Market Release March 24 2009 High-Grade Molybdenum … · High-Grade Molybdenum and Rhenium...

IVA0007MR - Merlin Project.docx

High-Grade Molybdenum and Rhenium Intercepts Drilled on Ivanhoe Australia’s Merlin Project

Peter Reeve, Chief Executive Officer, and Robert Friedland, Chairman, Ivanhoe Australia Limited (IAL), are pleased to announce that drilling results on the Merlin Project, on Ivanhoe’s Cloncurry tenements in north-western Queensland, have returned a series of significant high-grade molybdenum and rhenium assay results.

The Merlin discovery now has been tested by approximately 90 drill holes and the assay results of 75 drill holes have been returned.

The Merlin mineralised zone is a clearly defined, high-grade body of molybdenum (Mo) and rhenium (Re) sulphide mineralisation starting at a depth of about 100 metres and extending down dip for over 400 metres, with an indicated strike length of up to 900 metres. Figure 1 shows a plan of the Merlin mineralised zone and figures 2-5 show the sections of the mineralised zones.

The results from this recent drilling define the highest grade zone of Merlin encountered so far and exceed the tenor of the initial Merlin results released in December. The most significant are as follows:

MDQ0115 - 38 m @ 1.20% Mo, 17.29 g/t Re and 0.17% Cu, from 246 metres.


including - 20 m @ 6.26% Mo, 81.83 g/t Re and 0.14% Cu, from 408 metres.



MDQ0135 - 70m @1.05%Mo, * g/t Re, and 0.05% Cu, from 360 metres.

Market Release March 24 2009


Including - 20m @2.29%Mo, * g/t Re, and 0.14% Cu, from 367 metres.

and 10 m @1.55% Mo, 33.3 g/t Re, and 0.05% Cu, from 418 metres.

MDQ0154 - 34 m @ 1.82% Mo, 22.04 g/t Re and 0.12% Cu, from 240.9 metres.

Including - 6.1 m @ 8.77% Mo, 101.95 g/t Re and 0.16% Cu, from 240.9 metres.

MDQ0154w1 - 30 m @ 1.66 % Mo, 21.14 g/t Re and 0.30% Cu, from 220 metres.

including - 10 m @ 4.97% Mo, 63.13 g/t Re and 0.13% Cu, from 240 metres.



* Rhenium results not yet complete

(Table1 shows a full listing of all molybdenum and rhenium assay results).

(Table 2 shows all assay results from the polymetallic zone).

Two sub-zones now are recognised within the Merlin mineralisation; a molybdenum- and rhenium-rich footwall zone and a separate hangingwall zone rich in molybdenum, rhenium, copper and zinc.

The footwall zone, at or near the base of the shales above the silicified footwall siltstones, dips at 55 degrees to the east and consists of high-grade molybdenum and rhenium mineralisation. The hangingwall sub-zone, along the sheared interface between the overlying phyllites and underlying black shales, dips at a shallower angle of between 30 and 45 degrees to the east, and also contains molybdenum and rhenium, but with higher copper and zinc. At depth, this hangingwall zone becomes more copper and zinc dominant and the molybdenum grades decrease.

Towards the surface, the footwall and the hangingwall zones merge into one thinner, 55-degree east-dipping zone.

Discrete polymetallic sulphides overlie both the footwall and hangingwall molybdenum zones and continue down dip to the east. Holes MDQ0133 and MDQ0112 are typical of the polymetallic zone east of the hangingwall molybdenum sub-zone.

The current strike length of the zone, for which results are available, is over 500 metres; however, mineralisation has been found over a strike length of 900 metres in step-out holes. Drilling is continuing to the north on 100-metre step-out traverses, while infill drilling is required to extend the footwall zone to the south of MDQ0132. (Figure 6 shows a schematic of these features of the Merlin zone).

“The results achieved on the Merlin Project to date indicate it is now the highest-grade source of rhenium and molybdenum identified anywhere in the world,” Mr. Reeve said. (Figure 8 shows an example of the high grade mineralisation in


MDQ0119) “It is clear that this drilling now has defined a discrete zone of high-grade molybdenum and rhenium mineralisation and to achieve such high grade intercepts in these high-value metals provides Ivanhoe Australia with an outstanding potential development project. It will provide a great impetus to exploration and development in the Mount Isa and Cloncurry region”.

“The results in this release are concentrated in the central 500 metres of the identified Merlin mineralisation; however it is open to the north and the south over a total length of 900 metres and so the full extent of this deposit is still not known”.

“What makes this project all the more interesting is that rhenium is quite a remarkable metal and we have found one of the world’s highest-grade sources of the metal. Rhenium is a very tight market, with 90% of production sold on long-term contracts to three major companies, and it trades for over US$10,000 per kilogram (~US$300 per oz) on the spot market,” Mr Reeve said. (See attached Rhenium Fact Sheet.)

In addition to these results, further extensive high-grade results have been returned and are as follows:

MDQ0114 - 38 m @ 0.43% Mo, 6.76 g/t Re and 0.10% Cu from 256 metres.

MDQ0116A - 22 m @ 0.53% Mo, 9.39 g/t Re and 0.16% Cu from 320 metres.


including - 12 m @ 1.14% Mo, 15.45 g/t Re and 0.03% Cu from 334 metres.

and - 36 m @ 0.63% Mo, 6.02 g/t Re and 0.09% Cu from 478 metres.

including - 6 m @ 2.85% Mo, 23.74 g/t Re and 0.18% Cu from 478 metres



MDQ0123 - 30.3 m @ 0.40% Mo, 5.40 g/t Re and 0.06% Cu from 344.7 metres.

including - 9.3 m @ 1.02% Mo, 15.59 g/t Re and 0.11% Cu from 344.7 metres.






MDQ0187 - 40 m @0.20% Mo, 5.03 g/t Re and 0.09% Cu from 222 metres.



MDQ0191 - 58 m @0.42% Mo, 9.86 g/t Re and 0.12% Cu from 254 metres.



MDQ0200 – 64 m @ 0.63% Mo, 8.99 g/t Re and 0.10% Cu from 224 metres.


Given the high-grade nature of these results, preliminary independent checks have been completed to ensure a high level of quality assurance has been adhered to. This has caused delays for a number of the assay results in this release.

As previously indicated, work continues on the first Mineral Resource estimate for the Merlin Project utilising all results to date and this is expected to be completed during April.

Preliminary project studies for evaluating the development options are progressing, with the mining, processing and marketing aspects advanced to a higher level of detail. Given the apparent high value of rhenium in the orebody, a critical area of metallurgical study is required to evaluate options for further processing of the molybdenum sulphide concentrate to allow high rhenium recovery.

The preliminary conceptual project study is expected to be completed after the release of the Merlin Mineral Resource estimate.

For further information, please contact: Peter Reeve CEO Telephone: 61 3 9090 8802 Email: [email protected]

This information is available on our website: www.ivanhoeaustralia.com


RHENIUM FACT SHEET Rhenium market facts • Rhenium is a very rare silvery metal that often occurs with and is recovered

with, molybdenum. (First identified in 1925 by German scientists, it was the last naturally occurring chemical element to be discovered.)

• Current global production totals only approximately 50 tonnes each year. An estimated 77% of rhenium is used in super-alloys and 15% is used in petroleum catalysts.

• Rhenium currently sells for approximately US$350 per ounce. • Chile is the world’s largest rhenium producer (28 tonnes in 2007), followed by

the U.S. and Kazakhstan. • World Reserves are approximately 10,000 tonnes, 80% of which are in the

U.S, Chile and Canada. • Molymet of Chile (Molibdenous y Metales S.A.) is the world’s largest

producer, followed by Zhezkazganredmet of Kazakhstan and Phelps Dodge of the U.S. Until recently, market deficits were filled from stockpiles in Kazakhstan that now are largely depleted.

• Rhenium usually is extracted from flue gases from roasting molybdenum concentrates. The smelter technology required to perform this recovery is very expensive, which is a barrier to rhenium recovery.

Industrial uses for Rhenium: • Aircraft-engine turbine blades use rhenium alloys to allow operation at higher

temperatures, which also improves fuel efficiency. Rhenium content in alloys used in turbine blades has increased from 3% to 6%.

• Rocket thrusters, chambers and nozzles. Rocket thrusters made with rhenium have been tested through 100,000 thermal fatigue cycles without failing.

• Oil refinery and nuclear power plant components in high-temperature applications.

• Petroleum-forming catalysts. • Filaments in ion gauges and mass spectrographs. • Electron and vacuum tubes for X-rays. • Heating elements and thermocouples. • Rhenium combined with boron produces rhenium diboride, a compound that

is harder than diamond.

Rhenium’s unique properties: • A very high melting point of 3180° C, exceeded only by tungsten and carbon. • Extreme resistance to heat and wear. • No ductile-to-brittle transition temperature. Ductile from 0° Kelvin (-273° C) to

melting point, which allows plastic deformation without fracturing. • Extreme stability and rigidity under stress via a high Modulus of Elasticity. • High resistance to creep failure.


Table 1: Molybdenite/Rhenium Intersections at the Merlin Project

MERLIN MOLYBDENUM ZONE INTERSECTIONS ‐ as at 20 March 2009 Collar Coordinates

Hole From (m)

To (m)

Interval (m)

Mo (%) Re

(ppm) Cu (%) East North RL Azi Dip

MDQ0114 256 294 38 0.43 6.76 0.10 447750 7605400 362 270 ‐55

MDQ0115 246 284 38 1.20 17.29 0.17 447750 7605350 359 270 ‐60

and 300 310 10 0.20 2.38 0.05 447750 7605350 359 270 ‐60

MDQ0116A 275 302 27 0.23 3.86 0.34 447750 7605400 362 270 ‐70

inc 291 302 11 0.54 9.08 0.12 447750 7605400 362 270 ‐70

and 320 342 22 0.53 9.39 0.16 447750 7605400 362 270 ‐70

MDQ0117 276 296 20 0.12 4.87 0.33 447750 7605350 359 270 ‐75

inc 288 296 8 0.30 12.14 0.08 447750 7605350 359 270 ‐75

and 334 369 35 0.49 5.83 0.01 447750 7605350 359 270 ‐75

inc 334 346 12 1.14 15.45 0.03 447750 7605350 359 270 ‐75

inc 358 364 6 0.25 1.68 0.01 447750 7605350 359 270 ‐75

MDQ0118 328 342 14 0.06 0.63 0.68 447750 7605350 359 270 ‐90

and 456 466 10 0.48 6.65 0.38 447750 7605350 359 270 ‐90

and 478 514 36 0.63 6.02 0.09 447750 7605350 359 270 ‐90

inc 478 484 6 2.85 23.74 0.18 447750 7605350 359 270 ‐90

MDQ0119 330 346 16 0.48 4.76 0.33 447750 7605400 362 270 ‐90

inc 336 346 10 0.76 7.55 0.31 447750 7605400 362 270 ‐90

and 408 466 58 2.25 28.99 0.09 447750 7605400 362 270 ‐90

inc 408 428 20 6.26 81.83 0.14 447750 7605400 362 270 ‐90

MDQ0120 320 368 48 0.63 13.71 0.04 447800 7605450 365 270 ‐60

MDQ0123 332 350 18 0.12 0.13 0.45 447800 7605450 361 270 ‐70

and 384 428 44 0.63 12.71 0.15 447800 7605450 361 270 ‐70

MDQ0123 344.7 375 30.3 0.40 5.40 0.06 447800 7605500 368 270 ‐70

inc 344.7 354 9.3 1.02 15.59 0.11 447800 7605500 368 270 ‐70

MDQ0125 314 338 24 0.32 5.84 0.17 447800 7605550 364 270 ‐60

MDQ0126 358 412 54 0.45 8.55 0.24 447800 7605550 364 270 ‐75

inc 366 408 42 0.57 10.90 0.21 447800 7605550 364 270 ‐75

MDQ0127 440 450 10 0.08 0.73 0.63 447800 7605550 364 0 ‐90

MDQ0128 190 214 24 1.07 16.96 0.11 447600 7605300 359 0 ‐90

and 241.9 248 6.1 0.15 1.54 0.07 447600 7605300 359 0 ‐90

MDQ0129 150 162 12 0.16 2.18 0.25 447550 7605300 361 0 ‐90

MDQ0131 278 292 14 0.24 3.21 0.17 447800 7605300 357 270 ‐60

and 306 316 10 0.84 16.71 0.26 447800 7605300 357 270 ‐60

and 331 338 7 0.06 1.41 0.19 447800 7605300 357 270 ‐60

MDQ0132 350 400 50 1.60 24.34 0.12 447800 7605300 357 270 ‐75

MDQ0133 486 494 8 0.06 1.00 0.17 447800 7605300 357 0 ‐90

MDQ0135* 322 328 6 0.24 0.14 0.07 447700 7605450 358 0 ‐90

and 360 367 7 0.28 3.09 0.03 447700 7605450 358 0 ‐90

and 383 430 47 0.62 8.80 0.02 447700 7605450 358 0 ‐90

and 418 430 12 1.33 28.46 0.06 447700 7605450 358 0 ‐90

and 160 166 6 0.25 6.42 0.15 447550 7605700 363 0 ‐90

MDQ0142 361 371 10 0.36 9.23 0.56 447650 7605800 361 0 ‐90

inc 363 369 6 0.60 15.29 0.56 447650 7605800 361 0 ‐90

MDQ0144A 251 264 13 0.43 10.69 0.23 447650 7605790 363 270 ‐80

MDQ0154 240.9 275 34.1 1.82 22.04 0.12 447650 7605350 357 0 ‐90

inc 240.9 247 6.1 8.77 101.95 0.16 447650 7605350 357 0 ‐90


Table 1: Molybdenite/Rhenium Intersections at the Merlin Project (cont’d)

MDQ0154w1 220 250 30 1.66 21.14 0.30 447650 7605350 357 0 ‐90

inc 240 250 10 4.97 63.13 0.13 447650 7605350 357 0 ‐90

MDQ0159 100 146 46 0.16 3.14 0.66 447450 7605150 366 0 ‐90

inc 100 122 22 0.34 6.52 0.91 447450 7605150 366 0 ‐90

MDQ0160 90 110 20 0.08 0.40 0.27 447450 7605050 368 0 ‐90

MDQ0162 197 211 14 0.31 5.24 0.12 447650 7605150 359 0 ‐90

MDQ0187 180 202 22 0.11 1.97 0.15 447590 7605550 364 335 ‐90

and 222 262 40 0.20 5.03 0.09 447590 7605550 364 335 ‐90

inc 222 236 14 0.48 12.13 0.17 447590 7605550 364 335 ‐90

MDQ0188A 83 146 63 0.01 0.01 0.37 447590 7605499 367 0 ‐90

and 223 276 53 0.18 3.54 0.08 447590 7605499 367 0 ‐90

inc 223 235 12 0.58 11.27 0.30 447590 7605499 367 0 ‐90

MDQ0189 246 264 18 1.68 39.54 0.17 447630 7605550 363 0 ‐90

MDQ0191 254 312 58 0.42 9.86 0.12 447630 7605500 362 0 ‐90

MDQ0193 110 122 12 0.02 0.04 0.19 447631 7605401 360 0 ‐90

and 210 228 18 0.87 14.03 0.14 447631 7605401 360 0 ‐90

inc 212 220 8 1.89 30.64 0.17 447631 7605401 360 0 ‐90

MDQ0194 52 84 32 0.08 1.27 1.10 447590 7605400 359 0 ‐90

inc 62 70 8 0.29 4.98 2.88 447590 7605400 359 0 ‐90

and 182 202 20 0.49 11.68 0.18 447590 7605400 359 0 ‐90

MDQ0199 196 202 6 0.94 18.93 0.17 447610 7605375 358 0 ‐90

and 214 224 10 1.50 32.96 0.29 447610 7605375 358 0 ‐90

MDQ0200 224 288 64 0.63 8.99 0.10 447650 7605375 357 0 ‐90

MDQ0208 177 187 10 0.51 9.74 0.09 447550 7605550 372 0 ‐90

MDQ0209 155 177 22 0.50 10.97 0.30 447550 7605500 368 0 ‐90

inc 155 161 6 0.38 7.60 0.82 447550 7605500 368 0 ‐90

Notes:

1) Intersections are estimated using a 0.7% copper equivalent cut‐off, using the following Australian Dollar metal prices (minor metals not shown). Cu 2.6/lb, Mo 14/lb, Re 450/oz, values are added, $40 is equal to 0.70% Cu.

2) Intersections are at least 6m in down hole length, a maximum of 10m of waste is included before a new intersection commences. 3) Included intervals are significantly different and exceed 1.75% Cu eqivalent ($100) within 0.70% Cu cut‐off intervals. * Internval 367‐383 m not yet final, Re results not yet available.

The information in this announcement that relates to Ivanhoe Australia's exploration results for the Merlin Project, is based on information compiled by Barry J. Goss, who is a full time employee of Ivanhoe Australia and a Fellow of the Australasian Institute of Mining and Metallurgy. Barry J. Goss 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 JORC. Barry J. Goss consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.


Table 2: Polymetallic Zone Intersections within the Mount Dore Merlin Zone

MOUNT DORE (Merlin Zone) Polymetallic zone Intersections 20 March 2009 Collar Coordinates

HoleID From (m)

To (m)

Interval (m)

Cu (%) Au (g/t) Pb (%) Zn (%) East North RL Azi Dip

MDQ0112 298 374 76 0.67 0.28 0.07 0.89 447850 7605300 359 0 ‐90

inc 310 330 20 1.35 0.46 0.10 1.94 447850 7605300 359 0 ‐90

MDQ0114 170 186 16 0.20 0.06 0.10 0.90 447750 7605400 362 270 ‐55

MDQ0115 158 180 22 0.17 0.04 0.11 0.95 447750 7605350 359 270 ‐60

MDQ0116A 173 195 22 0.33 0.09 0.05 0.81 447750 7605400 362 270 ‐70

and 219 225 6 0.55 0.19 0.05 0.30 447750 7605400 362 270 ‐70

MDQ0117 134 152 18 0.75 0.14 0.20 1.72 447750 7605350 359 270 ‐75

inc 140 150 10 0.87 0.19 0.32 2.75 447750 7605350 359 270 ‐75

and 184 204 20 0.13 0.02 0.24 1.58 447750 7605350 359 270 ‐75

inc 184 190 6 0.20 0.04 0.72 3.44 447750 7605350 359 270 ‐75

MDQ0118 113 120 7 0.80 0.11 0.05 0.07 447750 7605350 359 270 ‐90

and 136 152 16 0.19 0.05 0.18 0.79 447750 7605350 359 270 ‐90

and 156 170 14 0.09 0.02 0.26 1.22 447750 7605350 359 270 ‐90

MDQ0118 200 206 6 0.22 0.04 0.20 1.98 447750 7605350 359 270 ‐90

and 222 228 6 0.32 0.20 0.03 0.59 447750 7605350 359 270 ‐90

and 318 382 64 0.37 0.09 0.09 0.51 447750 7605350 359 270 ‐90

MDQ0120 138 156 18 0.41 0.09 0.18 0.52 447800 7605450 365 270 ‐60

MDQ0121 174 230 56 0.36 0.09 0.19 1.05 447800 7605450 361 270 ‐70

inc 194 202 8 0.85 0.22 0.31 1.65 447800 7605450 361 270 ‐70

and 256 266 10 0.25 0.06 0.12 1.15 447800 7605450 361 270 ‐70

MDQ0122 188 202 14 0.21 0.05 0.18 1.08 447800 7605450 361 0 ‐90

and 252 264 12 0.22 0.06 0.20 2.09 447800 7605450 361 0 ‐90

and 370 452 82 0.81 0.26 0.03 0.57 447800 7605450 361 0 ‐90

inc 370 422 52 1.08 0.35 0.03 0.71 447800 7605450 361 0 ‐90

MDQ0123 198 244 46 0.21 0.07 0.15 0.82 447800 7605500 368 270 ‐70

and 294 302 8 0.74 0.19 0.05 0.43 447800 7605500 368 270 ‐70

MDQ0124 250 258 8 0.23 0.21 0.02 0.25 447790 7605500 367 270 ‐90

and 348 356 8 0.82 0.25 0.02 0.19 447790 7605500 367 270 ‐90

and 386 422 36 1.06 0.35 0.03 0.37 447790 7605500 367 270 ‐90

inc 394 420 26 1.31 0.44 0.03 0.25 447790 7605500 367 270 ‐90

MDQ0125 238 244 6 0.31 0.05 0.20 0.74 447800 7605550 364 270 ‐60

MDQ0126 202 218 16 0.22 0.09 0.25 1.10 447800 7605550 364 270 ‐75

and 234 262 28 0.20 0.05 0.21 0.92 447800 7605550 364 270 ‐75

MDQ0127 194 232 38 0.13 0.03 0.20 1.40 447800 7605550 364 0 ‐90

and 246 256 10 0.30 0.12 0.07 0.36 447800 7605550 364 0 ‐90

and 356 366 10 0.77 0.23 0.07 0.40 447800 7605550 364 0 ‐90

MDQ0127 390 414 24 0.82 0.25 0.07 0.94 447800 7605550 364 0 ‐90

inc 390 400 10 1.26 0.43 0.12 2.00 447800 7605550 364 0 ‐90

MDQ0131 148 164 16 0.03 0.01 0.33 1.43 447800 7605300 357 270 ‐60

and 196 208 12 0.20 0.06 0.49 0.78 447800 7605300 357 270 ‐60

MDQ0132 160 172 12 0.12 0.02 0.41 2.37 447800 7605300 357 270 ‐75

and 294 312 18 0.49 0.19 0.03 0.18 447800 7605300 357 270 ‐75

MDQ0133 240 250 10 0.38 0.12 0.07 0.61 447800 7605300 357 0 ‐90

and 296 382 86 0.64 0.20 0.09 0.64 447800 7605300 357 0 ‐90

and 346 374 28 0.93 0.33 0.08 0.83 447800 7605300 357 0 ‐90

MDQ0134 46 90 44 2.05 0.06 0.05 0.12 447550 7605600 366 0 ‐90


Table 2: Polymetallic Zone Intersections within the Mount Dore Merlin Zone (cont’d)

inc 46 86 40 2.17 0.06 0.06 0.12 447550 7605600 366 0 ‐90

and 192 198 6 0.40 0.04 0.05 0.46 447550 7605600 366 0 ‐90

MDQ0135 296 308 12 1.33 0.39 0.00 0.01 447700 7605450 358 0 ‐90

MDQ0136 56 62 6 0.51 0.12 0.14 0.21 447600 7605600 361 0 ‐90

and 152 182 30 0.55 0.11 0.06 0.46 447600 7605600 361 0 ‐90

inc 156 162 6 1.10 0.21 0.07 0.64 447600 7605600 361 0 ‐90

MDQ0137 190 228.9 38.9 0.52 0.15 0.08 0.44 447650 7605600 360 0 ‐90

inc 214 224 10 1.37 0.42 0.09 0.48 447650 7605600 360 0 ‐90

MDQ0139 212 258 46 0.81 0.24 0.11 0.72 447800 7605100 357 0 ‐90

inc 216 242 26 0.98 0.28 0.13 0.79 447800 7605100 357 0 ‐90

and 276 340 64 0.60 0.26 0.05 0.79 447800 7605100 357 0 ‐90

inc 288 314 26 0.87 0.47 0.07 1.28 447800 7605100 357 0 ‐90

and 378 384 6 0.50 0.11 0.00 0.01 447800 7605100 357 0 ‐90

MDQ0140 46 75 29 0.71 0.08 0.10 0.22 447550 7605700 363 0 ‐90

MDQ0140 176 182 6 0.40 0.10 0.09 0.60 447700 7605700 363 0 ‐90

and 234 274 40 0.48 0.11 0.07 0.37 447700 7605700 363 0 ‐90

inc 246 260 14 0.87 0.21 0.12 0.58 447700 7605700 363 0 ‐90

MDQ0142 158 173 15 0.15 0.02 0.42 1.83 447650 7605800 361 0 ‐90

and 201 245 44 0.47 0.11 0.07 0.47 447650 7605800 361 0 ‐90

MDQ0154 92 104 12 0.99 0.29 0.09 0.29 447650 7605350 357 0 ‐90

inc 96 102 6 1.62 0.50 0.09 0.20 447650 7605350 357 0 ‐90

and 220 228 8 0.75 0.23 0.04 0.22 447650 7605350 357 0 ‐90

MDQ0156 54 60 6 0.73 0.04 0.01 0.16 447600 7605250 359 0 ‐90

MDQ0157 166 178 12 0.25 0.04 0.24 1.24 447750 7605250 356 0 ‐90

and 284 316 32 0.50 0.15 0.30 1.50 447750 7605250 356 0 ‐90

inc 298 316 18 0.53 0.19 0.45 2.15 447750 7605250 356 0 ‐90

MDQ0161 130 148 18 1.95 0.07 0.00 0.08 447550 7605150 362 0 ‐90

inc 136 142 6 4.30 0.12 0.00 0.15 447550 7605150 362 0 ‐90

MDQ0164 166 172 6 0.40 0.14 0.07 0.68 447650 7605050 360 0 ‐90

MDQ0187 20 42 22 0.44 0.14 0.12 0.40 447590 7605550 364 335 ‐90

and 82 138 56 0.47 0.06 0.10 0.23 447590 7605550 364 335 ‐90

and 140 166 26 1.40 0.34 0.07 0.92 447590 7605550 364 335 ‐90

inc 140 160 20 1.72 0.41 0.08 1.08 447590 7605550 364 335 ‐90

MDQ0189 116 124 8 0.65 0.12 0.05 0.28 447630 7605550 363 0 ‐90

and 136 146 10 0.76 0.24 0.12 0.55 447630 7605550 363 0 ‐90

and 160 202 42 0.60 0.18 0.19 1.25 447630 7605550 363 0 ‐90

inc 184 190 6 2.38 0.77 0.20 1.23 447630 7605550 363 0 ‐90

MDQ0191 136 190 54 0.36 0.10 0.07 0.35 447630 7605500 362 0 ‐90

MDQ0198 34 50 16 0.70 0.19 0.06 0.15 447570 7605375 360 0 ‐90

MDQ0199 68 86 18 0.83 0.16 0.06 0.25 447610 7605375 358 0 ‐90

inc 70 76 6 1.41 0.27 0.07 0.52 447610 7605375 358 0 ‐90

MDQ0200 52 70 18 0.69 0.05 0.03 0.14 447650 7605375 357 0 ‐90

and 98 130 32 0.35 0.06 0.11 0.31 447650 7605375 357 0 ‐90

MDQ0208 60 92 32 2.71 0.24 0.10 0.16 447550 7605550 372 0 ‐90

MDQ0209 44 74 30 1.39 0.16 0.08 0.10 447550 7605500 368 0 ‐90

inc 48 66 18 1.76 0.19 0.09 0.10 447550 7605500 368 0 ‐90 Notes: 1) Intersections are estimated using a 0.7% copper equivalent cut‐off, dollar values from each assayed interval are estimated using the following Australian Dollar

metal prices. Cu 2.6/lb, Mo 14/lb, Pb 0.75/lb, Zn 0.78/lb, Au 1100/oz, g 22/oz, Re 450/oz, Co 28/lb ‐ values are added, $40 is equal to 0.70% Cu A. 2) Intersections are at least 6m in down hole length, a maximum of 10m of waste is included before a new intersection commences. 3) Included intervals are significantly different and exceed 1.75% Cu eqivalent ($100) within 0.70% Cu cut‐off intervals.


Figure 1: Plan of Merlin Molybdenum and Rhenium Zone


Figure 2: Cross-section 7605300N Showing Down Dip Drilling on Merlin Project

Figure 6: Mount Dore Oxide Copper Orebody and Merlin Molybdenum Project – 3D image looking west


Figure 7: Drilling at Merlin Project (30th November) with Five Drill Rigs


Figure 8: MDQ0119 412m Down Hole (Core is 6cm Diametre) – “Molybdenite Supported Breccia” Brecciated Sediment with a Matrix of Molybdenite


Figure 9: MDQ0147 Breccia, Sheared Sediment with Molybdenite in Filling Fractures

Market Release March 24 2009 High-Grade Molybdenum … · High-Grade Molybdenum and Rhenium...

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