Adanac Molybdenum Corp.: Drilling Encounters More Mineralization Adjacent to the Permitted Open Pit
Date : 07/10/2008 @ 6:00AM
Source : MarketWire
Stock : Adanac Molybdenum Corporation (AUA)
Quote : 0.39 0.0 (0.00%) @ 3:35PM
Adanac Molybdenum Corp.: Drilling Encounters More Mineralization Adjacent to the Permitted Open Pit
VANCOUVER, BRITISH COLUMBIA (TSX: AUA)(PINK SHEETS: AUAYF)(FRANKFURT: A9N) ("the Company") is pleased to announce updated results from its ongoing exploration program adjacent the permitted open pit on the Ruby Creek molybdenum property, located near Atlin, British Columbia.
The 2007 diamond drill program consisted of 40 NQ holes (A-07-372 to A-08-411) totaling 14,019 meters (45,982 feet) that included exploration and condemnation drilling. Of these, 30 exploration holes (A-07-372 to A-07-383 and A-08-394 to A-08-411) were drilled to test for mineralization north of the Adera fault. Another 10 condemnation holes (A-07-384 to A-08-393) were located at the Company's mill-site and tailings impoundment area to confirm the absence of significant mineralization. Drill hole map is available at the company website at www.adanacmoly.com.
The exploration drilling was used to test an initial strike length of over 400 meters and identified a continuous zone of mineralization within a 250 meter-wide drop block between the Adera fault and a sub parallel structure named the Molly Lake fault. This zone is outside, but adjacent to, the currently permitted open pit. This new zone extends to the northeast and is open to the southwest and to depth.
The eight holes listed below were drilled from pads arranged in two fences across the slope of the hill north of the Adera fault. In most cases, two holes were drilled from each pad; one vertical and one at a moderate angle to the northwest. Three drill-holes (A-07-372 to A-07-374) were described in a previous news release dated September 13, 2007.
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Drill Hole # Azimuth Dip Depth (m) From (m) To (m) Length (m) %Mo
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A-07-375 30 -65 529.44 276.14 364.54 88.4 0.039--------------------------------------------------------------------------
A-07-376 330 -60 529.74 133.5 352.96 219.46 0.062
includes 203.61 261.52 57.91 0.09
215.8 218.85 3.05 0.294
398.68 450.49 51.81 0.068
410.87 413.92 3.05 0.297--------------------------------------------------------------------------
A-07-378 0 0 399.29 108.2 111.25 3.05 0.274
281.94 284.99 3.05 0.472
312.42 367.28 54.86 0.057
includes 330.71 333.76 3.05 0.218--------------------------------------------------------------------------
A-07-379 0 0 416.66 66.14 99.67 33.53 0.064
includes 87.48 90.53 3.05 0.239--------------------------------------------------------------------------
A-07-380 330 -60 343.2 56.69 99.36 42.67 0.15
includes 84.12 87.17 3.05 0.689
87.17 90.22 3.05 0.977
175.56 343.2 167.64 0.062
includes 212.14 215.19 3.05 0.251
294.44 297.49 3.05 0.65
334.06 377.11 3.05 0.341--------------------------------------------------------------------------
A-07-381 330 -50 364.24 77.72 80.77 3.05 0.313
242.32 364.24 121.92 0.107
includes 242.32 245.37 3.05 0.329
312.42 315.47 3.05 0.366
315.47 318.52 3.05 0.267
333.75 336.8 3.05 0.275
348.99 352.04 3.05 1.036--------------------------------------------------------------------------
A-07-382 0 0 395.63 81.69 157.89 76.2 0.11
99.97 103.02 3.05 0.856
103.02 106.07 3.05 0.51
142.34 145.39 3.05 0.479--------------------------------------------------------------------------
A-07-383 0 0 74.07 47.24 74.07 26.83 0.146
includes 53.34 56.39 3.05 0.728--------------------------------------------------------------------------
(This is a stockwork Deposit and true widths are unknown at this time)
The Company is waiting for assays for a further eighteen holes and results will be released as they come available. Core assays are being carried out by Acme Analytical Laboratories Ltd. of Vancouver, BC.
A systematic program of condemnation drilling throughout the proposed mill-site and tailings impoundment area started in November and was completed over the winter. The drill holes show that the rocks underlying the area are essentially barren. It would appear the infrastructure will not impinge on any significant mineralization. The assays have not been released, but a report has been filed with the British Columbia Ministry of Energy, Mines and Petroleum Resources.
The drilling is contracted to Foraco Drilling Ltd. of Kamloops, B.C. and exploration is continuing. Adanac expects to complete an updated resource estimate sometime after the completion of the current drill program.
Adanac Molybdenum Corporation is engaged in the exploration and development of mines to produce molybdenum and other ferro-alloy metals. Its flagship property is the Ruby Creek molybdenum project located near Atlin, B.C. The property contains an open pit proven+probable reserve of 157.7 million tonnes grading 0.058% Mo using a 0.040% Mo cut-off grade.
This news release was reviewed by Dr. Robert Pinsent, Ph.D., P.Geo., a qualified person recognized under National Instrument 43-101.
On Behalf of Management
ADANAC MOLYBDENUM CORPORATION
David Stone, President & Chief Executive Officer
***Be Cool - Be Calm - Be Casual - Be Careful Out There!***
