. The Nakru 2 Inferred Mineral Resource is the smaller deposit to date, and is open in all directions. Due to the fact that in both deposits the higher grades are concentrated in the upper levels, and the shallow depth. Coppermoly Director, Dr Wanfu Huang said: "Our recent drilling program and this modelling work confirms there is great potential for increasing the Cu-Au Inferred Mineral Resource at the Mt Nakru Project. Importantly, the modelling work indicates that there is 18.2Mt of Inferred Mineral Resources at average 1.26% Cu and 0.30 g/t Au at Nakru 1 and Nakru 2 if the cutoff grade is uplifted to 0.5% Cu, which may greatly improve the economic viability of this project. We expect further drilling to expand the size and quality of the deposits at Mt Nakru since both prospects are open on multiple sides." | |
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