Zamia Metals (ASX: ZAM) continues to unearth the potential of the Anthony molybdenum project in central Queensland, with some significant hits at the northern zone.
The latest highlights from reverse circulation drilling at the northern zone include:
- 159 metres at 665 parts per million (ppm) molybdenum in the sulphide zone from 87 metres, including 9 metres at 1045ppm molybdenum, and 6 metres at 1000ppm molybdenum; and
- 78 metres at 435ppm molybdenum from the surface, including 9 metres at 607ppm molybdenum.
Zamia said that since the current drilling continues to extend the deposit, both laterally and at depth, that the company has decided to defer the main Scoping Study work until the resource is more clearly defined.
However, a number of preliminary studies are being carried out in parallel with the drilling to facilitate the assessment of the resource.
Zamia is now looking to update the Anthony resource estimation as further assays become available, while continuing exploration around Anthony to test for other porphyry-style deposits, and to test other targets (particularly gold and copper) on the company’s tenements within the Clermont district.
The project continues to deliver for Zamia, and in February this year the company announced an increase in the Inferred Resource in primary (sulphide) molybdenum mineralisation to; 173 million tonnes at 430ppm ) molybdenum, including 20 million tonnes at 810ppm molybdenum.
The total Inferred Resource including oxide, transition (partially oxidised) and sulphide mineralisation was reported as; 233 million tonnes at 420ppm molybdenum including 26 million tonnes at 780ppm molybdenum.
Demand for molybdenum is predicted to grow at up to 5% a year for the next 20 years, and is a metal with an extremely high melting point, which is widely used in the steel industry as it improves the strength of steels at high temperature as well as strength to weight ratios and corrosion resistance.
It also has uses as a catalyst in petroleum refining, in the production of electrodes and filaments, as a high temperature lubricant and as a fertiliser.