The drilling program will be completed during June, with results expected by late May. The resource update is on track to be delivered in the September quarter of 2012.
Unicorn hosts an Indicated and Inferred JORC Resource of 105 million tonnes at 0.07% molybdenum equivalent, which does not include any contribution from mineralisation surrounding the porphyry.
The key objective of the fourth drilling program at Unicorn is to increase the size of the Indicated Resource and advance it to JORC Measured status.
About 15 reverse circulation holes are planned from surface to 250 metres, however drilling into the induced polarisation anomaly has been suspended before target depth due to a large influx of ground water into the hole.
The first drill hole for the program intercepted visible molybdenum in fresh breccia fragments, ending in strong mineralisation at 180 metres. A diamond drill tail is required to extend the hole to target depth once reverse circulation drilling is complete.
Visible molybdenum has also been intersected in the second drill hole at Unicorn.
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