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nickel australia touts molybdenum discovery Great ann :)

Nickel Australia touts molybdenum discovery

Rebecca Lawson
Wednesday, 15 November 2006

AFTER claiming a new copper discovery at its Potreritos joint venture in Mexico earlier this week, Nickel Australia says it has made another discovery in the country, this time molybdenum at its Pozo de Nacho project.



The company said drilling had identified a strongly mineralised porphyry system containing extensive molybdenite mineralisation over a strike length of 1.2km, with the discovery remaining open along strike and at depth.

The highest value of 0.75% molybdenum over 1m was returned with other results including 5m at 0.21% molybdenum from 280m and 0.8m at 0.18% molybdenum from 356m.

Additionally, the company said anomalous grades of copper, silver and tungsten were intersected and included values of 0.1% copper, 32 grams per tonne silver and 0.06% tungsten.

Nickel Australia said only the first diamond drill hole was successfully completed to the required depth with the hole ending in visible mineralisation. The other remaining drill holes ended prematurely whilst within the upper part of the mineralised layer and prior to reaching the main target zone.

The company plans to start further drilling on the project early next year.

Pozo de Nancho is located on the western edge of the Sierra Madre Occidental region, which contains several large molybdenum deposits, including the Cumobabi mine and the El Creston deposit which contains 100 million tonnes at 0.16% molybdenum.

The molybdenum news comes just days after first pass drilling at Nickel Australia's Potreritos prospect returned hits of up to 8.5% copper.

Shares in Nickel Australia closed at 11c today.

http://www.miningnews.net/storyview.asp?storyid=68899§ionsource=s0