# COY - Coppermoly Limited



## doogie_goes_off (15 July 2008)

Just a quick one - a stock I have held since near float. There is an audio link on the latest announcement that suggests that the first drill results are on the way. 

http://www.coppermoly.com.au/media/index.htm

The projects are on New Britain (not far from Lihir). The management team of COY is quite impresssive including a few directors of FNT and MMN. Should be interesting times.

COY have *4 drill rigs *operating at the moment - that's impressive for such a young company.

I'm hoping for a bit of a ride! ...and that the link works.

Watch this space.


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## doogie_goes_off (18 July 2008)

New presentation out: Highlights below -

• Drilling programme well underway at Simuku with over 1,000 meters drilled since ASX listing - (Releasing assay information July 2008 – September 2008)
• Drilling commencing at Nakru in August
• Intensive drill program to define a resource compliant with the JORC code within 12 months

The previous drilling and trench results are impressive and comparisons with other Copper producing systems (Panguna/Ok Tedi) are compelling.


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## bvbfan (20 July 2008)

doogie_goes_off said:


> The management team of COY is quite impresssive including a few directors of FNT and MMN.




Really?

Wouldn't call that all that impressive.
MMN delivered nothing, FNT well I'm pass judegement on that due to the PNG govt issues.


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## doogie_goes_off (31 July 2008)

Hidden in the previous announcement, but quite impressive none the less, heaps of smoke and a little fire:
_________________________________________________________________

SMD19, intersected 93m from 8m depth of 0.59% copper, 68ppm molybdenum,
0.07g/t gold and 2.5g/t silver (0.69% copper equivalent*).

SMD20 is improving with depth as illustrated by the intersection of
125.9m of 0.36% copper, 74ppm molybdenum, 0.06 g/t gold and 1.4 g/t silver (0.45% copper equivalent*) from 250m to 375.9m.

_________________________________________________________________

Looks like the next porphyry copper junior, looking forward to futher near surface action.


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## Sean K (31 July 2008)

doogie_goes_off said:


> Hidden in the previous announcement, but quite impressive none the less, heaps of smoke and a little fire:
> _________________________________________________________________
> 
> SMD19, intersected 93m from 8m depth of 0.59% copper, 68ppm molybdenum,
> ...



Do you class those grades as very good Doogie?

I would have thought over 1% Cu equiv to say there was any hint of smoke.


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## doogie_goes_off (31 July 2008)

It's purely a matter of consistency in grade and volume for a porphyry system if you could find significant volume ie: >150Mt at these grades and have low operating costs (internationally competitive labour price) then 0.59% Copper is a good result, it would be nice to clarify if it is supergene ore (ie: ore enriched by secondary processes near the surface, however this is usually processable by the same method). To call this smoke, you need to look at the size of copper anomalous area they are dealing with *(it's big IMO) and a higher grade part would be preferable for start up to ensure repayment of CAPEX was quick. Once you pay back the CAPEX all the low grade stuff becomes profitable until the metal prices slide ofcourse. I suppose the main problem is infrastructure and as long as you have roads and a port then the chances are higher but power is a massive consideration so support by way of hydro-development would be preferable. There needs to be synergies in infrastructure and government support for big projects. You only have to look as far as MGO's Yanderra (spelling?) project to see a large smoky system with high grade starter pit potential but poor infrastructure to see the need for capital for infrastructure. I'd say the Simuku prospect is reasonably placed and that focussing on parts of the system instead of pot-shotting the best bits one by one could lead to a viable resource.

The reason companies like porphyries is that they are low technical risk, usually consisent grade with typically low waste ratios (in the tropics anyhow), the thing that holds them back is infrastructure spending.

Grade is King and 0.2% is a cutoff that sits well with current copper prices but would lead to poor margins at say $5000/t, so maybe this is aiming a bit low??

Sovereign risk is a concern and environmental and social issues are 50% of the challenge in the pacific and SE Asia nowdays. I could only guess at the level of local support.

The most likely outcome for me is a resource of small magnitude by the time I need to put my hand in my pocket for more capital, but if a resource base is growing rather than just appearing then I'd be happy to, I generally do give support in these circumstances.

I'm putting this one in the bottom drawer until the focus of the company becomes clear - resource definition or target definition, the former is preferable IMO

___________________

* World class porphyries would fit inside the area of anomlism many times over. Maybe it's a diffuse rather than focussed system or maybe it's not going to be one solitary beast - examples of clustered porphries in the Andes are common.


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## doogie_goes_off (25 August 2008)

Drillhole SMD18 at Nayam intersected 32m at 0.71% copper, 136ppm molybdenum, 0.08 g/t gold and 1.29 g/t silver (0.87% copper equivalent*) at 42m depth.

Looks good, it's a very big mineral system over there!


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## condog (2 December 2009)

Has a 200M ton resource with approx 0.47% with an easy 20km road trip to open and viable sea port.....Do the sums??? = approx 940,000t yet company has a market cap of just $14M with cash of approx $1M

Seems extremely cheap when compared to Marengo et al.....

Disc - may or may not own from time to time.


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## doogie_goes_off (20 October 2010)

Looks like we are about to see a string of new drill results. Could see it run a bit with Cu price up... apart from today.


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## doogie_goes_off (24 February 2011)

"Diamond drill hole BWNBDD0010 returned copper mineralisation to 331.9 metres depth
with intersections including 89.7 metres grading 0.69% copper and 0.19 g/t gold from 84.3 metres depth and 28.5 metres grading 0.73% copper and 0.25 g/t gold from 185.6 metres depth."

Another consistent result worth noting, undervalued based on such results IMHO. Will be interesting to see what calculations are like when they finalise some resource numbers, assuming it holds together.


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## springhill (27 July 2012)

MC - $4m
SP - 2.6c
Shares - 160m
Options - 15m
Cash - $760k

*MAIDEN RESOURCE AT NAKRU-01 DELIVERS 38.4 MILLION TONNES GRADING 0.82% COPPER EQUIVALENT**
 A Maiden Inferred Mineral Resource was estimated for the Nakru-01 copper deposit by independent consultants Golder Associates. Using a 0.2% copper cut-off, the deposit contains 38.4 million tonnes grading 0.82% copper equivalent* (or 0.61% copper + 0.28g/t gold + 1.80 g/t silver).

 Using a 0.5% copper cut-off the deposit contains 21.6 million tonnes grading 1.10% copper equivalent* (or 0.81% copper + 0.39 g/t gold + 1.81 g/t silver).

 The Nakru-01 Volcanogenic Massive Sulphide (VMS) copper deposit contains 233,400 tonnes of copper, 11 tonnes of gold and 69 tonnes of silver (or 514 million pounds of copper, 350,000 ounces of gold and 2 million ounces of silver).

 Through further drilling there is great potential to increase the tonnage of the resource. The geophysical response and exploration results received to date indicate that further drilling is required to determine the confines of overall mineralisation, as well as define the extent of the upper oxide zone and secondary copper enrichment blanket beneath.

 A Conceptual Mining Study (CMS) is currently being undertaken to evaluate the basic economic potential of the Nakru-01 deposit in its present form. The CMS is expected to be completed in August.

 The milestone marks the second Maiden Inferred Mineral Resource on New Britain Island, after the Company announced in 2009 an Inferred Mineral Resource of 200 million tonnes grading 0.36% copper, 61 ppm molybdenum, 0.06 g/t gold and 2 g/t silver at the Simuku Project.

*Esk Trough*
In addition to its projects in PNG, Coppermoly has signed an agreement to earn up to 70% on the Esk Trough copper-gold projects in southeast Queensland ("Agreement"). At the White Horse prospect, drilling intersected 17 metres grading 1.4% copper. Eight other drillholes intersected significant near-surface copper enrichment within a 3km by 1.5km porphyry system, similar in size to that at our Simuku copper project in Papua New Guinea.
The Exploration Target of secondary enriched copper at White Horse is 10 to 15 Million Tonnes Grading 0.6 to 0.9% copper.
The main points of the Esk Trough Agreement are:
1. Minimum Exploration Expenditure of $500,000 within 12 months
2. Coppermoly may then elect to earn a 51% interest in the tenements by sole funding $3 million (including the minimum expenditure) in three years to earn-in 51%
3. Coppermoly may then elect to spend a further $3 million to earn-in 70% over a further three-year period
4. Once Coppermoly has achieved the second stage earn-in, the companies contribute on a pro-rata basis or ActivEX can elect to claw back a 10% interest (to 40%) by sole funding $6 million on exploration expenditure within three years


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## frugal.rock (1 April 2021)

Here's a chart. Thread updated.


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## greggles (19 July 2021)

1c looks to be bottom for COY. Something going on today though, up 58.3%. They had previously suspended all exploration on their PNG projects due to COVID-19. Will we be getting an update shortly?


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