Linear Metals (LRM-T, LMTCF-O) has come out with a resource estimate for its KM61 copper-moly-silver project, near Armstrong, Ont.
Indicated resources total 66.6 million tonnes grading 0.053% molybdenum, 0.09% copper, and 3 grams silver per tonne for 78.2 million lbs. moly, 127.7 million lbs. copper and 5.5 million oz. silver.
Inferred resources come in at 38.9 million tonnes grading 0.054% moly, 0.09% copper, and 2.7 grams gold per tonne for a total of 46.5 million lbs. moly, 78 million lbs. copper and 3.4 million oz. silver.
A cutoff grade of 0.02% moly was used to calculate resources.
Linear president and CEO Brian MacEachen said he was happy that a majority of the resource fell into the indicated category — a prerequisite to move the project to the prefeasibility stage.
“This will allow us to advance the project with a minimal amount of additional drilling within the identified Main zone,” he said in a statement.
The Main zone area, where the resources are contained, is 1.55 km by 275 metres. Mineralization includes both disseminated and vein-type molybdenite-chalcopyrite and is hosted by two northeast-trending, quartz monzonite porphyry dyke swarms and their flanking mafic metavolcanics.
Resources are based on 113 inclined diamond-drill holes totalling 37,100 metres of core. Holes are on average about 50 metres apart.
Linear has already conducted some metallurgical studies and has found that the mineralization responds well to conventional flotation.
The company still wants to study the Main zone to see how much of the higher-grade, near-surface mineralization could be modelled into a starter-pit zone. Ore that is greater than or equal to 0.1% molybdenum is considered higher grade.
KM61 mineralization was first discovered in 2002 by Linear Gold (LRR-T, LGCFF-o) during regional prospecting of the nearby Seymour Lake tantalum property. Grab and channel samples returned significant values of copper, moly, silver and gold. The property was then optioned to Noranda, (later Falconbridge, and now Xstrata [XSRAF-O, XTA-l]) until December 2003. Linear Metals acquired the rights to the project from Linear Gold in 2006.
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