Coppermoly intersects copper and gold mineralisation in the first hole at Nakru-4 in PNG

Coppermoly’s (ASX: COY) first drillhole into the Nakru-4 prospect in Papua New Guinea has intersected 22 metres at 0.21 grams per tonne (g/t) gold and 0.15% copper from 9 metres, including a 1 metre interval of 1.54g/t gold and 1.17% copper in telluride.

The hole is 800 metres northwest of the Nakru-1 prospect and was completed to a depth of 271.9 metres.

Previous drilling at Nakru-1 reported an interval of 23.5 metres at 2.38g/t gold and 1.3% copper from 87.3 metres, including 1 metre at 42g/t gold and 4.6% copper at 99 metres.

Drilling results from Nakru-4 confirm the presence of widespread copper and gold mineralisation at depth which warrants further drilling to test for tonnage potential.

Seventeen Wacker drillholes at between 5 and 10 metres depth were completed in April 2011 at Nakru-4 in an attempt to sample bedrock beneath volcanic ash and soil cover.

The Nakru-1, 2, 3 and 4 prospects occur as a cluster of copper-gold-zinc breccia related mineralisation.

The Nakru-1 system exhibits an overprinting of epithermal gold, while both the Nakru-1 and Nakru-2 systems show characteristics similar to volcanogenic massive sulphide deposits.

Further drilling will be required to define the extent of mineralisation within these four prospect areas as well as test the other geophysical and geochemical targets.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23781/coppermoly-intersects-copper-and-gold-mineralisation-in-the-first-hole-at-nakru-4-in-png--23781.html