TTM, Bard ignited by British Columbia molybdenum assays

Vancouver Molybdenum assays from projects in northern British Columbia ignited the shares of TTM Resources (TTQ-V) and Bard Ventures (CBS-V), sparking active trading in the TSX Venture Exchange-listed juniors.

Both companies are in the early stages of exploration and are getting attention at a time when the price of molybdenum an alloying element used to produce steel and cast iron — has soared to US$26 a pound on the strength of strong demand from China.

Thats up from US$5 in early 2004.

Shares of TTM jumped 20 or 61% to 53 apiece, March 2, after releasing initial drill results from its wholly-owned Chu property near Vanderhoof.

With seven million shares changing hands, TTM was the day’s second most actively traded stock, behind Bard, which rose 5 or 13% to 42 on volume of 8.1 million.

TTM is trying to demonstrate the viability of a molybdenum-rich zone, which was discovered in 1969 by Rio Tinto (RT-N), and drilled in the early 1980s by Armco Mineral Exploration.

If it succeeds, it hopes to strike a deal with Blue Pearl Mining (BLE-T), which owns the Endako molybdenum mine, and processing facilities, approximately 80 km to the northwest of Chu.

“It just would make sense,” said TTM chief executive officer Crichy Clarke.

Having secured the property rights in August was in a position March 2, to release results from the first four holes of a phase one drill program that began in November and is scheduled to continue throughout the rest of this month.

Highlights include hole Ch-06-06, which returned a 198.9 metre interval, grading 0.047% copper and 0.132% molybdenum.

TTM chief executive officer Crichy Clarke said he is even more encouraged by results in Ch-06-05, a step out hole, located in virgin territory about 350 metres southeast of ground that had previously been drilled.

It returned 30.5 metres of 0.059% copper and 0.11% molybdenum from 227.7 metres to 258.2 metres.

“We are really happy with what we are seeing up there,” said Mr. Clarke in an interview with the Northern Miner.

As seven holes have been drilled to date (aggregate total, 3,341 metres), TTM should be in a position to release more drill results within the next two weeks.

Clarke said Robert Sibthorpe, TTMs vice-president of exploration, planned to fly to Toronto for talks with Blue Pearl chief executive officer Ian McDonald. It would be my preference to do a deal with Blue Pearl, said Clarke.

Meanwhile, Bard Ventures finds itself in similar circumstances on its Lone Pine property northwest of Houston, BC, which has previously been drilled by the likes of Noranda Exploration amongst others.

Last September, the company said it can earn a 100% stake in the Lone Pine claims by spending $75,000 on exploration prior to July 1 and issuing 545,000 shares to Houston-based prospectors Daniel and William Merkley.

In mid-February, the company released assays from the first hole of a 7-hole program, It returned 0.05% MoS₂ (molybdenum disulphide) over 490.1 metres.

That included two higher grade zones of 0.08% MoS₂ over 43 metres from 17.0 m to 59.9 metres and 0.081% MoS₂ over 102.3 metres, from 257.7 metres to 360 metres.

On March 2, the company said a second hole, located 1,200 metres further north, returned 0.07% MoS₂ over the entire core length of 489 metres, from 17 metres to a final depth of 506.4 metres. That hole returned a higher grade zone of 0.09% MoS₂ over 231.4 metres, from 134.3 metres to 365.7 metres.

Bard President Eugene Beukman was not available March 2 for immediate comment.

However, the company issued a statement saying it is extremely pleased with the initial drilling results and will release additional drill hole results as soon as assays have been received and interpreted.