Resource Report: Juniors Recycle Old Mines for New Gains
Oriental Minerals (OTL-V)breites Grinsen jumped onto the radar last week with a South Korean acquisition that makes it The Only Foreign Mining Company in South Korea.
The company has started drilling at its newly acquired Sangdong tungsten-molybdenum mine, which closed in 1992 reportedly due to low metals prices. Since the mine closed, however, tungsten prices have rocketed from US$4 per lb to US$70 per lb while molybdenum is up $36 from less than US$2 per lb in 1992 to US$38 per lb today.
When the Sangdong mine closed it was one of the world\'s largest tungsten mines. According to a 1989 report from Korea Resources, the estimated remaining reserves at the mine total 189 million lbs WO3 (tungsten trioxide) from 15.6 million tonnes grading 0.5% WO3 in the main ore body and 1.4 million tonnes grading 0.55% WO3 in the east ore body.
Beneath the tungsten mine lies a moly deposit estimated to contain 16 million tonnes of molybdenum grading 0.4% MoS2 and an historical global resource of 120 million tonnes or 340 million lbs grading 0.129% MoS2. By my book, anything grading over 0.1% molybdenum at today?s prices, even at half that size, is positively worth looking at.
Importantly, none of this yet instrument 43-101 compliant, and is not yet to be considered reliable. All the same, this is excellent progress for a company that in three weeks launched its website, had an IPO on the Frankfurt Stock Exchange and acquired a promising one-time best in show.
By Douglas Hadfield
Bei denen rührt sich langsam was... Da kommt noch was die Tage...
langsam Zeit das hier was geht, ich hab OM seinerzeit noch zu 1,32 ? eingekauft, wie blöd muß ich denn gewesen sein oder hab ich evtl. was verkehrtes geraucht?? :-))
Oriental will das Bohrloch SD-01 bis in eine Tiefe von 750 Meter bohren, was etwa zwei Monate dauern wird. Die Ergebnisse werden veröffentlicht, sobald sie zugänglich sind. (17.11.2006/ac/n/a)