Barrick expands into New Britain

BARRICK Gold has spent the $A20 million-plus required to earn 72% stakes in Coppermoly’s Simuku, Nakru and Talelumas projects in Papua New Guinea, with the big miner also landing a 27m intersection grading 0.29% copper from a depth of 143m at the Simuku project.
Barrick expands into New Britain Barrick expands into New Britain Barrick expands into New Britain Barrick expands into New Britain Barrick expands into New Britain

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.

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