Dart Mining (DTM: ASX) is seeking to develop a new mineralised porphyry province in north east Victoria, with the company today reporting that the first hole to test the depth extension of the Unicorn molybdenum / copper / silver deposit below 700 metres.
Assays have confirmed the continuation of high grade molybdenum horizons, with drilling currently at 1002 metres, and is expected to reach the target depth of 1200 metres by the end of May.
A new high Mo grade horizon has been intersected from 692 metres showing 18 metres at 0.09% molybdenum, including 12 metres at 0.1% molybdenum, within a larger zone of 56 metres at 0.06% molybdenum.
Dart said that deeper mineralisation at Unicorn would appear to be more like other primary molybdenum deposits as it does not show significant copper, consistent with the Climax-style porphyry model applied to the Unicorn deposit.
Importantly, the deeper molybdenum dominant mineralisation maintains significant grades of rhenium, which may add economic value to the Unicorn project in the final processing phase.
Lindsay Ward, managing director, commented: "While to date only a single deep drill hole has tested the porphyry at depths below 700 metres, the intersection of a fifth high grade mineralisation horizon, and possibly a sixth below 990 metres, is consistent with the Climax-style mineralisation model.
"This adds confidence in the long term underground potential of the project."
The company added that a single deep drill hole within a system that could measure 1 square kilometre or more at a depth of 1200 metres is not sufficient to develop a three dimensional model of the deposit.
Further deep drilling is required to determine the lateral extent of the porphyry at depth or to determine the relative position of the drill hole to the mineralised porphyry pulses.
As such, additional drilling will target the best position to host multiple overlapping porphyry pulses likely to generate very high grade mineralisation.
Ward added, "The initial success of this hole hitting high grade horizons within a body that could be 1 square kilometre or more in size gives confidence that the Unicorn deposit could support a long term open pit and underground operation.
"Further drilling is needed to assess the full potential and estimate the underground resource."
Dart attracts $10M from U.S. investor
In March this year Dart attracted U.S. based institutional investor RK Mine Finance (Red Kite) to purchase up to a 3% Net Smelter Royalty in the Unicorn Project for cash of $8.5 million, and to inject new equity of up to $1.5 million into Dart.
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