Coppermoly has elected not to proceed with the farm in to the Esk Trough Project but instead renew its focus on advancing its exploration assets on New Britain Island, Papua New Guinea.

The company and farm in partner Barrick are making strides in Papua New Guinea with the recent definition of a maiden Inferred Resource for the Nakru-1 copper, gold and silver project which has taken the copper inventory in the region to 2 billion pounds.

The Nakru-1 deposit contains 514 million pounds of copper, 350,000 ounces of gold and 2 million ounces of silver. Importantly, there is the potential to increase the tonnage of the resource through further drilling. Nakru-1 is the most advanced prospect within the Nakru tenement, with an exploration target of 50 million to 60 million tonnes at 0.7% to 0.9% copper.

The delivery of the initial Resource for Nakru-1 marks the second maiden Inferred Resource delivered for the New Britain Island tenements. Since 2012 Barrick has spent over AUD 21.6 million on drilling and exploration.

The JV partner has previously advised Coppermoly that it intends to commence a process to engage with market participants for the purpose of divesting its interest in the tenements. A Conceptual Mining Study is currently being undertaken to evaluate the basic economic potential of the Nakru-1 deposit in its present form. The study is expected to be completed in August.

Source - Proactive Investors

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