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Message: Iron Ore at Spinifex Ridge

Iron Ore at Spinifex Ridge

posted on Feb 26, 2009 06:35AM
February 26, 2009
Moly Mines Limited: Iron Ore at Spinifex Ridge
TORONTO, ONTARIO--(Marketwire - Feb. 26, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Moly Mines Limited, (TSX:MOL)(ASX:MOL) is pleased to report the continued success of its iron ore drilling programs at Spinifex Ridge which demonstrate continued high grade Direct Ship Ore (DSO) with low alumina (Al2O3) and phosphorus contaminants.)

Results from the latest drilling includes:

- 29m @ 64% Fe from 23m

- 56m @ 64% Fe from 1m;

      - including 32m @ 67% Fe from 2m

- 33m @ 64% Fe from 21m

- 63m @ 60% Fe from surface including;

      - 44m @ 62% from15m

- 36m @ 62% Fe from 14m;

      - including 23m @ 64% from 26m

- 78m @ 59% Fe from surface;

      - including 17m @ 61% Fe and 39m @ 62% Fe from 6 and 39m respectively
Three areas of iron ore mineralization have been identified and named Auton, Dalek and Gallifrey. The results reported in this release relate to drilling of 36 holes for 3,032 metres at Auton and Dalek and are shown in Tables 1 and 2 attached.

The Auton prospect has been shown to extend over an area of 400m x 150m and was drilled using a combination of vertical and angled drill holes on 25m centres on drill lines 50m apart. The drilling has encountered widespread iron mineralisation forming a blanket of varying thickness over much of the prospect with the high grade results mainly attributed to a steeply dipping lense of dominantly hematite-rich mineralisation (Figure 1). Both styles are similar to those of the Shay Gap and Yarrie mines located to the north and north east of Spinifex Ridge.

A further infill RC drill program was recently concluded at the Auton and Dalek prospects and their results are awaited whilst a further RC drilling program will commence early March. The collective results should provide sufficient information to complete a resource estimate for the prospects.

Gallifrey

The maiden drill program was recently completed into the Gallifrey prospect after mapping and rockchip results indicated its potential to add further DSO resources at Spinifex Ridge. Geological logging of these holes identified hematite-rich intervals below the areas of high grade rockchip samples previously reported. Assays are awaited and it is anticipated they will be available shortly.

The drilling covered an area 350m x 150m where surface geological mapping had identified iron mineralization.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/mo...

Table 1
---------------------------------------------------------------------------
         East-   North-    EOH                                      Inter-
Hole       ing      ing  depth   Azi-                    From   To     val
Number     GDA      GDA     (m)  muth  Dip                 (m)  (m)     (m)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SRC246  196850  7687790    120    180  -60                  5   12       7
                                                     and   23   52      29
---------------------------------------------------------------------------
SRC247  196825  7687800    133    180  -60                 52   80      28
                                               including   59   74      15
---------------------------------------------------------------------------
SRCD248 196825  7687750   96.4    180  -60                  0   19      19
                                               including    7   16       9
                                                     and   47   67      20
                                                     and   77   82       5
---------------------------------------------------------------------------
SRCD249 196834  7687757  105.2    180  -60                  1   57      56
                                               including    2   34      32
---------------------------------------------------------------------------
SRC250  196800  7687740     80    180  -60                  0   16      16
                                                     and   21   54      33
---------------------------------------------------------------------------
SRC251  196750  7687725     50    180  -60                  1    6       5
---------------------------------------------------------------------------
SRC252A 196750  7687750     72    180  -60                  0   63      63
                                               including   15   59      44
---------------------------------------------------------------------------
SRC253A 196600  7687700    100    180  -60                  2    7       5
---------------------------------------------------------------------------
SRC254A 196600  7687725     19    180  -60                  2    7       5
---------------------------------------------------------------------------
SRC255  196600  7687820     80    180  -60     No significant result
---------------------------------------------------------------------------
SRC256  196640  7687710     61    180  -60                  0    2       2
                                                     and    5   10       5
---------------------------------------------------------------------------
SRC257  196625  7687750     30    180  -60     Low grade    0   22      22
---------------------------------------------------------------------------
SRC258  196650  7687775     30    180  -60                  0   20      20
---------------------------------------------------------------------------
SRC259  196700  7687710     43    180  -60     Low grade    0    9       9
---------------------------------------------------------------------------
SRC260  196700  7687735    120    180  -60                  0    8       8
                                                     and   21   29       8
---------------------------------------------------------------------------
SRC261  196900  7687775     37    180  -60     No significant result
---------------------------------------------------------------------------
SRC262  196900  7687800     49    180  -60     No significant result
---------------------------------------------------------------------------
SRC263  196945  7687900     50    360  -60     Low grade    0   30      30
                                               including   19   30      11
---------------------------------------------------------------------------
SRC264  196945  7687875     80    360  -60                 11   25      14
---------------------------------------------------------------------------
SRC265  196970  7687875     80    360  -60                 14   17       3
---------------------------------------------------------------------------
SRC266  196920  7687875     80    360  -60                  5    8       3
                                                     and   14   50      36
                                               including   26   49      23
---------------------------------------------------------------------------
SRC267  196800  7687775     10    180  -60     Not available
---------------------------------------------------------------------------
SRC268  196800  7687800    122    180  -60                  1   12      11
---------------------------------------------------------------------------
SRC269  196725  7687825     50    180  -60     No significant result
---------------------------------------------------------------------------
---------------------------------------------------------------------------


------------------------------------------------------------------------
         East-   North-
Hole       Ing      ing      Fe    SiO2   Al2O3      S       P      LOI
Number     GDA      GDA      (%)     (%)     (%)    (%)     (%)      (%)
------------------------------------------------------------------------
------------------------------------------------------------------------
SRC246  196850  7687790   59.31    7.25    3.04   0.02    0.06     4.22
                          63.54    7.13    0.90   0.01    0.04     0.91
------------------------------------------------------------------------
SRC247  196825  7687800   60.01   11.48    1.32   0.01    0.06     1.12
                          63.17    8.11    0.98   0.02    0.04     0.48
------------------------------------------------------------------------
SRCD248 196825  7687750   61.11    3.78    3.41   0.04    0.07     4.64
                          64.67    2.29    2.18   0.03    0.05     2.54
                          58.90    4.75    1.08   0.01    0.08     9.59
                          58.48    4.65    0.86   0.01    0.13    10.34
------------------------------------------------------------------------
SRCD249 196834  7687757   63.95    3.30    1.27   0.01    0.05     3.64
                          66.73    2.12    0.97   0.01    0.03     1.28
------------------------------------------------------------------------
SRC250  196800  7687740   61.48    3.42    2.62   0.02    0.09     5.38
                          64.42    4.57    1.27   0.01    0.04     1.70
------------------------------------------------------------------------
SRC251  196750  7687725   60.42    7.52    1.05   0.02    0.05     4.77
------------------------------------------------------------------------
SRC252A 196750  7687750   60.42    8.20    1.02   0.01    0.08     3.89
                          61.58    7.39    0.70   0.01    0.08     3.52
------------------------------------------------------------------------
SRC253A 196600  7687700   56.80    3.55    3.18   0.03    0.14    11.12
------------------------------------------------------------------------
SRC254A 196600  7687725   55.50    4.12    3.57   0.03    0.17    11.78
------------------------------------------------------------------------
SRC255  196600  7687820   No significant result
------------------------------------------------------------------------
SRC256  196640  7687710   57.80   10.69    2.17   0.02    0.09     3.51
                          56.40    6.60    3.10   0.03    0.13     8.68
------------------------------------------------------------------------
SRC257  196625  7687750   54.14    6.84    3.94   0.04    0.26    10.47
------------------------------------------------------------------------
SRC258  196650  7687775   56.21    9.02    2.20   0.02    0.26     7.21
------------------------------------------------------------------------
SRC259  196700  7687710   52.19   10.47    4.59   0.04    0.07     9.34
------------------------------------------------------------------------
SRC260  196700  7687735   60.94    5.01    2.65   0.02    0.08     4.75
                          53.89   14.44    2.06   0.02    0.18     5.30
------------------------------------------------------------------------
SRC261  196900  7687775   No significant result
------------------------------------------------------------------------
SRC262  196900  7687800   No significant result
------------------------------------------------------------------------
SRC263  196945  7687900   54.73   10.18    2.34   0.01    0.24     8.42
                          56.15    6.80    1.82   0.01    0.38    10.08
------------------------------------------------------------------------
SRC264  196945  7687875   61.44    3.89    0.79   0.01    0.20     6.86
------------------------------------------------------------------------
SRC265  196970  7687875   57.90    4.87    1.24   0.01    0.26    10.42
------------------------------------------------------------------------
SRC266  196920  7687875   56.50   11.10    2.89   0.03    0.09     4.53
                          62.47    4.61    0.96   0.01    0.16     4.60
                          64.27    2.89    0.74   0.00    0.18     3.96
------------------------------------------------------------------------
SRC267  196800  7687775   Not available
------------------------------------------------------------------------
SRC268  196800  7687800   56.88   16.77    0.37   0.00    0.02     1.32
------------------------------------------------------------------------
SRC269  196725  7687825   No significant result
------------------------------------------------------------------------
------------------------------------------------------------------------
Notes:
1. Previously released handheld XRF results reported on the 18th September
   2008
2. Co-ordinate Datum is GDA94 Zone 51
3. Samples assayed using lithium metaborate fusion and XRF at ALSChemex in
   Perth
4. Intervals allow 2m internal dilution
5. SRC, SRCD & SRD prefixes denote RC, RC with diamond tail and diamond
   drill holes respectively



Table 2
---------------------------------------------------------------------------
         East-   North-     EOH                                     Inter-
Hole       ing      ing   depth  Azi-                    From   To     val
Number     GDA      GDA      (m) muth  Dip                 (m)  (m)     (m)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SRC270  196750  7687825      50   180  -60                  0    8       8
---------------------------------------------------------------------------
SRC271  196725  7687850      50   180  -60     Low grade    0   12      12
---------------------------------------------------------------------------
SRC272  196750  7687850      60    80  -60     Low grade    0   19      19
                                               including   14   19       5
---------------------------------------------------------------------------
SRC273  196750  7687785     103   180  -60                 82   85       3
---------------------------------------------------------------------------
SRCD274 196700  7687775   105.9   180  -60                  0   78      78
                                               including    6   23      17
                                               including   39   78      39
---------------------------------------------------------------------------
SRC275  196650  7687750     166   180  -60                  0   24      24
                                                     and   29   46      17
                                               including   38   46       8
                                                     and   63   71       8
                                                     and  127  130       3
---------------------------------------------------------------------------
SRC276  196600  7687750     118   180  -60     No significant result
---------------------------------------------------------------------------
SRC300  197395  7687665     120   180  -60                 46   64      18
---------------------------------------------------------------------------
SRC301  197424  7687651      95    90  -60                 11   32      21
                                               including   19   23       4
                                                     and   54   91      37
                                               including   62   70       8
                                                     and   81   91      10
---------------------------------------------------------------------------
SRD105  196773  7687854     187   170  -60                146  159      13
                                               including  151  158       7
                                                  and(ii) 149  165      16
                                                including 162  165       3
---------------------------------------------------------------------------
SRD106  196773  7687851   186.2   135  -60                141  154      13
                                                      and 156  161       5
                                                      and 166  169       3
                                                      and 174  176       2
---------------------------------------------------------------------------
SRD107  197468  7687660    93.6   360  -60      Low grade   0   31      31
                                                including   0   16      16
                                                including  26   29       3
---------------------------------------------------------------------------
---------------------------------------------------------------------------


------------------------------------------------------------------------
         East-   North-
Hole       ing      ing      Fe    SiO2   Al2O3      S       P      LOI
Number     GDA      GDA      (%)     (%)     (%)    (%)     (%)      (%)
------------------------------------------------------------------------
------------------------------------------------------------------------
SRC270  196750  7687825   62.11    8.59    0.78   0.00    0.04     1.35
------------------------------------------------------------------------
SRC271  196725  7687850   50.55   11.20    4.73   0.05    0.14    10.67
------------------------------------------------------------------------
SRC272  196750  7687850   53.55   12.41    2.71   0.03    0.21     7.29
                          60.06    8.36    1.01   0.02    0.18     4.12
------------------------------------------------------------------------
SRC273  196750  7687785   57.00   10.61    0.97   0.01    0.14     6.46
------------------------------------------------------------------------
SRCD274 196700  7687775   59.32    6.47    2.93   0.01    0.04     4.01
                          60.70    6.74    2.03   0.02    0.08     3.84
                          62.30    4.36    2.35   0.01    0.03     3.77
------------------------------------------------------------------------
SRC275  196650  7687750   56.99    6.46    2.37   0.03    0.14     8.88
                          58.35   12.01    0.74   0.01    0.10     3.34
                          61.16    8.21    0.58   0.01    0.09     3.29
                          57.03   14.18    0.47   0.00    0.12     2.81
                          56.40   15.72    0.79   0.01    0.06     2.50
------------------------------------------------------------------------
SRC276  196600  7687750   No significant result
------------------------------------------------------------------------
SRC300  197395  7687665   59.42   14.33    0.25   0.00    0.05     0.25
------------------------------------------------------------------------
SRC301  197424  7687651   57.47   15.02    0.53   0.00    0.35     1.09
                          61.15   10.89    0.32   0.00    0.20     0.55
                          59.45   14.30    0.21   0.00    0.03     0.28
                          64.18    7.46    0.21   0.00    0.03     0.27
                          62.86    9.26    0.26   0.00    0.03     0.38
------------------------------------------------------------------------
SRD105  196773  7687854   59.45   12.03    0.43   0.01    0.08     2.00
                          63.04    8.00    0.31   0.01    0.05     1.27
                          53.97    8.88    0.27   0.00    0.04     0.91
                          61.40   10.85    0.32   0.00    0.04     0.65
------------------------------------------------------------------------
SRD106  196773  7687851   59.56    5.30    0.80   0.00    0.18     7.98
                          59.12    6.42    0.43   0.01    0.21     7.86
                          60.93    9.67    1.10   0.01    0.08     1.75
                          63.90    7.18    0.65   0.00    0.04     0.51
------------------------------------------------------------------------
SRD107  197468  7687660   54.65   17.77    1.17   0.01    0.14     2.23
                          59.51   11.31    1.23   0.00    0.08     1.91
                          59.03   10.77    0.83   0.01    0.19     3.20
------------------------------------------------------------------------
------------------------------------------------------------------------
Notes:
1. Co-ordinate Datum is GDA94 Zone 51
2. Samples assayed using lithium metaborate fusion and XRF at ALSChemex in
   Perth
3. Intervals allow 2m internal dilution
4. (ii) includes 2 non-consectutive metres of core loss due to cavities
5. SRC, SRCD & SRD prefixes denote RC, RC with diamond tail and diamond
   drill holes respectively
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