Coppermoly : Extremely Encouraging Results for Nakru 2 Prospect

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ASX Announcement

27 April 2017 ASX Code: COY

EXTREMELY ENCOURAGING RESULTS FOR NAKRU 2 PROSPECT

Coppermoly Ltd (Coppermoly or the Company) is very pleased to announce that it has received all the certified assay results for the Nakru 2 prospect following the recently completed exploration drilling program at the Company's most advanced project, EL 1043 the Mt Nakru Copper-Gold project.

A total of 5 diamond core holes were drilled at Nakru 2 for a total of 1,011.80 metres testing the extension of mineralisation here. Nakru 2 is located only 1,500m west of the previously reported Nakru 1 prospect.

Coppermoly can now confirm receipt of all the assay results from the recent drilling campaign at Mt Nakru. These are currently being assessed by technical experts, and further announcements will follow as the modelling progresses.

Coppermoly Director, Dr Wanfu Huang said:

"We are extremely excited by the fact that new drilling at the Nakru 2 prospect revealed that the high grade copper mineralisation extends further to the west and to the south of previous drilling. It is expected that further work will help to define the scale of the mineralisation system, and the resources it contains. This is a great addition to the previously reported drilling results from the Nakru 1

deposit. The relatively close proximity of the two deposits and shallow depth of mineralisation increases the economic potential of the Nakru prospect."

This drilling has identified mineralised downhole intervals of over 30 metres at greater than 2.5% copper. The style and shape of this mineralisation tends to indicate that this is related to a volcanogenic massive sulphide style deposit, and is backed up by the level of sulphur in the assays received. As previously observed, the mineralisation in the primary zone at the Nakru 2 prospect is dominated by disseminated pyrite and chalcopyrite hosted in a silicified pumice and breccia unit.

This deposit also contains a subtle supergene enrichment blanket similar to Nakru 1 where secondary enrichment of the sulphides, particularly copper in the form of chalcocite occurs. Previous drilling also identified this layer.

The drill holes also intersected bands of elevated zinc and silver within in the massive sulphide unit. This adds credence to the possibility that Nakru 2 is a style related to volcanogenic massive sulphide mineralisation.

The prospect remains open, and further exploration is required to uncover the potential tonnage and grade of this deposit.

Significant intercepts from the recent results include:

• NAK21601 intersected2.00m @ 4.2% Zn and 36.5g/t Ag from 28.00m

• NAK21601 intersected 4.00m @ 7.13% Cu from 40.00m

• NAK21601 intersected 1.80m @ 0.57% Cu from 60.90m

• NAK21601 intersected 14.00m @ 0.79% Cu from 84.00m

• NAK21601 intersected 1.62m @ 0.79% Cu from103.38m

• NAK21601 intersected 2.00m @ 0.60% Cu from 198.00m

• NAK21602 intersected 2.00m @ 1.1% Zn from 32.00m

• NAK21602 intersected 38.00m @ 0.87% Cu from 92.00m including 8.00m @ 1.58% Cu

• NAK21602 intersected 10.00m @ 0.51% Cu from 138.00m

• NAK21602 intersected 2.00m @ 8.5% Zn from 186.00m

• NAK21603 intersected 2.00m @ 1.1% Zn and 10g/t Ag from 14.00m

• NAK21603 intersected 9.70m @ 2.06% Cu from 18.00m

• NAK21603 intersected 16.00m @ 0.69% Cu from 50.00m

• NAK21603 intersected 32.00m @ 2.58% Cu from 82.00m

• NAK21603 intersected 6.16m @ 0.60% Cu from 121.84m

• NAK21604 intersected 14.00m @ 1.04% Cu from 48.00m

• NAK21604 intersected 16.00m @ 1.06% Cu from 76.00m

• NAK21604 intersected 6.00m @ 0.86% Cu from 114.00m

• NAK21604 intersected 6.00m @ 0.54% Cu from 148.00m

• NAK21605 intersected 10.37m @ 3.75% Cu from 15.63m

• NAK21605 intersected 4.00m @ 2.2% Zn and 15/t Ag from 54.00m

• NAK21605 intersected 3.90m @ 1.10% Cu from 80.10m

• NAK21605 intersected 2.00m @ 1.65% Cu from 120.00m

• NAK21605 intersected 12.00m @1.37% Cu from 148.00m

• NAK21605 intersected 2.00m @ 0.87% Cu from 184.00m

• NAK21605 intersected 2.00m @ 0.73% Cu from 200.00m

Figure 1 is a plan of Nakru 2 indicating the location of all the drill holes completed to date.

Sections through the completed holes can be seen on Figures 2, 3 and 4. These highlight the elevated concentrations of copper, zinc and silver intersected in the drilling.

Figure 1- Drill plan Nakru 2 showing location of all drill holes. Figure 2 - Section through NAK21601 and NAK2004 Figure 3 - Section through NAK21602, NAK21603 NAK21605 and BWNBDD0005