Origo Partners reports that the results of the recently completed maiden JORC compliant resource statement for Moly World Ltd’s Mandal Moly molybdenum and tungsten project reveal a total resource of 203.4 million tonnes of ore grading 0.1261 per cent molybdenum with total contained molybdenum metal of 256,000 tonnes. The JORC compliant resource statement follows a seven-month drilling programme on the deposit utilising eight drilling rigs in which a total of 43,235.8 meters in 152 bore holes were drilled. The ore body remains open to the south east with drilling planned to take place later in 2012 to investigate the possibility of extending the resource. The company is currently undertaking metallurgical test work which will be included in the mining study which is currently under way.
The project benefits from a high grade, near surface resource which could conceptually support a large scale open cut mine producing around 27 million lbs per annum of molybdenum equivalent. That would put the company in the ranks of the largest primary molybdenum producers. In June 2011, Origo acquired a 20 per cent stake in Moly World, a holding company which holds a 100 per cent beneficial interest in Mongol Resource Corporation, the owner of Mandal Moly.