Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

COPPERMOLY LIMITED Interim / Quarterly Report 2009

Apr 29, 2009

64690_rns_2009-04-29_66a25b52-533d-4fc9-b31f-9d385dc66a7d.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

==> picture [223 x 73] intentionally omitted <==

ADDRESS PHONE PO Box 6965 +61(07) 5592 1001 Gold Coast Mail Centre FAX Qld 9726 Australia +61 (07) 5592 1011 EMAIL ABN 54 126 490 855 [email protected] WEBSITE www.coppermoly.com.au

ASX Announcement

30[th] April 2009

ASX Code: COY

QUARTERLY REPORT – 31[st] MARCH 2009

HIGHLIGHTS

  • Nakru-2 Prospect drilling intersects 6.7 metres grading 3.8% copper

  • Nakru-2 trench intersects 19 metres at 4.3% copper and 55.7 metres at 0.51 g/t gold

  • Nakru-1 and Nakru-2 Induced Polarisation geophysical targets not yet fully tested by drilling

  • • All assays received from the Simuku bulldozer trenching and drilling programme

  • Simuku drillhole SMD26 intersected 282 metres grading 0.58% copper equivalent*

  • Secondary near surface enrichment of 18 metres at 1.0% copper at Simuku in SMD19

  • Primary higher grade zone of 16 metres at 1.24% copper intersected at Nayam in SMD26

1.0 PROJECT SUMMARY

Coppermoly Ltd is an Australian based company, listed on the Australian Stock Exchange (ASX) that is focussed on exploring for copper-gold-molybdenum and gold deposits on the island of New Britain in Papua New Guinea. It holds title to three Exploration Licences EL 1077 (Simuku), EL 1043 (Mt. Nakru) and EL 1445 (Talelumas) covering 170 km[2] . Substantial surface exploration has been completed, with widespread copper-gold mineralisation defined relatively close to essential infrastructure including roads, an airfield and a deep water port (refer to Figure 1).

At Nakru, nineteen drillholes (2,380 metres) and over nine kilometers of trenching have been completed to date on two prospects (Nakru-1 and Nakru-2) including work completed by previous explorers. Recently completed soil sampling, geological mapping and geophysical results are currently being reviewed in light of recent high grade copper intersections of 6.7 metres grading 3.8% copper, from 15 metres depth at Nakru-2.

At Simuku, the overall Exploration Target is 300 to 500 million tonnes grading between 0.4% and 0.6% copper equivalent. Drilling of 4,194 metres was completed in fifteen holes during 2008, for a total of 6,021 metres in 31 drillholes. Bulldozer trenching and surface mapping have been completed to assist in defining the extent of surface mineralisation. An Inferred Mineral Resource estimation covering less than one third of the area of surface mineralisation is being finalised and an announcement is expected forthwith. Coppermoly is also reviewing higher grade copper zones of secondary enrichment near surface and higher primary copper grades at depth.

Topography at the project areas is moderate, at between 300 metres and 800 metres above sea level, enabling relatively easy conditions for on-site development and logistics. Access to Simuku from the provincial capital of Kimbe takes one hour using a four wheeled drive vehicle via a logging road. Access to Nakru takes approximately four hours driving along all weather roads and logging roads that are continually being upgraded by local logging companies.

Page 1 of 12

==> picture [458 x 319] intentionally omitted <==

Figure 1: Coppermoly Projects on New Britain Island

2.0 EXPLORATION AT MT.NAKRU (EL 1043 )

The Mt. Nakru tenement (EL 1043) encloses copper-(gold) and copper-(molybdenum) porphyry and diatreme breccia systems at Nakru-1 and Nakru-2 (refer to Figure 2). The Mt Nakru property is owned 100% by Copper Quest (PNG) Ltd and is accessible by a four hour drive from the provincial capital of Kimbe. Over 2,300 metres of drilling has been completed in nineteen drillholes together with over 9,000 metres of surface trenching. During 2008, Coppermoly completed 880.8 metres of drilling in eight drillholes and over 2,100m of trenching.

Nakru-1 Prospect:

During 2008, 468.3 metres were drilled in five drill holes (NAK013 to NAK017). A total of 1,967.6 metres in 17 holes has now been completed to date. The first shallower holes drilled in 2008 (NAK013 to 016) were designed to test for the continuity of near surface gold mineralisation.

The best drill results from the pre-2008 drillholes included 40 metres grading 0.95% copper (NAK006) and 86.15 metres grading 0.50 g/t gold and 0.46% copper (NAK003). A gold bearing breccia blanket has drilling results such as 5.8 metres grading 1.9 g/t gold (NAK001) and a surface trench of 90 metres grading 1.08 g/t gold overlies significant copper grades, including 7.6 metres grading 1.1% copper in drillhole NAK001 (refer to Table 1).

Recent Induced Polarisation geophysics has indicated a significant anomaly beneath ash cover, which has been peripherally tested by the three drill holes NAK003, NAK006 and NAK017. Drillhole NAK017 intersected semi-massive sulphides, with 28.4 metres grading 1.10% copper plus 0.27 g/t gold below the ‘base of oxidation’ at 30 metres vertical depth. Above the ‘base of oxidation’, NAK017 intersected 35.5 metres grading 0.39 g/t gold from 13 metres vertical depth.

A more intense and much larger Induced Polarisation anomaly at Trench 3 (refer to Figure 2), extends to over 300m depth and is totally un-tested by any drilling. This 500 metre by 300 metre anomaly represents an excellent target for drilling with the potential for significant grades of mineralisation.

Page 2 of 12

Table1: Nakru-1 DrillholeResults (cut-off0.1g/t gold or0.2% copper) Table1: Nakru-1 DrillholeResults (cut-off0.1g/t gold or0.2% copper) Table1: Nakru-1 DrillholeResults (cut-off0.1g/t gold or0.2% copper) Table1: Nakru-1 DrillholeResults (cut-off0.1g/t gold or0.2% copper) Table1: Nakru-1 DrillholeResults (cut-off0.1g/t gold or0.2% copper) Table1: Nakru-1 DrillholeResults (cut-off0.1g/t gold or0.2% copper)
Drillhole From (m) To (m) Width (m) Au (g/t) Cu (%)
NAK001
0
5.8
5.8
1.90
-
46.0
63.1
17.1
-
0.50
73.8
81.4
7.6
-
1.10
NAK002
0
21.2
21.2
0.59
-
25.7
38.0
12.3
0.14
-
NAK003
0
43.6
43.6
0.37
85.0
171.2
86.2
0.50
0.46
including
114.5
128.9
14.4
2.20
0.40
NAK006
0
18.0
18.0
0.18
-
57.0
73.0
16.0
0.14
0.75
76.0
88.0
12.0
-
0.27
92.0
116.0
24.0
-
0.82
127.0
167.0
40.0
-
0.95
171.0
197.0
26.0
-
0.28
NAK013
5.0
9.0
5.0
0.11
-
17.0
22.0
5.0
-
0.25
NAK014
0
11.0
11.0
2.84
-
20.0
23.0
3.0
0.10
-
NAK015
6.0
25.0
19.0
0.37
-
NAK016
0
17.0
17.0
0.58
-
NAK017
1.0
8.0
8.0
0.26
-
11.0
23.0
12.0
0.28
-
25.7
61.2
35.5
0.39
-
61.2
89.6
28.4
0.27
1.10
96.0
101.0
5.0
1.12
2.10
106.0
117.0
11.0
0.33
0.62
120.7
139.0
18.3
0.72
0.64
143.4
156.0
12.6
-
0.50
174.6
190.0
15.4
-
0.36
232.0
238.2
6.2
-
0.65
250.0
257.0
7.0
-
0.58
265.0
281.0
6.3
-
0.45

Nakru-2 Prospect:

The Nakru-2 polymetallic system occurs as a 700 metre diameter diatreme breccia and porphyry related system located 1 kilometre to the west of Nakru-1. The geophysical Induced Polarisation anomaly within the system indicates potential for significant tonnage of sulphide mineralisation below a 7 metre thick horizon containing 3% to 4% copper from 10 metres depth.

The first ever two drillholes tested part of the geophysical target (refer to Figures 2 and 3). Drillhole NAK02-01 intersected 27.7 metres grading 1.90% copper (with minor zinc, gold and silver) associated with the intersection of copper at surface in bulldozer Trench B (19 metres grading 4.3% copper) (refer to Tables 2, 3 and 4). A historical rock chip sample also graded 19.9% copper near this trench. NAK02-01 intersected copper mineralisation related to semi-massive chalcopyrite in felsic breccia. Barren dykes below 88 metres depth intrude both felsic and silicified breccia units that contain pyrite and chalcopyrite mineralisation.

The second drillhole NAK02-02 intersected 73 metres grading 0.96% copper, including 26 metres grading 1.65% copper (refer to Table 2). This drill hole intersected semi-massive sulphides (3 to 4% chalcopyrite and pyrite) in felsic breccia. Both pyrite and chalcopyrite appear to be the main cause of the geophysical Induced Polarisation anomaly, suggesting excellent mineralisation potential exists over the remainder of the anomaly.

Page 3 of 12

The two drill holes partly tested the 3-D Induced Polarisation (I.P) geophysical anomaly and confirmed it is associated with significant grades of copper sulphide mineralisation. At 100 metres depth, NAK02-01 intersected 51.7 metres grading 1.21% copper within the geophysical target. The geophysical anomaly remains largely untested by drilling.

==> picture [471 x 329] intentionally omitted <==

Figure 2: Nakru Induced Polarisation Geophysical Targets at 100 metres Depth

  • Table 2: Coppermoly Nakru 2 Prospect Drillhole Results
Hole From (m) To (m) Width (m) Au (g/t) Cu (%) Zn (%) Ag (g)/t
NAK02-01 30.3 82.0 51.7 0.10 1.21 0.26 3.52
Including
30.3 58.0 27.7 0.10 1.90 0.47 5.35
Including
30.3 37.0 6.7 0.19 3.80 1.66 9.50
102.0 123.0 21.0 - 0.83 - 2.21
158.0 167.0 9.0 - 0.53 - 1.35
174.0 176.0 3.0 - 1.41 - 1.77
262.0 263.0 2.0 - 0.37 - 1.35
NAK02-02 36.0 109.0 73.0 - 0.96 0.22 3.86
Including
37.0 63.0 26.0 0.13 1.65 0.56 6.73
  • Table 3: Coppermoly Nakru 2 Drill Hole Locations (Datum: AGD66, zone 56)
Diamond
Hole		 Easting Northing Azimuth
(degrees)		 Dip
(degrees)		 Depth
(metres)
NAK02-001 220570 9338965 237 -60 299.8
NAK02-002 220561 9338972 107 -60 112.7

Page 4 of 12

==> picture [475 x 678] intentionally omitted <==

Figure 3: Nakru-2 Surface Geochemistry with Geophysical Target

Page 5 of 12

  • Table 4: Coppermoly Nakru 2 Prospect Bulldozer Trench Results
Trench Number Width (m) Cu (%) Au (g/t) Ag (g/t)
Trench A 18.0 0.92 0.46 9.94
8.0 0.24 - 1.59
Trench B 88.7 1.21 0.33 3.33
including
55.7 0.40 0.51 4.29
and
19.0 4.30 - 9.74

Historical trench results located 600m north-west of the two drill holes include 5m at 3.5% copper and 6.6% zinc. Historical rock chip samples include 26 g/t silver, 0.55 g/t gold, 1.3% copper and 17% zinc. These results indicate potential for additional mineralisation further away from the geophysical sulphide target.

A soil sampling programme completed in 2008 outlined a copper (>100 ppb), molybdenum and zinc anomaly with rough dimensions of 500m by 300m, coincident with the Induced Polarisation geophysical anomaly. This multi-element surface anomaly suggests mineralisation directly related to a source at depth.

3.0 EXPLORATION AT SIMUKU (EL 1077)

Porphyry style copper-molybdenum-gold mineralisation is discontinuously present over an area of about 4.5 kilometres by 1.0 to 2.2 kilometres. Over 28 kilometers of bulldozer trenching and a total of 6,021 metres of drilling in 31 holes have defined a 3,500m by 650m anomalous copper envelope with an inner envelope of molybdenum. The mineralisation occurs up to 364 metres depth within the copper mineralisation envelope and anomalous geophysical results (refer to Figure 4)

All assay results have been received from Coppermoly’s first phase of exploration which included 4,194 metres of drilling completed in fifteen diamond core holes and over ten kilometres of access tracks and bulldozer trenching (refer to Figure 5). This information is currently being used to estimate an Inferred Mineral Resource at and between the Nayam and Misile Prospects (refer to Figure 6).

Drill hole SMD26 intersected 282 metres grading 0.58% copper equivalent (0.45% copper, 64 ppm molybdenum, 0.07 g/t gold and 2.0 g/t silver) from 18 metres downhole depth at the Nayam Prospect. A further 1 kilometre to the south at the Misile Prospect, drill hole SMD30 intersected 84 metres grading 0.56% copper equivalent from 12 metres depth, including 18 metres grading 0.87% copper equivalent* (refer to Table 5). Drill hole SMD29 intersected 46 metres grading 0.59% copper equivalent (0.46% copper, 51ppm molybdenum, 0.08 g/t gold and 2.6 g/t silver) from 19 metres depth.

Continuity of copper mineralisation at surface has been demonstrated by bulldozer trenching results between the Misile and Horseshoe Prospects. Additional copper mineralisation over a 400 metre by 400 metre area includes an intersection of 177 metres grading 0.54% copper equivalent* (refer to Figures 5 and Table 6).

The recent trenching results have also extended known surface mineralisation in the Nayam area to over one kilometre in length, including 117 metres grading 0.78% copper equivalent and 30 metres grading 0.72% copper equivalent at Nayam North (N7) (refer to Table 6).

Higher grade zones exist in a near surface blanket of secondary copper enrichment at Nayam Hill and Tobarum Hill which provides an Exploration Target of 10 to 20 million tonnes grading 0.7% to 0.8% copper. Drillhole SMD19 intersected 18 metre grading 1.0% copper, 140 ppm molybdenum, 0.11 g/t gold and 4.4 g/t silver within this secondary copper enrichment (refer to Table 5).

A higher grade primary copper zone returned 16 metres grading 1.24% copper at Nayam in SMD26 from 272 meters depth. This intersection provides a separate higher grade target area which requires further exploration.

Page 6 of 12

==> picture [462 x 685] intentionally omitted <==

Figure 4: Simuku Copper and Molybdenum Mineralisation

Page 7 of 12

==> picture [471 x 685] intentionally omitted <==

Figure 5: Trench Mineralisation

Page 8 of 12

==> picture [475 x 691] intentionally omitted <==

==> picture [223 x 11] intentionally omitted <==

----- Start of picture text -----

Figure 6: Nayam to Misile Trench Mineralisation
----- End of picture text -----

Page 9 of 12

Table 5: Coppermoly Drilling Results (0.2% Copper Equivalent* cut-off)

Hole From To Width Cu Mo Au Ag Cu. Eq*
(m) (m) (m) (%) (ppm) (g/t) (g/t) (%)
SMD17 7 20 13 0.37 22 0.07 3.5 0.44
(Tobarum) 27 80 53 0.27 15 0.05 1.6 0.31
88 98 10 0.29 28 0.07 1.0 0.34
113 115 2 0.20 12 0.05 1.0 0.24
124 155 31 0.20 51 0.07 2.0 0.29
162 164 2 0.41 47 0.06 1.3 0.48
167 177.3 10.3 0.26 26 0.04 2.2 0.31
SMD18 0 115 115 0.39 84 0.07 1.7 0.50
(Nayam) Including
42 74 32 0.71 136 0.08 1.3 0.87
152 172 20 0.24 63 0.05 1.2 0.32
185 238 53 0.34 31 0.05 2.7 0.41
255 258 3 0.17 13 0.07 2.3 0.23
264 273 9 0.19 5 0.03 0.7 0.21
SMD19 8 101 93 0.59 68 0.07 2.5 0.69
(Nayam) Including
18 36 18 1.00 140 0.11 4.4 1.20
103 133 30 0.37 142 0.07 1.8 0.53
135 174 39 0.32 62 0.05 1.4 0.40
179 209 30 0.30 12 0.06 1.6 0.34
264 288 24 0.36 27 0.06 1.7 0.42
315 319 4 0.21 24 0.02 1.2 0.25
SMD20 8 19 11 0.24 24 0.05 1.9 0.29
(Tobarum) 26 42 16 0.18 31 0.04 1.1 0.23
50 61 11 0.20 108 0.16 4.7 0.38
68 85 17 0.26 49 0.03 1.7 0.32
103 159 56 0.22 38 0.04 1.9 0.28
174 233 59 0.26 23 0.05 4.2 0.32
250 375.9 125.9 0.36 74 0.06 1.4 0.46
SMD21 0 44 44 0.38 26 0.11 2.5 0.46
(Misile) 73 92 19 0.26 15 0.06 1.3 0.30
98 133 35 0.27 18 0.08 1.1 0.33
166 183 17 0.26 32 0.12 1.3 0.34
194 239 45 0.37 86 0.08 1.0 0.48
250 258 8 0.26 67 0.06 0.8 0.34
269 277 8 0.31 105 0.04 1.9 0.43
299 302 3 0.22 16 0.03 2.0 0.26
308 364.8 56.8 0.40 76 0.05 2.8 **0.51 **
SMD22 5 18 13 0.38 47 0.08 2.5 0.47
(Tobarum) 223 229 6 0.12 25 0.18 2.8 0.23
SMD23 87 91 4 0.02 1 0.34 8.4 0.21
SMD24 62 66 4 0.22 7 0.04 1.1 0.24
(Magipmo) 74 106 32 0.20 16 0.03 1.1 0.23
142 150 8 0.16 39 0.15 1.6 0.26
SMD25 39 161 122 0.33 83 0.04 1.3 0.43
(Nayam) Including
41 55 14 0.49 219 0.04 1.9 0.71
179 199 20 0.18 10 0.14 3.4 0.26
225 253 28 0.20 23 0.04 1.1 0.24
271 300 29 0.24 20 0.03 1.3 0.28
SMD26 0 8 8 0.29 22 0.04 1.4 0.35
(Nayam) 18 300 282 0.45 64 0.07 2.0 0.58
314 320 6 0.46 49 0.04 4.0 0.57
SMD27 24 122 98 0.41 15 0.05 1.1 0.47
(Tobarum) Including
24 50 26 0.76 16 0.07 1.9 0.84
Plus

Page 10 of 12

Hole From
(m)
To
(m)		 Width
(m)		 Cu
(%)		 Mo
(ppm)		 Au
(g/t)		 Ag
(g/t)		 Cu. Eq
(%)*
126
144
18
0.32
12
0.05
1.0
0.34
Plus
150
268
118
0.43
70
0.08
1.8
0.56
Including
180
194
14
0.67
310
0.14
3.3
1.05
Plus
276
282
6
0.22
19
0.03
0.8
0.26
294
312
18
0.27
21
0.06
1.5
0.35
SMD28
9
16
7
0.25
14
0.04
2.5
0.31
(Nayam)
SMD29
1
9
8
0.08
144
0.09
3.6
0.29
(Misile)
19
65
46
0.46
51
0.08
2.6
0.59
73
91
18
0.44
49
0.07
1.5
0.55
139
275
136
0.38
79
0.09
1.9
0.53
SMD30
12
96
84
0.41
104
0.06
1.9
0.56
(Misile)
Including
12
30
18
0.67
126
0.09
3.1
0.87
106
166
60
0.25
58
0.05
1.3
0.35
SMD31
(Tobarum)
124
225.2
EOH
101.2
0.41
73
0.06
1.7
0.52

Table 6: Coppermoly Bulldozer Trench Results (0.2% Copper Equivalent* cut-off)

Trench Name
Intersection
Number
Width
(m)
Cu (%)		 Mo (ppm)
Au (g/t) Ag (g/t)
Cu.Eq
(%)*
Nayam
117
0.61		 86
0.1
2.6
0.78
Nayam South
N1
48
0.24
N2
21
0.16
N3
15
0.23
N4
33
0.20
N5
27
0.30
West-N6
18
0.25		 16
0.04
1.4
0.30
22
0.02
0.7
0.20
15
0.02
0.8
0.26
19
0.03
1.8
0.26
42
0.05
2.1
0.38
15
0.03
0.9
0.30
Nayam North
N7
87
0.33
Including
30
0.50		 62
0.05
4.0
0.46
90
0.08
8.7
0.72
Nayam East
N8
10
0.08		 0
0.21
4.2
0.28
Misile
to
Horseshoe
H1
9
0.26
H2
3
0.04
57
0.46
H3
63
0.24
21
0.20
39
0.26
15
0.36
H4
39
0.31
H5
113
0.23
H6
45
0.20
H7
9
0.30
9
0.21
H8
177
0.35		 9
0.12
1.5
0.37
4
0.76
6.1
53
0.07
1.8
0.57
9
0.04
1.5
0.30
21
0.06
3.7
0.30
10
0.06
1.9
0.33
15
0.07
2.3
0.46
30
0.09
3.9
0.44
54
0.09
3.0
0.34
41
0.05
2.2
0.29
25
0.06
2.4
0.40
8
0.05
1.5
0.27
72
0.14
2.9
**0.54 **

4.0

CORPORATE

A number of mining and exploration companies and investors are currently reviewing the projects and visiting the exploration sites. An investor roadshow is planned to begin in early May in Melbourne, Sydney and Brisbane to help promote both the projects and the company.

The Nakru tenement (EL1043) has been granted a ‘normal’ extension for two years by the Mineral Resources Authority, to the 8[th] December 2010.

Page 11 of 12

On behalf of the board,

==> picture [119 x 38] intentionally omitted <==

Peter Swiridiuk

MANAGING DIRECTOR

For further information please contact Peter Swiridiuk on (07) 5592 1001 or visit www.coppermoly.com.au,

The information in this report that relates to Exploration Results and is based on information compiled by Peter Swiridiuk, who is a Member of the Australian Institute of Geoscientists. Peter Swiridiuk is a consultant to Coppermoly Ltd and employed by Aimex Geophysics. Peter Swiridiuk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Peter Swiridiuk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Notes:

  • *Copper Equivalent:

Mineralisation at Simuku consists of copper, molybdenum, gold and silver. Copper equivalent* is calculated as follows:

Metal (assay results) Metal (assay results) Metal (assay results) Metal (assay results) Metal Price
9 Dec 2008		 Metal Price
9 Dec 2008		 Factors Factors Value
Calculation		 Metal value
US$
A B C
1 Copper Cu ppm 1.44 US$/lb 453.59 ppm/lb 1A x (1B/1C)= M
2 Molybdenum Mo ppm 11.00 US$/lb 453.59 ppm/lb 2A x(2B/2C)= N
3 Gold Au g/t 772.00 US$/oz 31.103 g/oz 3A x(3B/3C)= O
4 Silver Ag g/t 10.00 US$/oz 31.103 g/oz 4A x(4B/4C)= P
Sumof metal values S M+N+O+P
Metal equivalent in Copper(ppm) Cu. Eq S / 1B x 1C

  • The copper equivalent* values for intersections are quoted in addition to individual metal values, as they provide the most meaningful comparisons between different drill holes and trenches. The copper equivalent value will vary with the metal prices.

  • All stated intersections are weighted assay averages ([Sum of each total interval x grade] / Total length of intersection) with a cut-off of 0.1 g/t gold or 0.2% copper.

  • Copper Equivalent (Cu.Eq) is the contained copper, molybdenum, gold and silver and that are converted to an equal amount of pure copper and summed (based on assays of mineralised rock and actual metal prices). It is used to allow interpretation of the possible theoretical ‘value’ of mineralised rock, without consideration of the ultimate extractability of any of the metals.

  • Copper Equivalent* herein is based upon metal prices of US$1.44/lb Cu, US$772/oz Au, US$11.00/lb Mo (FeMo65 Western molyoxide) and US$10.00/oz Ag (9 December 2008).

  • Island Arc related porphyry copper – gold – molybdenum deposits such as Simuku typically recover contained Cu, Au, Mo and Ag (subject to metallurgical characteristics and prevailing metal prices).

  • The ASX requires a metallurgical recovery be specified for each metal, however, no testwork has ever been undertaken at Simuku and recoveries can only be assumed to be typical for Island Arc porphyry copper – molybdenum –gold –silver deposits.

  • It is the Company’s opinion that each of the elements included in the metal equivalents calculation has reasonable potential to be recovered if the project proceeds to mining.

  • An Exploration Target, or present potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a mineral Resource.

  • Drilling samples were transported to the camp site, logged, photographed and sampled at 1 metre intervals from core split by saw. Trench samples were sampled at 3 metre intervals and transported to the camp site. The split drill core samples and trench samples are then transported to the town of Kimbe where they are air freighted to Intertek in Lae (PNG) for sample preparation. Samples are dried to 106 degrees C and crushed to 2-3 mm. Samples greater than 2kg are rifle split down to 1.5kg and pulverised to 75 microns. The final 300g sized pulp samples are then sent to Intertek laboratories in Jakarta for geochemical analysis. Intertek analyse for gold using a 50g Fire Assay with Atomic Absorption Spectroscopy finish. Other elements are assayed with ICPAES Finish. Copper values greater than 1000ppm are re-assayed using a multi acid digest (hydrochloric, nitric, perchloric and hydrofluoric acid) to leach out the copper with an ICP finish. Molybdenum samples greater than 100ppm were check assayed using X-Ray diffraction. Intertek laboratories have an ISO 17025 accreditation.

Page 12 of 12

Appendix 5B Mining exploration entity quarterly repor Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Name of entity

COPPERMOLY LIMITED

COPPERMOLY LIMITED
ACN OR ARBN
095 684 389		 Quarter ended("currentquarter")
095 684 389 31 March 2009

Consolidated statement of cash flows

Cash flows related to operating activities
1.1
Receipts from product sales and related debtors
1.2
Payments for
(a) exploration and evaluation
(b) development
(c) production
(d) administration
1.3
Dividends received
1.4
Interest and other items of a similar nature received
1.5
Interest and other costs of finance paid
1.6
Income taxes paid
1.7
Other - Expenditure reimbursable by others
Net Operating Cash Flows		 Current quarter
$A'000		 Year To Date
$A'000*
1
(265)
-
-
(151)
-
7
-
-
47		 1
(3,712)
-
-
(756)
-
143
-
-
22
(361) (4,302)
Cash flows related to investing activities
1.8
Payment for purchase of: (a) prospects
(b) equity investments
(c) other fixed assets
1.9
Proceeds from sale of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.10
Loans to other entities
1.11
Loans repaid by other entities
1.12
Other - Mines Dept & Premises deposits
Net Investing Cash Flows
1.13
Total operating and investing cash flows (carried
forward)		 -
-
-
-
-
-
-
-
-		 -
-
(448)
-
-
12
-
-
(3)
- (439)
(361) (4,741)

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

COPPERMOLY LIMITED

1.13
Total operating and investing cash flows
(brought forward)		 (361) (4,741)
Cash flows related to financing activities
1.14
Proceeds from issue of shares, options, etc.
1.15
Proceeds from sale of forfeited shares
1.16
Proceeds from borrowings
1.17
Repayment of borrowings
1.18
Dividends paid
1.19
Net financing cash flows
Other - Proceeds from subscription money held
pending issue of shares		 (1)
-
-
-
-
-		 1
-
-
-
-
-
(1) 1
Net increase (decrease) in cash held
1.20
Cash at beginning of quarter/year to date
1.21
Exchange rate adjustments to 1.20
1.22
Cash at end ofquarter		 (362)
1,148
(27)		 (4,740)
5,446
53
$759 $759

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23
1.24		 Aggregate amount of payments to the parties included in item 1.2
Aggregate amount of payments to the parties included in item 1.10		 Current quarter
$A'000
61
Nil
1.25 Explanation necessaryfor an understandingof the transactions
Directors: salaries and consulting fees

Non-cash financing and investing activities

  • 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows.

  • 2.2 Details of outlays made by other entities to establish or increase their shares in projects in which the reporting entity has an interest.

Appendix 5B Page 2

Appendix 5B

Mining exploration entity quarterly report

COPPERMOLY LIMITED

Financing facilities available

Add notes as necessary for an understanding of the position

Financing facilities available
Add notes as necessary for an understanding of the position
3.1
Loan facilities
3.2
Credit standby arrangements		 Amount available
$A'000		 Amount used
$A'000

Estimated cash outflows for next quarter

4.1
Exploration and evaluation
4.2
Development		 $A'000
100
-
Total 100

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
the related items in the accounts is as follows.
5.1
Cash on hand and at bank
5.2
Deposits at call
5.3
Bank overdraft
5.4
Other : fixed term deposits		 Current quarter
$A'000		 Previous quarter
$A'000
759 1,148
Total: cash at end ofquarter (item 1.22) 759 1,148

Changes in interests in mining tenements

6.1
Interests in mining
tenements relinquished,
reduced or lapsed
6.2
Interests in mining
tenements acquired or
increased		 Tenement
Reference		 Nature of Interest
(note(2))		 Interest at
beginning
ofQuarter		 Interest at
end of
Quarter

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

COPPERMOLY LIMITED

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates

Total number Numberquoted Issue price per
security (see note 3)
(cents)		 Amount paid up per
security (see note 3)
(cents)
7.1
Preference
+securities
(description)
7.2
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs
redemptions		 Nil Nil
7.3
+Ordinary
securities
7.4
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns of
capital, buy-backs		 82,015,288 38,735,289
7.5
+Convertible debt
securities
(description)
7.6
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through securities
matured,converted		 Nil Nil
7.7
Options
(description and
conversion factor)
7.8
Issued during
quarter
7.9
Exercised during
quarter
7.10
Expired/cancelled
during quarter		 4,000,000
700,000
1,700,000
2,000,955
20,503,822		 20,503,822 Exercise price
30 cents
30 cents
25 cents
30 cents
30 cents		 Expiry date
22-Oct-10
22-Oct-10
13-Mar-11
30-Apr-11
30-Apr-11
7.11
Debentures
(totals only)		 Nil Nil
7.12
Unsecured notes
(totals only)		 Nil Nil

Appendix 5B Page 4

Appendix 5B Mining exploration entity quarterly report

COPPERMOLY LIMITED

Compliance statement

  • 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4)

  • 2 This statement does / ~~does not*~~ (delete one) give a true and fair view of the matters disclosed.

==> picture [365 x 23] intentionally omitted <==

----- Start of picture text -----

Sign here: Date: April 27, 2009
( Director/ Company Secretary)
----- End of picture text -----

Print name: Maurice Gannon

Notes

  • 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. Any entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

  • 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of interest and conditions precedent in the list required for items 6.1 and 6.2.

  • 3 Issued and Quoted Securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

  • 4 The definitions in, and provisions of , AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report

  • 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == ==

Appendix 5B Page 5

More from COPPERMOLY LIMITED

Board/Management Information 2026
May 17
Interim / Quarterly Report 2026
Apr 29
Regulatory Filings 2026
Apr 16
Capital/Financing Update 2026
Mar 24
Interim / Quarterly Report 2026
Mar 15
Interim / Quarterly Report 2026
Jan 29
Board/Management Information 2026
Jan 20
Declaration of Voting Results & Voting Rights Announcements 2025
Nov 11
Interim / Quarterly Report 2025
Oct 30
AGM Information 2025
Oct 9
View all filings →