Victory West finds new prospect from C. Sulawesi molybdenum project
Wednesday, November 18 2009 - 01:08 AM WIB
Stream sediment sampling has returned anomalous molybdenum results from multiple locations within PT Promistis's concession, which is only 10km from the company?s Anomaly B molybdenum prospect over an area approximately 3km x 3km. Thirteen samples have returned values in excess of 10ppm Mo, with a maximum value of 97ppm Mo reported so far, the company said.
By comparison, reconnaissance exploration undertaken by Rio Tinto in the early 1970?s discovered the Anomaly B prospect by following up a stream sediment sample of 8ppm Mo, it said.
The company currently has a geological field crew undertaking a detailed follow up assessment of this area, with preliminary rock chip samples so far returning values up to 457ppm Mo.
Furthermore, zones of strong to intense alteration have been observed over a large area. An additional geologist is expected to be added to this team within the coming weeks.
The company aims to discover the hard-rock source of this molybdenum in the drainage systems, with expectation of a similar porphyry-style source as seen at Anomaly B. This would confirm the company?s belief that Malala is a new molybdenum province, potentially hosting multiple porphyryrelated molybdenum prospects.
VWM has acquired five molybdenum leases in Toli-toli, Central Sulawesi, where previous exploration works had been carried out by Rio Tinto with total expenditure of US$20.5 million. (denny)