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 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 |