The Asia Miner

JUL-SEP 2017

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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20 | ASIA Miner | Volume 14 • Issue 3 | 2017 Papua New Guinea COPPERMOLY has received an updated JORC-compliant mineral re- source estimate for the Mt Nakru Copper-Gold Project. At a cut-off grade of 0.3% copper, the inferred resource now stands at 29.1 million tonnes @ 0.92% copper, 0.22 g/t gold and 2.25 g/t silver for 267,000 tonnes of copper, 208,000 ounces of gold and 2.104 million ounces of silver. The resource update from independent mining consultancy Mining Associates follows a successful drilling program completed in March. It includes inferred resources from the Nakru 1 and Nakru 2 deposits, which are 1.5km apart. Modelling by Mining Associates confirmed the presence of higher grade mineralisation lenses at shallow levels, which should have a sig- nificant impact on the project's economics. Inferred resources are reported from blocks less than 200 metres depth from surface topography, approximating the likely depth limit of an open pit. The Nakru 1 resource is open to the southwest down plunge. The Nakru 2 resource is the smaller deposit to date, and is open in all di- rections. It has 7.4 million tonnes for 59,000 tonnes of copper, 10,000 ounces of gold and 672,000 ounces of silver. Coppermoly says due to the fact that in both deposits the higher grades are concentrated in the upper levels, and the shallow depth, an open-pit mine with conventional copper flotation processing is a foreseeable. Company director Dr Wanfu Huang said, "Our recent drilling program and this modelling work confirms there is great potential for increasing the copper-gold inferred mineral resource at the Mt Nakru project. "Importantly, the modelling work indicates that there is 18.2 million tonnes of inferred resources at average 1.26% copper and 0.30 g/t gold at Nakru 1 and Nakru 2 if the cut-off grade is uplifted to 0.5% cop- per, which may greatly improve the economic viability of this project." The next phase of exploration will focus on seeking to upgrade the resource category while defining the size of Nakru 1 and Nakru 2 in particular. The company has recently received notification from the PNG Mineral Resources Authority that its application for the extension of the term of the Mt Nakru tenement EL 1043 has been granted. The tenement has been renewed for a further two-year term expiring on December 8, 2018. NAUTILUS Minerals is making excellent progress as it continues with preparations for the seafloor mining project in the territorial wa- ters of Papua New Guinea. The company aims to commence op- erations at the Solwara 1 project site in quarter one of 2019, mining copper, gold and silver. The company's chairman Russell Debney told the annual general meeting of shareholders that progress had been made in the deliv- ery of completed seafloor production equipment. "We have commenced submerged trials of the Seafloor Pro- duction Tools (SPT) in Papua New Guinea and have delivered the Launch & Recovery System (LARS) equipment to the Mawei ship- yard in China, while also progressing there with the build of our Production Support Vessel (PSV). "We now look forward to seeing more of the equipment arrive for integration over the coming months at the shipyard as we gear up towards the launch of the PSV early in 2018," he said. The LARS consists of very large A-frames, lift winches, hydraulic power units, electric power units, deck control cabins and ancillary equipment. It was built by AxTech on behalf of Soil Machine Dynam- ics as part of Nautilus' fabrication contract with the latter. It will be used to launch and stabilise the Seafloor Production Tools during deployment from the vessel down to the seafloor and during retrieval from the seafloor back up to the vessel. Nautilus CEO Mike Johnston said, "The next step for the LARS will be its integration onto the PSV, after import/customs clearances and minor re-assembly. "The LARS' installation marks the start of our equipment inte- gration onto the PSV, and will be undertaken by Mawei shipyard personnel with support from Nautilus and the equipment ven- dors. The vessel build remains on schedule, and we look for- ward to seeing more of the equipment arrive for integration over the coming months." Earlier this year the SPTs arrived in PNG and trials are under way in an e xisting facility on Motukea Island, near Port Moresby, in con- junction with partner Petromin. Mike Johnston said "We are delighted to be undertaking sub- merged trials. The trials will result in money and investment going into the PNG economy, and the employment of Papua New Guin- eans in 'state of the art' technology which are some of the key benefits of seafloor production." Nautilus makes excellent progress Coppermoly's projects, including Mt Nakru, are on the PNG island of New Britain. New resource estimate for Mt Nakru

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