Join our daily newsletter At The Bell to receive exclusive market insights
- Almonty Industries (AII) releases a maiden inferred mineral resource estimate (MRE) for the Almonty Korea Moly (AKM) Project in South Korea
- The MRE reads 21.84 million tonnes at 0.26 per cent molybdenum disulphide and was based on data from drilling completed before 1992 and between 2006 and 2008
- Based on the review of this previous drilling, Almonty believes the molybdenum zone may continue to the northeast and northwest
- The MRE is adjacent to the tungsten resource at Almonty’s Sangdong Tungsten Project and the company will look into integration between the AKM and Sangdong resources
- Shares in Almonty have been trading at 94.5 cents since July 13
Almonty Industries (AII) has released a maiden inferred mineral resource estimate (MRE) for the Almonty Korea Moly (AKM) Project in South Korea.
The MRE reads 21.84 million tonnes at 0.26 per cent molybdenum disulphide and was based on data from underground and surface drilling completed before 1992 by the Korea Tungsten Mining Company and Oriental Minerals between 2006-2008.
Based on the review of this previous drilling, Almonty believes the molybdenum zone may continue to the northeast and northwest.
The MRE lies adjacent to the tungsten resource at Almonty’s Sangdong Tungsten Project and the company will look into possible integration between the AKM and Sangdong resources.
“We are pleased to note that based on a review of previous exploration work, the MRE has significant upside, given the deposit appears to be open in multiple directions and further that potential exists to delineate a high-grade zone within the current orebody,” Chairman, President and CEO Lewis Black said.
“We are also excited to formulate a robust mining plan so that this project will run alongside our tungsten mine simultaneously given that both can share the same existing mining infrastructure and the dramatic development cost savings it presents.”
Shares in Almonty have been trading at 94.5 cents since July 13.
