Manson Creek picks up new molybdenum property in the Yukon

A new molybdenum discovery 40 km northeast of Whitehorse has drawn the attention of Canadian junior Manson Creek Resources (MCK-V).

Manson Creek, which has early stage exploration projects in uranium, precious and base metal projects in Saskatchewan, British Columbia and the Yukon, says it will acquire a 100% interest in the molybdenum property over a two-year period.

Sampling from the 7.3-sq.-km property aptly named Molygarchy — included 72 rock samples with the highest reported assay being 0.440% molybdenum.

Nine of the samples returned values greater than 0.100% molybdenum and 36 samples returned assays of greater than 0.010% molybdenum.

The Calgary-headquartered company said that the property has disseminated fine to coarse crystalline molybdenum mineralization in a strongly altered granitic intrusive.

Molybdenum is used in the production of stainless steel and is currently trading at between US$32 and US$33 per lb.

Molygarchy has two showings that are about 360 metres apart “with abundant mineralized float occurring in the intervening overburden covered area,” Manson announced in a press release.

Of the two showings, the main one has exposed mineralization for more than 50 metres. Ground magnetic surveys, meanwhile, have defined an open-ended magnetic low in association with the mineralization.

Manson Creek can acquire a 100% interest in the property over two years through cash payments and shares. It must also spend a minimum of C$300,000 during the two-year time period.

This year Manson will carry out mapping, prospecting and geophysical surveying to delineate the mineralization in preparation for drilling.

Shares of Manson Creek on the TSX Venture Exchange closed at 12.5 apiece, up half a cent, on a trading volume of 217,025.