Mt. Nakru

Location:	West New Britain Island
Minteral:	Gold, Copper
Property Size:	47 sq km
Stage of Development:	Exploration
Potential:	World Class Gold-Copper Deposit
Ownership:	100% Coppermoly

Overview: The Mt Nakru copper-gold system is located in the province of West New Britain, near the town of Kimbe and close to essential infrastructure including roads, an airfield and a deep water port. The property is a large acid-intermediate, volcanic-intrusive complex which covers 30km², much of which is mineralized to a greater or lesser degree. The complex marks the topographically highest point within the Kulu-Awit corridor. Four separate prospects have been identified with significant copper and gold values found in outcrop trench or drill samples, in addition to significant silver, molybdenum and zinc grades. The prospects occur within a 5 km diameter circular topographic feature, which may represent a caldera type structure or a zone of doming and tensional fracturing above a rising intrusion. The circular feature is intersected by N-E and N-W trending lineaments which become important controls for the focusing of mineralization. Mt. Nakru 1 is the most advanced of the four prospects and has the best potential to host a large Cu-Au deposit. Airborne geophysics and stream geochemistry indicate the system may be larger than the area explored to date.

History: Plesyumi (meaning "Our Place" in Pidgin English) was discovered in 1968 and extensively explored up to the early 1970s but virtually no work has been undertaken since. A total of 3,157m of historical drilling in 21 holes has been completed. The best drill intersection was 44m at 0.85% Cu. Other intersections included 33m at 0.42% Cu, 110m at 0.31% Cu and 153m at 0.20% Cu.

Geology: The presence of long intervals of altered flow-banded rhyolite (with local brecciation) and the abundance of large boulders (up to several meters) of advanced argillic alteration (kaolinite+dickite+alunite+illite) and silicification indicate that we are dealing with an altered silicic (rhyolite) dome complex. Silicic dome complexes represent a viable target for precious metal-bearing veins, stockworks and breccia pipes with a potential for bonanza grade gold/silver mineralization, and localized brecciation is typical. Tellurides are characteristic. Typical dome complexes usually range from 100 to 1000 m in diameter. Examples of mineralized dome complexes include Cripple Creek, Summitville and Red Mountain. The rhyolite dome on the NE slopes of Mt. Nakru is yet to be fully delineated/exposed by trenching and mapping, and at the moment appears to be about 500 m wide in Trench 2. The dome looks to be mirrored by a very distinctive anomaly on DTM imagery, suggesting a dome of about 500 x 750 m size. Certainly, the dome geology in Trench 2 corresponds very closely with the DTM anomaly. The mineralized breccias in Trench 2 are located some 560 meters northeast of historical trenches that had channel sample intersections of 51m at 2.2g/t gold and 45m at 2.5g/t gold. Four copper-gold prospects, named Nakru 1 to Nakru 4, have been discovered to-date.

Nakru 1 Prospect: Out of all the prospects at the Nakru project, the Nakru 1 Prospect has been explored in the most detail. More than 10km of bulldozer trenching and 12 diamond drill holes have been completed at the prospect. The highest copper grades occur at depths below about 60 meters indicating the main copper system may lie below the level currently tested by drilling. The porphyry system is poorly exposed due to an extensive covering blanket of gold-mineralized breccia and younger volcanic ash and a large buried intrusive complex extending more than 2km to the southeast has been interpreted from aeromagnetic data. By September 2008 a new drill program will have commenced at Nakru 1. The program calls for a minimum of 4 by 50 metre holes to be drilled in order to confirm the presence of a vent and test the extents of gold mineralization in the area. The program will also consist of several deeper holes with the purpose of testing for gold bearing fissures at depth. Two more drill holes with depths of at least 2 by 300 metres will test a large tonnage porphyry located close to the Nakru 1 prospect. Trench intersections in the upper breccia blanket expose significant gold mineralization, including 55m at 4.7g/t Au, 51m at 2.2g/t Au and 245m at 0.8g/t Au. Individual breccia clasts carry up to 37.0g/t Au.

Highlights

Trench Intercepts
-95m @ 2.88g/t gold
-25m @1.43% copper

Drill Intercepts
-94m @ 0.43% copper 0.46g/t gold
-205m @ 0.4% copper including 74m at 0.78% copper


Nakru 2 Prospect: At Nakru 2 Prospect, bulldozer trenching has exposed significant copper mineralized intervals and local very high copper grades, including 25m at 1.43% Cu; 25m at 1.06g/t Au; 4m at 6.6% Cu; and up to 19.9% Cu in grab samples. No drill testing has been undertaken at Nakru 2, 3 and 4 prospects, and only limited surface sampling and mapping has been undertaken at Nakru 3 and Nakru 4.The plan at Nakru 2 moving forward is to re-open sampling and mapping of all previous trenches, re-interpreting creek geology and re-sampling creek exposures to develop a geological interpretation in light of a potential breccia pipe model. Geophysical I.P. surveys over the area is planned to help develop drilling targets.

Past Work Programs: A three-hole drilling program at the Mt Nakru Project was completed in late December 2006. The holes, NAK010 to NAK012, were all drilled from the same pad to test the lateral and depth continuity of near surface gold mineralization exposed in Trench 2 at Nakru 1 Prospect. A total of 212.6 meters were drilled to a maximum vertical depth of about 70 meters. Trench 2 was dug by bulldozer in late 2005 and exposed quartz-pyrite veined, strongly silicified, hydrothermal breccias that returned assay results of 21m at 7.26g/t gold, including 6m at 23.2g/t gold (not true widths). The mineralization is associated with a northeast trending, sub-vertical fault structure.

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