Vast copper finds at Simuku

BARRICK Gold has completed a deep hole at the Tobarum prospect of Coppermoly’s Simuku project in Papua New Guinea, with results showing an intersection of 1001.9m grading 0.24% copper and 2.38 grams per tonne of silver starting 3m from the surface.
Vast copper finds at Simuku Vast copper finds at Simuku Vast copper finds at Simuku Vast copper finds at Simuku Vast copper finds at Simuku

The results included a 3m intersection from a depth of 215m which graded 1.79% copper (based on a 0.2% copper cut-off), 29 parts per million of molybdenum, 0.07gpt gold and 9.63gpt silver.

Coppermoly emphasised the mineralisation in the hole extended to more than 500m below the existing inferred resource.

To the south, at the Misili prospect of the project, another hole was wound up at a 686.4m depth.

The hole intersected 383m at 0.22% copper, 74ppm molybdenum and 1.85gpt silver, starting from a depth of 163m.

It also had a 24m intersection grading 0.75% copper, 78 ppm molybdenum, 0.03gpt gold and 6.3gpt silver.

Assay results for a third deep hole are pending.

Barrick has completed six diamond drill holes at Simuku for a total of 4.2km.

It is expected to earn a 72% stake of the Simuku project, along with the Coppermoly Nakru and Talelumas tenements, after spending the agreed sum of $A20 million on exploration by early 2012.

The Simuku project, located on New Britain Island, has an inferred resource of 200 million tonnes grading 0.47% copper equivalent (based on a 0.3% copper cut-off), resulting in an estimated 700,000 tonnes of copper.

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