Coppermoly : receives remaining results for Nakru 1 Prospect

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ASX Announcement

19 April 2017 ASX Code: COY

COPPERMOLY RECEIVES REMAINING RESULTS FOR NAKRU 1 PROSPECT

Coppermoly Ltd (Coppermoly or the Company) is pleased to announce that it has received the remaining certified assay results for the Nakru 1 prospect following the recently completed exploration drilling program at the Company's most advanced project, EL 1043 the Mt Nakru Copper-Gold project.

A total of 14 diamond core holes were drilled during the program for a total of 2,900.2 metres as part of an infill drilling program aimed at upgrading the resource to an indicated category at Nakru 1 and testing the extension of mineralisation at Nakru 2.

The certified assay results for all the nine holes drilled at the Nakru 1 prospect have now been received. The six remaining holes are reported in this release. There are five holes at Nakru 2 prospect for which assays are still pending. These will be reported as soon as the certified results are received.

Coppermoly Director, Dr Wanfu Huang said: "The recent results received for the Nakru 1 prospect are extremely encouraging and the Company is now in a position to use this new information to update the model. This work is expected to commence immediately."

This drilling has identified high grade copper and gold mineralisation extending over significant intersections only being interrupted by later stage mafic dykes and sills. These intrusives are easily identified and will not dilute the mineralised material during extraction.

The geometry of the mineralisation and relatively flat geological contacts intersected in the drilling indicates that this deposit may be associated to a volcanogenic hosted massive sulphide style. The breadth and depth of this mineralised envelope is yet to be defined, and will be tested with further drilling.

This deposit also contains a supergene enrichment blanket adjacent to the base of oxidation where secondary enrichment of the sulphides, particularly copper in the form of chalcocite has taken place. This varies in thickness from a metre to over 10 metres in some parts. This zone is relatively close to the surface, is higher in grade and is relatively soft.

In addition to this, later stage quartz sulphide veins have possibly cut through the previously mineralised zones adding more grade, and gold credits to the prospect.

Significant intercepts from the recent results include:

• NAK11602 intersected 4.0m @ 1.76 g/t Au from 24m

• NAK11602 intersected 55.20 m @ 1.11% Cu from 54.00m including 4.00m @ 1.99g/t Au excluding 14.8m mafic intrusives

• NAK11603 intersected 1.45m @ 1.2% Cu from 40.55m

• NAK11603 intersected 4.0m @ 1.34% Cu from 64.0m

• NAK11603 intersected 9.8m @ 0.99% Cu from 72.0m

• NAK11603 intersected 8.0m @ 1.13% Cu from 90.0m

• NAK11603 intersected 27.42m @ 1.10% Cu from 134.00m including 4.40m @ 1.8g/t Au excluding 2.78m mafic intrusives

• NAK11604 intersected 12.00m @ 3.52g/t Au from 6.00m

• NAK11604 intersected 28.00m @ 1.01% Cu from 26.00m including 3.5 m @ 2.12% Cu

• NAK11604 intersected 50.40m @ 1.45% Cu from 114.00m excluding 3.6m mafic intrusives

• NAK11607 intersected 4.00m @ 11.10g/t Au from 4.00m

• NAK11607 intersected 4.00m @ 1.72g/t Au from 64.00m

• NAK11607 intersected 49.66m @ 1.84% Cu and 2.66/t Au from 74.00m

• NAK11607 intersected 14.00m @1.45% Cu and 1.11g/t Au from 142.00m

• NAK11609 intersected 10.00m @ 0.86% Cu from 30.00m

• NAK11609 intersected 2.00m @ 1.04% Cu from 132.00m

• NAK11609 intersected 4.90m @ 2.32g/t Au from 140.00m

• NAK11611 intersected 19.10m @ 3.64% Cu and 0.2 g/t Au from 30.00m

• NAK11611 intersected 2.00m @ 4.25g/t Au from 174.00m

Figure 1 is a plan of Nakru 1 indicating the location of all the drill holes completed to date.

Sections through the completed holes can be seen on Figures 2 and 3. These highlight elevated concentrations of copper and gold including the supergene enriched blanket intersected in the drilling.

Figure 1- Drill plan Nakru 1 showing location of recent drill holes NAK11602 - NAK11611, and historic holes. Figure 2 - Section through NAK11602, NAK11604, NAK11606, NAK11607, NAK11609 and NAK11611 Figure 3 - Section through NAK11603, NAK11604 and BWNBDD0009