NMC Resources has updated its 2009 resource estimate at the Moland Molybdenum Project to an indicated 1.669 million tonnes @ 0.35% molybdenum disulphide. The company says the new estimate is based on results from 88 drill holes and 1938 channel samples at the 822 hectare site about 170km southeast of Seoul.
NMC executive vice-president Do Hyung Kim says, “We are very pleased to see the mineral resource more than double, even using a 40% higher cut-off grade than the previous resource estimate. KORES (Korea Resource Corporation) continues to sponsor our deep drilling exploration and we will notify the market of results when they are received.”
The Moland mine has been in commercial production since April 2010 and continues to provide NMC Resources with a stable revenue stream. The mine’s process plant crushing facility is underground and 100% of the process water is recycled. The mine uses all tailings in the manufacture of cement.
NMC’s Moland property contains a skarn zone hosted in Ordovician carbonate sediments. The skarn is more than 800 metres-long and is adjacent to both Jurassic and Cretaceous felsic intrusions. Molybdenite occurs in fracture zones within the skarn and in disseminated form.
The company says Moland is steadily increasing its production profile and resource base, and is strategically located to supply the growing demand for molybdenum from the Asian markets.