COPPERMOLY LIMITED For personal use only
31 January 2022 | ASX Code: COY |
December 2021 Quarterly Activities Report
The following report details the operating and corporate activities of Coppermoly Ltd (Coppermoly or the Company) for the quarter ended 31 December 2021.
SUMMARY
- Coppermoly was granted a 320 km2 tenement - EPM27835 (Fox Creek Project) - on the Mt Isa Inlier in northwest Queensland.
- The tenement area is highly prospective for base metal and gold mineralisation with numerous historic copper workings in the tenement area and geological resemblances to the Ernest Henry and Eloise Cu-Au deposits.
- The Company has also applied for, but has not yet been granted, a second 294 km2 exploration licence, EPM27836 (Mount Tracey Project), immediately to the south of EPM27385.
- All planned exploration activity in Papua New Guinea, including the previously proposed drilling program at the Mt Nakru prospect, continued to be deferred during the quarter due to COVID- 19.
- Coppermoly is well capitalised with cash reserves of $2.7 million as of 31 December 2021.
Exploration Projects
EPM 21735 (Fox Creek Project) - Queensland
During the quarter, the Queensland Department of Natural Resources, Mines and Energy ("DNR"). granted exploration licence EPM27835 (Fox Creek Project) to the Company. EPM27835 covers an area of 320km2 in the Eastern Succession, Mount Isa Inlier, in northwest Queensland which hosts a number of significant base metals deposits including the Cannington Ag-Zn-Pb deposit and the Ernest Henry Cu- Au deposit (Figure 1).
EPM27835, contains a significant portion of the Cloncurry Fault (Figure 2). The Cloncurry Fault is one of the most significant structural zones in the Eastern Succession, striking north-westly over a 150 km length and extending continuously to at least 20km depth. This fault is broadly associated with a major lithological contact, separating cover sequence units the Soldiers Cap and Corella/Staveley Formation. It is spatially associated with a series of plutons such as the Saxby Granite and Squirell Hills Granite. The Cloncurry Fault is recognised to have been a major fluid channel over a significant period of time. Numerous Cu-Au occurrences occur along this fault zone (Figure 2).
The tenement area is deemed highly prospective for base metal and gold mineralisation with geological resemblances to the Eloise Cu-Au and Starra Cu-Au deposits.
There are numerous historic copper workings in the tenement area. Three of those areas, are Mount Kalkadoon Cu-Au Zone, Lorna Miss Hit Cu-Au Zone and Fox Extension Cu-Au Zone. Preliminary modelling of historic data warrants further exploration on those zones (Figure 2).
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0 | 50 |
kilometers
Town
Ma jor Roa d
Mine s _ ES
Ma jor Fa ults
EP M27835 & 27836
Mt. Is a In lie r
Cloncurry
Q U E E N S L A N D
Bris b a n e
Le g e n d
Tommy Cre e k Microgra nite
Willia ms S upe rs uite
Ma ra munge e S uite
Dole rite Dike s
Qua mby Conglome ra te
Double Cros s ing Me ta m
Mount Albe rt Group
Ma kba t S a nds tone
Toole Cre e k Volca nics
Ma lbon Group
Milo be ds
Mt Fort Cons ta ntine Volca nics
S oldie rs Ca p Group
S ta ve le y Forma tion
Core lla Forma tion
Ove rha ng J a s pilite
S urpris e Cre e k Forma tion
Kurba yia Comple x
Booma rra Me ta morphics
Lowe r Ha s lingde n Group
Bulonga Volca nics
Mya lly S ubgroup
Ma rra ba Volca nics
Wonga S uite
Argylla Forma tion
Ka lka doon S upe rs uite
Projection: GDA94 Zone 54
Figure 1, Tenement location in the eastern Succession, Mt Isa Inlier, Northwest Queensland
(Map compiled after Qld's Mines Department database - NWQ Geology 2011)
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CLONCURRY
Le ge nd
Ma jor Fa ulk
His toric Cu-Au Mine
Cu-Au Zone
EP M27835
EP M27836
05
Pro je c tio n : MGA Zo n e 54(GDA 94) kilometersFigure 2, Te ne me nts ove r Tota l Ma gne tic Ima ge
(Ma gne tic da ta clippe d from Mine De pa rtme nt Da ta ba s e NWQ_TMI 2011)
The Company has also applied for a second exploration licence, EPM27836 (Mount Tracey Project), which covers an area 294km2 immediately south of EPM27385 (Figure 2). EPM27836 is subject to approval from DNR.
Papua New Guinea exploration projects
The Company has continued to maintain its existing PNG infrastructure (personnel, access roads and exploration camps) and has focussed on maintaining good relations with landowners and local communities to facilitate the resumption of exploration programs. The company remains well funded to resume exploration activities on its Papua New Guinea projects when circumstances allow.
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Coppermoly Ltd
Mt Nakru (EL 1043) - PNG
The Mt Nakru Cu-Au project (EL 1043) comprises two known deposits, Nakru 1 and Nakru 2, which are 1.5km apart. The Mt Nakru Project hosts Mineral Resources, classified in accordance with JORC (2012), which were estimated by Mining Associates in February 2019 and are summarised in Table 1.1 High- grade copper-zinc mineralisation has also been exposed at surface at the Nakru 2 North-West and Nakru 3 Prospects.
Table 1. Nakru Project Indicated and Inferred Mineral Resource Estimate, Feb 2019 (> 0.3% Cu)
Resource | Mineralised | Grade | Metal | ||||||||||||||||||||
Category | Tonnes | Copper | Gold | Silver | Copper | Gold | Silver ( | ||||||||||||||||
(millions) | % | g/t | g/t | (kt) | (koz) | koz) | |||||||||||||||||
Indicated | 7.03 | 1.00 | 0.28 | 1.81 | 70 | 64 | 409 | ||||||||||||||||
Inferred | 34.36 | 0.69 | 0.21 | 1.55 | 239 | 237 | 1,707 | ||||||||||||||||
Total | 41.39 | 0.75 | 0.23 | 1.59 | 309 | 300 | 2,116 |
A planned exploration drilling program at Mt Nakru to define the strike length and depth extent of the currently exposed massive and disseminated sulphides has been deferred pending the lifting of COVID- 19 related restrictions on travel between Australia and Papua New Guinea.
Figure 3 - Location of Coppermoly's PNG exploration projects
1, See Coppermoly ASX Announcement 28 February 2019. The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcement and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
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Coppermoly Ltd
Simuku (EL 2379)- PNG
The Simuku Project comprises Exploration Licence 2379 on the island of New Britain in Papua New Guinea (Figure 1). Mineralisation at Simuku is copper-molybdenum-gold porphyry style associated with the Simuku-Kulu Intrusive Complex, which is Upper Oligocene in age. Three and potentially four porphyry copper-molybdenum-gold prospects, spaced along a 3 to 4 km, north to northeast trending zone, have been recognised on the Simuku Project.
Table 2 details the Simuku Mineral Resource, which reported in March 2020 at a 0.2% copper cut off.
Table 2 - Simuku Mineral Resource Statement2
Category | Mt | Cu % | Au g/t | Ag ppm | Mo ppm | Cut-Off |
Inferred | 373.6 | 0.31 | 0.05 | 2.1 | 59 | 0.2% Cu |
Coppermoly's exploration strategy is to investigate areas adjacent to the Simuku Mineral Resource for similar styles of mineralisation to expand the overall Mineral Resource. Recent geophysical studies completed by the Company have outlined target areas near the Simuku Mineral Resource for follow up exploration.
Mak Mak (EL2514)- PNG
Mak Mak is a greenfield exploration tenement that lies proximal to the Nakru tenement. There are several sites within the tenement where rock chip and stream sediment samples have returned elevated copper and gold.
No significant exploration activity was undertaken on the Mak Mak project during the quarter.
Kori River (EL2578)- PNG
EL2578 comprises 116 sub-blocks, covering an area of approximately 315 km2, that encloses the Company's existing Simuku exploration licence (refer figure 1). EL2578 includes areas near the boundary of the Simuku exploration licence that show encouraging signs for potential conductive and resistive anomalous zones.
No significant exploration activity was undertaken on EL2578 during the quarter.
Metelen River (EL2638)- PNG
Metelen River occupies an area of 246km2 and is located adjacent to the Company's existing Mt Nakru and Mak Mak exploration licences.
Ongoing data compilation, but no fieldwork was undertaken on EL2578 during the quarter.
2 See Coppermoly ASX Announcement 4 March 2020 for full details of the Simuku Mineral Resource Estimate. The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcement and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to appl y and have not materially changed.
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Coppermoly Limited published this content on 30 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2022 22:40:06 UTC.
