remember Robin Bromby's article from Feb 28th PNG copper...

remember Robin Bromby's article from Feb 28th

PNG copper belts.

ANOTHER reader sent some interesting maps of New Britain island in Papua New Guinea, which show three major copper belts crossing the island. There are several Australian players active on New Britain, and two of them had news during the week.

Frontier Resources (FNT) has lodged applications for another 2477sq km around its Andewa project. Drilling there has produced intersections up to 7.9m at 10.01 grams/tonne gold, and Frontier has other projects on New Britain, including a 7km-long copper-molybdenum target, copper-gold at Likuruanga and trenching samples of gold up to 26.9g/t at its East New Britain project.

Coppermoly (COY) says the latest drill holes at Nakru demonstrate copper-gold mineralisation over a 500m strike length. Barrick Gold is spending $20 million to earn a 72 per cent stake in three of Coppermoly's New Britain prospects. New Britain is not at the top of the PNG priority list at MIL Resources (MGK) but it has projects located within two of the three copper belts.
The stock last traded at 3.5c.


and now this from his Pure Speculation article in today's Australian.

Hot copper.

SEVERAL weeks ago, we drew attention to the copper belts traversing the Papua New Guinea island of New Britain and the land rush going on there.

One of the companies mentioned in passing was Coppermoly (COY) and now Intersuisse has put a "speculative" tag on the stock, but then headed its report with "huge potential", which sounds somewhat more enthusiastic.

Barrick Gold is farming into its three New Britain tenements with a spend of $20 million and, before that, one-third of the area in just one of those three had yielded a resource of 200 million tonnes at 0.47 per cent copper equivalent, with an in-ground value of $8 billion. Coppermoly has applied for two other areas totalling 1500sq km.

Barrick drilled its first hole last July and hit 214m at 0.92 per cent copper and 0.33 grams/tonne gold. Intersuisse analyst Pieter Bruinstroop notes that porphyry deposits can be large and very valuable, and that Coppermoly has the potential to find such a deposit. But, while the resource so far seems economic, financing development could be an issue.

Barrick will have spent its $20m by the end of 2012 and then will need to decide whether to push on for a full feasibility study. The main risk for the junior is that Barrick does not find enough initially and then delays its final spending under the agreement.

http://www.theaustralian.com.au/business/mining-energy/nervous-investors-pile-into-commodities-in-a-big-way/story-e6frg9ex-1226036864796