Desert Mines and Metals: KORES to fund tungsten-molybdenum drilling in South Korea
Desert Mines and Metals (ASX:DSN)
have signed a new exploration agreement with Korean Resources
Corporation (KORES) to fully fund the next phase of exploration drilling
at the Daehwa tungsten-molybdenum project in South Korea.
The agreement is for the term of one year which can be extended subject to an annual review by KORES management, and allocation of drilling meterage will be decided within the next four weeks.
Final assays from the last drilling campaign identified medium to high grade molybdenum and tungsten mineralisation associated with narrow quartz vein structures, located down dip of historically mined lodes.
Better assays included: 0.53 metres at 2.64% molybdenum from 46.03 metres, 12.34 metres at 0.12% molybdenum from 72.08 metres, 0.1 metre at 12.4% molybdenum from 177.3 metres, and 0.35 metres at 4.38% tungsten from 267.52 metres.
These results followed intervals from the first two holes of 0.1 metre at 4.38% molybdenum from 58 metres, and 0.15 metres at 3.55% molybdenum from 92 metres.
Mining activity at Daehwa commenced in 1904 and operated through until 1979, before being placed on care and maintenance and finally closing in 1984 due to declining commodity prices.
Recent drilling confirms that the mineralisation extends well below and into the hangingwall of the historic workings, which demonstrates the potential to develop an underground mining operation.
Desert also has silver, gold and nickel interests in Australia, and is capped at around $2 million.
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