Celtic Resources: New molybdenum projects in Kazakhstan
Celtic Resources announced Thursday that it has been awarded licences for three molybdenum prospects in Central and Northern Kazakhstan.
Highlights:
• Principally molybdenum deposits, with ancillary copper and gold at one deposit
• Significant exploration work completed including geochemical, trenching, geophysical surveying, core drilling and initial resource estimates
• All projects have good access to infrastructure including power, water and rail
• Initial exploration expenditure of US$3million planned to define resource
The Akkuduk deposit is located in the Shetski region of Karaganda, central Kazakhstan and occurs as stockworks and mineralised granite porphyry intrusives in volcanic stratigraphy.
Selected drill results gave 69.4 million at 0.12% Molybdenum (Mo), 26 million at 0.10% Mo and 33.4 million at 0.12% Mo.
P1 resource potential is presently 12,000 tonnes of Mo.
Zhilandy deposit is near Kurchatov in the Pavlodar region, in northern Kazakhstan and occurs as Mo and Cu mineralisation associated with a porphyry intrusive system within volcanic host rocks. The intrusives also carry gold, silver, lead and uranium.
Significant molybdenum intersections include 8 million at 0.11% Mo, 0.5 million at 1.0% Mo and 2.5 million at 0.8% Mo.
Gold mineralisation intersections included 15 million at 2.23g/t Au and 27 million at 0.2-9.7 g/t Au.
Itmuryn deposit is located 155km from Stepnogorsk in northern Kazakhstan, where Celtic Resources Shorskoye molybdenum ore is treated.
The mineralisation is hydrothermal stockwork in volcanics that has been extensively altered and covered with 18-24 million of sediments.
Limited shallow core drilling was completed but a single drill hole of 167 million intersected molybdenum mineralisation over almost its entire length.
Selected intersections were 4.3 million at 0.106% Mo, 3.6 million at 0.199% Mo and 2.7 million at 0.136% Mo.
Kevin Foo, Managing Director said, "Our success at the Shorskoye molybdenum project and the buoyant prices of molybdenum has provided the incentive to seek other opportunities that utilise our experience in the FSU. These acquisitions are reasonably well advanced exploration properties that may be fast tracked to production if the planned resource definition programme meets our expectations." |
