Moon River Moly Announces Results of Chemical and Mineralogical Analysis at the Davidson Molybdenum Project
Moon River Moly Announces Results of
Chemical and Mineralogical Analysis at the
Davidson Molybdenum Project
Toronto, Ontario--(Newsfile Corp. - October 16, 2024) - Moon River Moly Ltd.
(TSXV: MOO)
("
Moon
River
" or the "
Company
") is pleased to announce the initial results of chemical and mineralogical
analysis work completed by SGS Canada Inc. ("SGS") on Moon River's Davidson Molybdenum Project
("Davidson Project") located in west central British Columbia approximately 9 kilometres ("km")
northwest of the town of Smithers. This chemical and mineralogical analysis was undertaken on samples
taken from historical drill core that is securely stored in the Company's warehouse in Smithers, to
support and provide information to be used in designing future metallurgical work on the Davidson
Project.
This analysis was also to help evaluate the potential for the economic recovery of not only molybdenum
but also of other potential by-products, namely tungsten, copper, Rare Earth Elements ("REEs") and
gallium. (Please refer to press releases from January 29, 2024 and August 1, 2024).
This initial analysis indicated that at a grind size below 150 microns, molybdenum liberation ranged from
88% to 94% and tungsten liberation ranged from 89% to 94%. Copper liberation ranged from 46% to
57% at a grind size below 38 microns and REE liberation ranged from 47% to 52% also at a grind size
below 38 microns.
Paul Parisotto, President and CEO commented, "We are very encouraged from the results of the
chemical and mineralogical analysis. The liberation results indicate the potential to recover not only
molybdenum but also tungsten and possibly copper, thereby increasing the potential of additional
sources of revenue from marketable by-products."
The test work does not indicate that acceptable recoveries of the REEs are currently achievable due to
their low grade. Gallium liberation recoveries have not yet been tested.
In August 2024, Moon River completed 1205 metres of diamond drilling in two drill holes; under the
supervision of Finley Bakker, P.Geo of A-Z Mining Professionals Ltd., a Qualified Person as defined by
Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral
Projects; resulting in obtaining approximately 1.5 tonnes of samples of fresh drill core to conduct
metallurgical studies to determine the economic viability of recovering molybdenum, tungsten, copper,
REEs and gallium. The drill core was sent to Base Metals Laboratories Ltd. for testing and the results
are expected by the end of this year or early next year.
An historic report entitled "Updated Technical Report and Resource Estimate, Davidson Molybdenum
Deposit" was prepared for Darnley Bay Resources Limited by Gary Giroux, MASC., P.Eng and Jim
Cuttle, B.Sc., P.Geo was completed on September 1, 2016. The tungsten resource estimate in this
report is as follows:
Table 1 Davidson Measured Resource
MoS2 Cut-off (%)
Tonnes>Cut-off (tonnes)
WO3 (%)
Million Pounds WO3
0.19
65,490,000
0.036
51.99
0.20
58,990,000
0.036
46.83
0.21
52,850,000
0.036
41.95
0.22
47,510,000
0.036
37.71
0.24
38,480,000
0.037
31.39
0.26
31,760,000
0.037
25.91
0.28
26,050,000
0.038
21.83
0.30
21,390,000
0.038
17.92
0.32
17,720,000
0.038
14.85
0.34
14,790,000
0.038
12.39
0.36
12,190,000
0.038
10.21
0.38
9,990,000
0.038
8.37
0.40
8,150,000
0.038
6.83
0.42
6,580,000
0.038
5.51
0.44
5,380,000
0.038
4.51
0.46
4,280,000
0.038
3.59
Table 2 Davidson Indicated Resource
MoS2 Cut-off (%)
Tonnes>Cut-off (tonnes)
WO3 (%)
Million Pounds WO3
0.19
38,120,000
0.032
26.90
0.20
31,090,000
0.032
21.94
0.21
25,460,000
0.032
17.96
0.22
21,360,000
0.032
15.07
0.24
15,390,000
0.032
10.86
0.26
11,160,000
0.031
7.63
0.28
8,370,000
0.031
5.72
0.30
6,300,000
0.031
4.31
0.32
4,790,000
0.031
3.27
0.34
3,680,000
0.032
2.60
0.36
2,850,000
0.032
2.01
0.38
2,140,000
0.032
1.51
0.40
1,630,000
0.032
1.15
0.42
1,300,000
0.032
0.92
0.44
970,000
0.033
0.71
0.46
760,000
0.034
0.57
Table 3 Davidson Measured and Indicated Resource
MoS2 Cut-off (%)
Tonnes>Cut-off (tonnes)
WO3 (%)
Million Pounds WO3
0.19
103,610,000
0.034
77.68
0.20
90,080,000
0.034
67.53
0.21
78,300,000
0.035
60.43
0.22
68,860,000
0.035
53.14
0.24
53,880,000
0.035
41.58
0.26
42,920,000
0.036
34.07
0.28
34,420,000
0.036
27.32
0.30
27,700,000
0.036
21.99
0.32
22,510,000
0.037
18.36
0.34
18,470,000
0.037
15.07
0.36
15,040,000
0.037
12.27
0.38
12,120,000
0.037
9.89
0.40
9,770,000
0.037
7.97
0.42
7,880,000
0.037
6.43
0.44
6,350,000
0.037
5.18
0.46
5,050,000
0.037
4.12
These Mineral Resource estimates are viewed as historical Resources and have not been
verified by a Qualified Person, as required by NI 43- 101 and should not be relied upon. The
Company is not treating this tungsten Resource as being current.
The inclusion of the tungsten
("WO3") Resource estimates is relevant since estimates for tungsten are not included in the current
Resource estimates set out in The Technical Report prepared by A-Z Mining Professionals Ltd.
("AMPL") for Moon River dated April 2, 2024, titled "Davidson Project Preliminary Economic
Assessment" ("PEA") (the "Technical Report"). This Technical Report is available on SEDAR+ at
www.sedarplus.ca
and on the Company's website at
www.moonrivermoly.com
. The historical tungsten
estimates indicate the potential for tungsten mineral resource estimates to be calculated. Moon River
has engaged AMPL to prepare an updated technical report on the Davidson Project including a mineral
resource estimate for tungsten and copper. This updated technical report is expected in the first quarter
of 2025.
The current price of Tungsten Trioxide (WO3) is US $335.50 per Metric Tonne Unit or approximately
CAN $ 20.00 per pound. (Source: Argus Media).
About Moon River
Moon River is a Canadian-based resource company focused on the acquisition, exploration and
development of mineral projects. Moon River is focused on the development of the Davidson Property
which hosts a large molybdenum-tungsten deposit and is located near Smithers, British Columbia. The
Company also holds 25% of one of the largest molybdenum mines in North America, the Endako Mine
Complex also located in British Columbia.
Qualified Persons
The news release has been reviewed and approved by Mr. Brian LeBlanc, P. Eng., President of AMPL,
and a "Qualified Person" ("QP") as defined by National Instrument 43-101 – Standards of Disclosure for
Mineral Projects. Mr. LeBlanc is the QP responsible for the scientific and technical information contained
in this press release.
For further information please contact:
Paul Parisotto, President, Chief Executive Officer and Director, at (416) 800-1753 or
.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This press release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable securities laws. Any statements that are
contained in this press release that are not statements of historical fact may be deemed to be forward-
looking statements. Forward-looking statements are often identified by terms such as "may", "should",
"anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions, which are
intended to identify forward-looking statements. More particularly
there can be no assurance that REEs,
gallium and tungsten will be economically recoverable.
These forward-looking statements reflect the current views of the Company, represent the expectations
of the Company as of the date of this news release, and are based on certain assumptions that the
Company has made in respect thereof as at the date of this press release.
Although the Company believes the expectations and material factors and assumptions reflected in
these forward-looking statements are reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be correct. These forward-looking statements
are not guarantees of future performance and are subject to a number of known and unknown risks and
uncertainties including the ability of the Company to obtain all applicable regulatory approvals and risks
detailed in the Company's Filing Statement and continuous disclosure, which are available on SEDAR+
at
www.sedarplus.ca
. Accordingly, readers should not place undue reliance on the forward-looking
statements contained in this press release.
These risk factors should not be construed as exhaustive. Readers are cautioned that events or
circumstances could cause results to differ materially from those predicted, forecasted or projected. The
forward-looking statements contained in this news release are expressly qualified by risks related to
difficulties in executing exploration programs at the Davidson Property on the Company's proposed
schedule and within its cost estimates, whether due to weather conditions, availability or interruption of
power supply, mechanical equipment performance problems, natural disasters or pandemics in the
area, environmental risks and other risks of the mining industry. The forward-looking statements
contained in this document speak only as of the date of this document. The Company does not
undertake any obligation to publicly update or revise any forward-looking statements or information
contained herein, except as required by applicable laws. The forward-looking statements contained in
this document are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/226724