General Moly: updated DCIP survey results show promise

The high-intensity, ground-based, IP survey, including 2D and 3D inversions of acquired DCIP field data, was completed in February 2018 by Quantec Geoscience. An apparent contiguous group of high chargeability anomalies appear to align with the recently identified Cu-Ag Target.

The final IP survey report includes 2D and 3D IP inversions that identify resistivity and chargeability anomalies with enhanced accuracy within several hundred feet of the surface. Interpretive evaluation of the 3D IP sections with available historic drill results should improve follow-up drill targeting.

General Moly has engaged Mine Mappers, LLC, with Mark Osterberg, Ph.D., P.G., as Principal Consulting Geologist, to support the company's internal staff in the evaluation of the geophysical and historic drilling results. The planned work will refine the geologic and lithological interpretation of the anomalous target areas and integrate the historic drill results, including geochemical assay results, with the Titan DCIP survey findings. Dr. Osterberg and his colleagues at Mine Mappers have mapped surface geology and logged diamond drill core at the Mt. Hope project in several previous campaigns.

General Moly anticipates this planned work will define untested drill targets, which will be evaluated subject to financing. The company expects to have an initial exploration plan completed within the next few months.

The IP survey, which focused on the Cu-Ag Target, comprised six 2400-ft long lines with two lines running SW to NE, and 4 lines running SE to NW and perpendicular to lines 1 and 6.

Compared to the previously completed 2D IP results, the new 3D images show an expanded high chargeability zone, underlying a layer of resistive rock. The cross sections also show historical drill intercepts within approximately 100 ft of the vertical cross sections, with the coloured boxes along the drill lines designating assays of copper equal to or greater than 0.5% with red, zinc equal to or greater than 1.0% with light blue, and silver equal to or greater than 20 opt with gray.

The Cu-Ag Target and larger zinc mineralised area do not contain any mineral resource estimate as defined by the Canada National Instrument 43-101 (NI 43-101) or any proved or probable reserves as defined by the United States Securities and Exchange Industry Guide 7, nor is there any certainty that further exploration will result in any targets becoming part of a mineral resource or mineral reserve.

The Cu-Ag Target within the zinc mineralised area appears to be close enough to the surface and to the ultimate Mt. Hope molybdenum pit to be potentially accessed by a decline from either the surface or the pit, if development is warranted.

The company's intent is to substantiate the occurrence of copper and silver mineralisation lying below previously mined bodies of zinc ore. The target is open to the northeast and at depth. The approximate intersection of DCIP survey lines 1 and 3 is a particularly attractive and high priority target. The company's goal is to define sufficient tonnage and grade to justify the formal scoping study of a standalone mining operation or a mining operation associated with the planned Mt. Hope molybdenum mine. 

Following its promising findings, the company, which holds an 80% interest in the Mt. Hope Project, has presented this data to POS-Minerals, its 20% joint venture partner, and is discussing value-sharing investment options with the company. The approval of POS-Minerals is required for any mining operation to exploit economic mineralisation.

Read the article online at: https://www.globalminingreview.com/exploration-development/06042018/general-moly-updated-dcip-survey-results-show-promise/