Vancouver – Second phase drilling by TTM Resources (TTQ-V, TTMRF-O) at its Chu molybdenum project near Vanderhoof in central British Columbia has turned in a wide interval of strong moly mineralization.
With complete results now in for hole CHU-07-19 on the Chu West zone, the company has a 504-metre interval (from 101 metres down-hole depth) grading 0.109% molybdenum within a quartz-molybdenum stockwork zone. A 74.1-metre high-grade interval was encountered, at 425.5 metres down-hole, running 0.209% molybdenum.
TTM drilled the hole at a west azimuth and at a dip of minus-70 degrees to test a series of north-south trending feeder structures within the main northwest-trending stockwork zone.
Hole CHU-07-20, collared at the same location as hole 19 but drilled at a 250 azimuth and a shallower minus-45 degrees, encountered stockwork mineralization at 69.6 metres down-hole and cut 109 metres of 0.127% molybdenum. TTM reports the hole intersected a further 71 metres of lower-grade mineralization (0.05% moly) before exiting the stockwork zone.
With an eye to define a near-surface zone of higher-grade moly mineralization and significant tonnage exploitable by open pit methods, the company has focused on its Chu West zone (comprising the area around holes 07-19 and 06-06) as a good potential target area based on drill intercepts.
Results from further Chu West holes are pending assays.
A second drill rig has been added and is now spinning on the Chu East area to test the main stockwork zone encountered in hole 06-16 with 384 metres of 0.096% molybdenum.
Mineralization at Chu occurs primarily as molybdenite within quartz stockworks in hornsfelsed sandstones adjacent to a granodiorite intrusive. TTM has traced the Chu molybdenum zone over 1.7 km of strike, to more than 650 metres depth and across 300 metre of width. The company foresees a potential waste-to-ore ratio of about 1-to-1 in preliminary modeling.
Chu was discovered in 1969 by Rio Tinto (RTP-N, RIO-L) and later drilled in the early 1980s by Asarco and Armco Mineral Exploration.
The project is located about 75 km southeast of Thompson Creek Metals Company‘s (TCM-T, TCMRF-O) 75%-owned Endako open pit moly mine, concentrator and roasting facility.
Fueled by continued strong demand from Asian steel fabricators, spot molybdenum prices are in the US$35.00 per lb. level at press time.
TTM Resources shares slipped a dime on the wide moly intercept news to close at 81 per share on volume of almost 1.9 million shares in September 17th trading. The stock posts a 52-week trading range of 17-$1.78.
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