Taiton Resources’ mapping and sampling programs have shown more evidence of a large magmatic hydrothermal system with potential molybdenum-silver mineralisation at a Highway Project resting between eminent mineral provinces in South Australia.
Field evidence supported interpretations the project was prospective within regional scale tectonics of the Meso-Proterozoic age — the kind of prospectivity exemplified by a world-class Olympic Dam mine lying to the east.
In addition, porphyry-style hydrothermal textures and alteration were found at Highway’s Merino prospect, while Portable XRF indicated the presence of molybdenum and silver in quartz veins hosted in brecciated and silicified host rocks.
While often thought of as a pathfinder element or a by-product of copper mining, the price of molybdenum has surged in the new year, rising up by 94 per cent to now be trading at US$96 per kilogram, with more predicted shortages in sight.
The company said today’s news was confirmation of its belief Highway was in a new mineral system with hallmarks of the Olympic Domain.
“The new findings have given the company the confidence that the theories are now coming into reality,” managing director Noel Ong said.
“Our exploration manager, David McSkimming has been working hard to get our exploration program on track. The mapping and sampling have confirmed that we are in a fertile porphyritic environment which are showing early signs of molybdenum and silver mineralisation.
“The current findings are consistent with the historical drill results, and we are excited to refine our target for our maiden drilling program.”
Taiton have already launched an induced Polarisation geophysics survey over the project, with a gravity survey to follow.
T88’s Australian Stock Exchange-listed share price is currently trading at 21c (10.55 am UTC+ 8 hours).
Further information regarding the announcement can be found online Taiton’s investor hub.