WA-based Desert Mines and Metals has wasted no time in progressing with its newest acquisition, the Daehwa Project in South Korea.
Diamond drilling at the project – one of the largest of its kind in the country – has intersected high grade molybdenum and a small amount of other precious metals including tungsten.
Desert Mines and Metals has worked alongside government corporation Korea Resources (Kores) to assist in exploration activities.
Initial results and several test points include 7m of molybdenum at 0.26 per cent from 97.3m; 5m at 0.13 per cent from 87m and 0.9m at 1 per cent from 23.7m.
Desert Mines and Metals managing director Chris Rashleigh said the initial results were promising.
“We are pleased with the interim kores assay results of the 2012 drilling program as it confirms that several high-grade molybdenum lodes persist to depths well below the historic mining activity at Daehwa,” he said.
“There is also evidence of lower grade disseminated mineralisation in the hangingwall lodes at very shallow depths.
A further 1.9km diamond drilling program is underway to test historic workings.
“In addition, visual logging under natural and UV light has highlighted several zones of scheelite mineralisation at shallow depths in the hanging wall lodes which do not appear to have been mined historically,” Mr Rashleigh said. The Daewha mine is about 100km southeast of Seoul and has been in operation intermittently since 1984.
The project comprises three mining rights with granted tenure, subject to performance conditions until 2027-2028.