Havilah Resources Discovers Molybdenum At North Dome Closure

Havilah Resources Ltd (ASX: HAV) has discovered significant molybdenum and gold mineralisation at the North Dome Closure (NDC) prospect.

NDC is 10 kilometres northwest of the Kalkaroo deposit in the Curnamona Province of northeastern South Australia.

Highlight reverse circulation (RC) drill results include:

  • 30 metres of 0.21% molybdenum (1.30% copper equivalent) from 150 metres plus associated copper up to 0.36% and gold up to 0.82 g/t.
  • 5 metres of 4.79 g/t gold from 71 metres, plus associated copper up to 0.19% over short intervals.

“Exceptional” molybdenum grade

Havilah Technical Director Dr Chris Giles said: “We were following up widespread anomalous copper results in earlier shallow 1997 Newcrest aircore drilling, so discovery of the 30 metre interval of molybdenum mineralisation and the high grade gold were both pleasant surprises.”

Giles noted that Molybdenum grades of 0.21% would be considered as exceptional compared with the sub-0.05% resource grades in many of the large porphyry deposits, which are currently the chief source of molybdenum.

“This, combined with the approximately 12 km of untested K2 unit prospective strike around the dome, highlights the discovery possibilities at the NDC prospect, including for the hitherto unexpected molybdenum,” added Giles.

Havilah held a cash balance of A$3.48 million on 31 January 2024.

60% rise since January 2024

Molybdenum alloys are widely used as a refractory metal in chemical applications and in structural steel, aircraft and automobile parts.

It was identified as a critical mineral on the Australian Government’s Critical Minerals List 2023 update.

The molybdenum price is historically volatile having reached more than US$90,000/tonne in 2023 from a low of US$17,000/tonne in 2020.

Its spot price currently sits at near US$69,000/tonne having risen roughly 60% since January 2024.

 

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