Another standout intersection at the South Kulu prospect of the project was 2m grading 0.15% copper and 286 parts per million molybdenum at a depth of 440m.

Overall there was copper mineralisation from a 93m depth through to 442m out of this hole which was drilled to a 617.2m depth.

The hole was the last of Barrick's recent drilling program at the project and equipment and personnel have been demobilised.

"Barrick is continuing a low-level economic scoping study on both the Simuku and Nakru projects," Coppermoly said.

"A low-level presence is being maintained at its office in Kimbe."

Barrick earns in

Coppermoly said Barrick had earned a 72% stake in the Simuku, Nakru and Talelumas projects on New Britain Island as it reached the agreed milestone of spending more than $20 million on exploration.

"A joint venture for the exploration of the tenements will now be formed," Coppermoly said.