Coppermoly Ltd. is raising up to A$6.1 million to advance its flagship Mount Nakru copper-gold project and the Simuku porphyry copper project in Papua New Guinea, and for general working capital purposes.

The company said May 30 that China's Shanghai Fuyuan Investment Co. Ltd. subscribed for up to 404,170,658 common shares at 1.5 Australian cents apiece.

Coppermoly Managing Director Wanfu Huang said that the Mount Nakru deposits are open in multiple directions and the company plans to conduct further drilling to expand their size and quality and undertake scoping and potentially feasibility studies.

The ASX-listed junior miner will also assess the regional targets at its Mak Mak and Kori River projects.

In early-March, the company estimated the first indicated resource for Mount Nakru of 7.03 million tonnes grading 1.00% copper, 0.28 g/t gold and 1.81 g/t silver, containing 70,000 tonnes of copper, 64,000 ounces of gold and 409,000 ounces of silver.