Vancouver — Second-phase drilling by TTM Resources (TTQ-V, TTMRF-O) at its Chu molybdenum project, in central British Columbia, has returned a wide interval of strong moly mineralization.
Hole 19 on the Chu West zone yielded 504 metres (from 101 metres down-hole depth) grading 0.109% molybdenum in a quartz-molybdenum stockwork zone. The hole also cut a 74.1-metre high- grade interval 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 to test a series of north-south-trending feeder structures in the main northwest-trending stockwork zone.
Hole 20, collared at the same location as hole 19, but drilled at a 250 azimuth and a shallower minus 45, encountered stockwork mineralization at 69.6 metres down-hole and returned 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 towards defining a near-surface zone of higher-grade moly mineralization and significant tonnage that can be mined by open pit, the company has focused on its Chu West zone (consisting of the area around holes 19 and 6) as a good potential target area based on drill intercepts.
Results from further Chu West holes are pending.
A second drill rig has been added and is now spinning on Chu East to test the main stockwork zone encountered in hole 16 with 384 metres of 0.096% molybdenum.
Mineralization at Chu occurs primarily as molybdenite within quartz stockworks in contact- metamorphosed sandstones next 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 metres width. Preliminary modelling predicts a potential waste-to-ore ratio of about 1:1.
Located near Vanderhoof, B.C., Chu was discovered in 1969 by Rio Tinto (RTP-N, RIO-L), and drilled in the early 1980s by Asarco and Armco Mineral Exploration.
The project is about 75 km southeast of Thompson Creek Metals’ (TCM-T, TCMRF-O) 75%-owned Endako open-pit moly mine, concentrator and roasting facility.
Fuelled by continued strong demand from Asian steel fabricators, spot molybdenum prices were around US$35 per lb. at presstime.
TTM shares slipped a dime on the drill results to close at 81 per share on trading volume of almost 1.9 million shares. The stock posts a 52-week trading range of 17-$1.78.
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