Business
New Molybdenum Projects
New Molybdenum Projects.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n24 May 2007\n\nFOR IMMEDIATE RELEASE 24th May 2007\n\n\n\n Celtic Resources Holdings Plc\n (\"Celtic\" or \"the Company\")\n \n New Molybdenum Projects\n \n\nCeltic Resources (\"Celtic\"; ticker \"CER\") is pleased to announce that it has\nbeen awarded licences for three molybdenum prospects in Central and Northern\nKazakhstan.\n\n\nHighlights:\n\n •Principally molybdenum deposits, with ancillary copper and gold at one\n deposit\n\n •Significant exploration work completed including geochemical, trenching,\n geophysical surveying, core drilling and initial resource estimates\n\n •All projects have good access to infrastructure including power, water\n and rail\n\n •Initial exploration expenditure of US$3million planned to define resource\n\n\nThe Deposits:\n\n\nAkkuduk (Mo)\n\nThe deposit is located in the Shetski region of Karaganda, central Kazakhstan\nand occurs as stockworks and mineralised granite porphyry intrusives in volcanic\nstratigraphy. Selected drill results gave 69.4m at 0.12% Molybdenum (Mo), 26m at\n0.10% Mo and 33.4m at 0.12% Mo. P1 resource potential is presently 12,000 tonnes\nof Mo.\n\n\nZhilandy (Mo, Cu, Au)\n\nThis deposit is near Kurchatov in the Pavlodar region, in northern Kazakhstan\nand occurs as Mo and Cu mineralisation associated with a porphyry intrusive\nsystem within volcanic host rocks. The intrusives also carry gold, silver, lead\nand uranium. Significant molybdenum intersections include 8m at 0.11% Mo, 0.5m\nat 1.0% Mo and 2.5m at 0.8% Mo. Gold mineralisation intersections included 15m\nat 2.23g/t Au and 27m at 0.2-9.7 g/t Au.\n\n\nItmuryn (Mo)\n\nThis deposit is located 155km from Stepnogorsk in northern Kazakhstan, where\nCeltic Resources Shorskoye molybdenum ore is treated. The mineralisation is\nhydrothermal stockwork in volcanics that has been extensively altered and\ncovered with 18-24m of sediments. Limited shallow core drilling was completed\nbut a single drill hole of 167m intersected molybdenum mineralisation over\nalmost its entire length. Selected intersections were 4.3m at 0.106% Mo, 3.6m at\n0.199% Mo and 2.7m at 0.136% Mo.\n\n\nCommenting on the licences, Kevin Foo, Managing Director said, \"Our success at\nthe Shorskoye molybdenum project and the buoyant prices of molybdenum has\nprovided the incentive to seek other opportunities that uti...