Goldrea and Molycor rally on old moly results

Vancouver – Sister companies and joint venture partners Goldrea Resources (GOR-V, GORAF-O) and Molycor Gold (MOR-V, MLYFF-O) fired up investors after dusting off some past drill results from a couple of molybdenum projects in south-central British Columbia.

The duo represented 2005 drill results from the Crowrea molybdenum project near Summerland in the Okanagan and from the Tadpole Lake project about 25 km northwest of Kelowna.

Goldrea discovered molybdenum at Crowrea in 1995 identifying mineralization within a northeast-trending dyke zone. Trenching and drilling returned a number of high-grade intervals including 4.6 metres of 3.39% MoS₂ in hole 96-14-56.

The JV partners then conducted a closely spaced 10-metre grid drill program on the project in 2005 looking to delineate a high-grade lens of molybdenum suitable for a 10,000-tonne bulk sample. Results of up to 10 metres of 0.292% MoS₂ were returned in hole 05-06 including a 3-metre interval of 0.732% MoS₂. Mineralization occurs in a dyke contained within a coarse grained quartz monzonite intrusive.

Drilling also intersected mineralization in the Noranda zone that is about 450-metres southeast along a potential trend. A large molybdenum soil anomaly was also identified about 650 northwest of the main occurrence along the same extrapolated trend.

The Tadpole Lake project, also called Dobbin II, was previously held by Cominco, now Teck Cominco (TCK.B-T, TCK-N), that completed a 5,800-metre, 73-hole percussion drill program between 1977 and 1980 returning up to 56 metres grading 0.105% MoS₂.

Goldrea and Molycor threw ten holes on Tadpole Lake in 2005 with nine intersecting molybdenum bearing veins and fractures within the granitic intrusive. The JV partners noted that grade increased towards the northwest evidenced by the last hole, 05-10, cutting 3.3 metres of 0.408% MoS₂.

The recently reinvigorated molybdenum market has the 50-50 partners contemplating exploration programs including follow-up drilling.

Shares of Goldrea notched up a couple of pennies to close at 56 apiece on volume of 242,000 while Molycor shares soared 50% to close up a dime at 30 on trading volume of almost 5.6 million.