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Taiton Target Merino Molybdenum

9 March 2023 14:45
ASX: T88
T88 Rockchip

Taiton Resources continue to shore up the Highway Project in South Australia’s Gawler Craton having returned assays including 1300 ppm molybdenum and 27 ppm silver from rock-chip samples taken from the projects Merino porphyry prospect.

The eight previously uncovered rock samples were discovered in recent field testing, believed to be exposed by variation in hill slope gradient combined with high-intensity rainfall last year, samples were taken from five locations within a fifty-metre line with three samples showing Mo grades over 1100 ppm.

Results also point at a Climax-type molybdenum porphyry, in reference to the world-class Climax Molybdenum Mine, the largest molybdenum deposit in the world, having produced nearly a million tons of molybdenum over 100 years.

Not wanting to rest on this discovery, the explorer has also just begun Induced Polarisation and Magnetotelluric geophysical surveys over Merino to define drill targets at the Prospect, with the interpretation of results taking Climax-style porphyry into account.

Confirmation of Molybdenum at Merino couldn’t have come at a better time for Taiton as the metal is currently on a tear, trading at US$90.50 per kilo, just under double what it was trading in January.

The Company said that these results further prove that it is uncovering a new mineral system in its flagship Highway Project.

“The nature of the Merino Prospect is now clearly an overlooked province with a clear sight of mineralisation. We have historical drilling showing strong molybdenum mineralisation and now, we are clearly seeing distribution in outcropping samples,” Managing Director Noel Ong said.

“In summary, our work is showing that the Merino Prospect and potentially the whole Highway Project, has been incorrectly classified in terms of age, mineralisation fertility and geology.”

Alongside the exciting discovery at Merino, Taiton has also kicked off an Airborn magnetic survey over the Lake Barlle Project belt to aid in the delineation of gold drill targets.

T88’s Australian Stock Exchange-listed share price has risen 2.56 per cent today, currently trading at 20c (2.04 pm UTC+ 8 hours).

Further information regarding the announcement can be found online Taiton’s investor hub.

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