mol iron ore strike... mpj drilling next door

more significant iron ore hits from MOL announced today, question is how far are these hits from where MPJ is currently drilling? MPJ is currently drilling & will test these targets close to MOL for iron ore:


From MPJ announcement:

The purpose of the programme is to properly investigate a number of these EM targets and a new iron feature associated with a major regional structure which extends east ¡V west through the project area extending to Moly Mines Limited¡¦s Spinifex Ridge project.


Todays MOL announcement:

MOLY MINES LIMITED
46-50 Kings Park Road, West Perth
Western Australia 6005
PO Box 8215, Subiaco East
Western Australia 6008
Telephone +61 8 9429 3300
Facsimile +61 8 9429 3399
Email [email protected]
ABN 32 103 295 521
September 18, 2008
Company Announcements Office
Australian Stock Exchange Limited
Exchange Plaza
2 The Esplanade
Perth, WA
6000
Iron Mineralisation at Spinifex Ridge
Moly Mines Limited (ASX/TSX: MOL) is pleased to provide an update on drilling
activities for the Iron Mineralisation at the Spinifex Ridge site.
The RC drill program comprised a total of 31 holes for 2,237m to an average depth of
72m and preliminary assaying has been completed on 23 of the holes using a
portable XRF instrument. Geological logging has reported strong hematite iron
mineralisation in all but 2 of the 31 holes.
Further high grade drill intersects encountered include:
„h 30 m @ 58% Fe from 22 m including 8 m @ 61% Fe
„h 20 m @ 60% Fe from surface including 10 m @ 64% Fe
„h 55 m @ 60% Fe from surface including 25 m @ 62 % Fe
„h 54 m @ 57% Fe from surface, including 11m @ 61% Fe
„h 69 m @ 57% Fe from surface, including 6m @ 62% Fe
„h 17 m @ 59% Fe from surface, including 12m @ 61% Fe
„h 47 m @ 59% Fe from 3 m, including 22m @ 63% Fe
The RC drilling was designed to follow-up previously reported significant Fe
intersections from the Dalek and Auton (Figure 1) prospects. A full tabulation of the
results from the handheld XRF analysis is provided in Table 1; however the handheld
instrument does not report SiO2 and Al2O3. Comprehensive laboratory assaying is
currently underway but is being delayed by significant backlogs in the laboratories.
These will be reported when received.
A diamond drilling (DD) program is currently underway to test the depth extension of
the iron mineralisation. Geological logging has now recorded massive hematite to
depths of 150 metres. Assays are awaited.
The iron potential of the area has been further enhanced by the discovery of yet
another area of outcropping hematite mineralisation to the west of the Auton
prospect. This has been named Galifrey (Figure 1) and it covers an area about the
same size as Auton. Of the 12 rock chip samples gathered from the prospect all but 1
sample returned a value greater than 60% Fe with 4 samples greater than 65% Fe.
(See Table 2).
Coincident with the three areas of hematite mineralisation is a strong geophysical
magnetic anomaly extending over about 1.6km suggesting that it is underlain by
magnetite iron mineralisation. The Company has commenced its initial investigation
of this target with a north-south fence of diamond drilling designed to encounter the
magnetite target at depth.
Spinifex Ridge is well positioned to capitalize on the current, sustained iron ore boom
due to its proximity to key infrastructure required for such bulk tonnage commodities.
It has access to the paved Marble Bar ¡V Port Hedland road and the world class
shipping and loading facilities at Port Hedland which are 160km away. The
advantages in developing and mining an iron ore resource in parallel with the
progression of the Spinifex Ridge Mo-Cu operation represents an outstanding
opportunity for Moly Mines to significantly enhance the value of the overall project
while only incurring minor additional costs.
Yours sincerely
Dr Derek Fisher
Chief Executive Officer and Managing Director
Figure 1 Spinifex Ridge Fe prospect map
Table 1: RC drilling results
Hole Easting Northing EOH depth Azimuth Dip From To Interval Fe
Number GDA GDA (m) (m) (m) (m) (%)
SRC246 196850 7687790 120 180 -60 5 12 7 55
and 22 52 30 58
including 29 37 8 61
SRC247 196825 7687800 133 180 -60 47 80 33 55
including 59 68 9 60
SRC248 196825 7687750 58 180 -60 0 20 20 60
including 7 17 10 64
and 44 58 14 59
including 48 55 7 61
SRC249 196834 7687757 55 180 -60 0 55 55 60
including 2 27 25 62
SRC250 196800 7687740 80 180 -60 0 54 54 57
including 29 40 11 61
SRC251 196750 7687725 50 180 -60 1 10 9 54
SRC252A 196750 7687750 72 180 -60 0 69 69 57
including 27 33 6 62
SRC253A 196600 7687700 100 180 -60 2 7 5 56
SRC254A 196600 7687725 19 180 -60 2 18 16 55
SRC255 196600 7687820 80 180 -60 0 2 2 52
SRC256 196640 7687710 61 180 -60 0 14 14 54
and 59 61 EOH 2 55
SRC257 196625 7687750 30 180 -60 1 25 24 54
SRC258 196650 7687775 30 180 -60 0 20 20 54
SRC259 196700 7687710 43 180 -60 0 10 10 53
SRC260 196700 7687735 120 180 -60 0 11 11 55
and 19 29 10 52
SRC261 196900 7687775 37 180 -60 No significant result
SRC262 196900 7687800 49 180 -60 48 49 EOH 1 52
SRC263 196945 7687900 50 360 -60 0 30 30 56
SRC264 196945 7687875 80 360 -60 8 25 17 59
including 12 24 12 61
SRC265 196970 7687875 80 360 -60 7 19 12 52
SRC266 196920 7687875 80 360 -60 3 50 47 59
including 27 49 22 63
SRC267 196800 7687775 10 180 -60 Not available
SRC268 196800 7687800 122 180 -60 0 14 14 55
SRC269 196725 7687825 50 180 -60 No significant result
Notes:
1. Analysis performed using a INNOV handheld XRF
2. Sample material was pulversied to 90% passing 75 micron
3. A QA/QC protocol was used that relied upon the insertion of Fe standards, duplicates and blanks
4. This data is preliminary in nature and whilst the handheld XRF analyser is precise it may have a 10 to 15%
error in accuracy
5. True width is unknown at this time
Table 2: Galifrey Rock Chip Samples
Rock Easting Northing Fe Al2O3 SiO2 P S LOI 1000
Sample No AGD94 AGD95 (%) (%) (%) (%) (%) (%)
SXF42114 196289 7687758 63.7 0.55 1.39 0.171 0.016 6.48
SXF42115 196273 7687722 55.8 1.46 13 0.079 0.067 4.85
SXF42116 196228 7687688 62.5 0.58 1.88 0.146 0.03 7.58
SXF42117 196260 7687656 61.8 1.98 2.97 0.272 0.055 5.77
SXF42118 196332 7687679 65.5 1.06 1.94 0.144 0.032 2.78
SXF42119 196251 7687810 67.1 0.46 1.18 0.064 0.012 2.13
SXF42120 196231 7687778 67 0.58 0.89 0.07 0.017 2.43
SXF42121 196180 7687729 63.1 0.99 1.88 0.194 0.023 6.18
SXF42122 196159 7687704 63.3 0.85 0.99 0.253 0.036 6.87
SXF42123 196395 7687752 63 0.81 5.93 0.102 0.032 2.67
SXF42124 196425 7687756 65.6 0.49 0.55 0.223 0.009 4.55
SXF42125 196465 7687795 60.7 1.31 7.81 0.249 0.072 2.87
Samples assayed using lithium metaborate fusion and XRF at ALSChemex in Perth
These press materials do not constitute an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration or an exemption
from registration. Any public offering of securities to be made in the United States will be
made by means of a prospectus that will contain detailed information about the company and
management, as well as financial statements.
THESE PRESS MATERIALS ARE NOT FOR RELEASE IN THE UNITED STATES.
* * * * *
This news release includes ¡§forward-looking statements¡¨ as that term within the
meaning of securities laws of applicable jurisdictions. Forward-looking statements
involve known and unknown risks, uncertainties and other factors that are in some
cases beyond Moly Mines¡¦ control. These forward-looking statements include, but are
not limited to, all statements other than statements of historical facts contained in this
news release, including, without limitation, those regarding Moly Mines¡¦ future
expectations. Readers can identify forward-looking statements by terminology such
as ¡§aim,¡¨ ¡§anticipate,¡¨ ¡§assume,¡¨ ¡§believe,¡¨ ¡§continue,¡¨ ¡§could,¡¨ ¡§estimate,¡¨ ¡§expect,¡¨
¡§forecast,¡¨ ¡§intend,¡¨ ¡§may,¡¨ ¡§plan,¡¨ ¡§potential,¡¨ ¡§predict,¡¨ ¡§project,¡¨ ¡§risk,¡¨ ¡§should,¡¨ ¡§will¡¨
or ¡§would¡¨ and other similar expressions. Risks, uncertainties and other factors may
cause Moly Mines¡¦ actual results, performance, production or achievements to differ
materially from those expressed or implied by the forward-looking statements (and
from past results, performance or achievements). These factors include the failure to
complete and commission the mine facilities, processing plant and related
infrastructure in the time frame and within estimated costs currently planned;
variations in global demand and price for molybdenum and copper; fluctuations in
exchange rates between the U.S. dollar and the Australian dollar; failure to recover
the resource and reserve estimates of the Project; the failure of Moly Mines¡¦ suppliers
and service providers to fulfill their obligations under construction, supply and tolling
agreements; unforeseen geological, physical or meteorological conditions, natural
disasters or cyclones; changes in the regulatory environment, industrial disputes,
labor shortages, political and other factors; the inability to obtain additional financing,
if required, on commercially suitable terms; and global and regional economic
conditions. Readers are cautioned not to place undue reliance on forward-looking
statements. We assume no obligation to update such information.
"The information in this report that relates to Exploration Results is based on information compiled by Dr Derek
Fisher who is a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Fisher is Chief Executive
Officer of Moly Mines Limited, and has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the ¡¥Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserve¡¦s and as a Qualified Person for purposes of National Instrument 43-101 of the Canadian
Securities Administrators. Dr Fisher consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears."