Vancouver — Sultan Minerals (SUL-V, SLMLF-O) is being rewarded for its efforts in searching out molybdenum at its Jersey-Emerald property in southwestern B.C. — a site that once hosted Canada’s second-largest tungsten mine.
Four of the first six holes testing the East Dodger molybdenum zone returned strong results. Hole JM07-04 assayed 0.04% MoS2 over its entire 466-metre length (from surface), including 167 metres grading 0.1% MoS2 from 240 metres down-hole and a 3-metre high-grade horizon of 1.81% MoS2.
Hole JM07-01 intersected 0.05% MoS2 over 4.8 metres from 106 metres depth, followed by 0.04% over 21 metres from 265 metres. And hole JM07-05 returned 9 metres of 0.13% MoS2, starting from 282 metres.
Sultan’s share price doubled on the news to 48 on more than 18 million shares traded.
Sultan purchased the claims covering the former Jersey and Emerald lead, zinc, and tungsten mines, operated by Placer Dome from 1947-72, in 1993. The property near Salmo, B.C., remained inactive until the recent global shortage of tungsten encouraged Sultan to explore.
While tungsten exploration is going well, strong molybdenum prices prompted exploration for that metal as well. The East Dodger zone has now been tested with 27 drill holes, 25 of which intersected molybdenum. The mineralized zone remains open to the east, west, and at depth.
The first six core holes were designed to test the lateral limits of the zone, and as such were low-angle holes drilled in a fan formation from a single underground drill station. Results from 13 other recently drilled holes should be released by July.
A late-2006 resource estimate for Jersey-Emerald, based on historical core and 2005 and early 2006 drilling, calculated measured and indicated resources of 2.51 million tonnes averaging 0.37% tungsten; the moly zone was estimated to hold indicated resources of 28,000 tonnes averaging 0.098%.
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