Excitement builds for New Molybdenum discovery in Central QLD
Zamia Gold Mines Ltd (ZGM) has identified a very promising molybdenum (Mo)
discovery at its Anthony Prospect in Queensland.
While exploring for gold in Queensland’s historic Clermont region ZGM’s team, using a
structured geological approach, discovered an extensive molybdenum soil anomaly
covering around one square kilometre.
Assay results from the first round of drilling have been outstanding and Executive
Director Sam Lees says that this sort of discovery is every explorer’s dream come true.
“Serendipitous events led us to drill this particular area and such results from a first
drilling programme give us confidence that we have a potentially significant mineral
development”, he says.
Recently announced assay results from the first 12 holes show extensive mineralisation
with grades that are similar to or better than the 0.06% to 0.07% Mo typically found in
international and Australian molybdenum developments.
The Anthony prospect remains open in all directions and one hole included an
intersection grading more than 0.3% Mo over 6 metres.
ZGM’s proposed drilling programme in 2008 is targeting a deposit that could be mined
by open pit methods with a conceptual size of about 100 million tonnes.
Mr Lees says expected growth in the molybdenum market makes it a very attractive
commodity.
“The price of Molybdenum has risen rapidly, in line with other metals, and now exceeds
US$66,000/t”, he says. “World demand for the metal, used to enhance the properties of
steel, is expected to more than double by 2030.”
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