Three weeks ago the explorer announced it found iron ore in rock chip samples taken at the Makmak copper-gold project.
Geologist Stan Yeaman believed South American-style iron ore copper gold mineralisation was at play.
Final assays are in for the four magnetite/martite breccia samples taken during preliminary reconnaissance of the project's Wara Creek prospect.
Two had iron grades of just more than 70%.
Phosphorous, the sworn enemy of iron ore, was at low levels ranging between 0.006% and 0.037% across the four samples.
The results for low rates of alumina and silica impurities were also encouraging.
"Mineragraphic examination shows that the iron oxides consist of magnetite largely replaced by martite, a crystalline form of hematite," Coppermoly said.
"Such hypogene replacement takes place at about 400C and is not a near-surface effect."
The explorer identified a prospective 800 million cubic metre area for further investigation.
Located on the southern coast of New Britain Island, Coppermoly won the two-year Makmak exploration licence in June and it covers 280sq.km.
Exploration work was previously focused on copper and gold.
Initial investigations have also found potential coastal locations for port development in the EL.