Deeper drilling opens up forgotten goldfield

摘要

Shareholders in Moly Mines Ltd have gained an exploration update on gold, and for investors on board since its listing that would be good news. The company was able to tell its annual general meeting that drilling at Dargues Reef in New South Wales had lifted the inferred resource to 3.72 million tonnes grading 3 grams/tonne for a contained 360,000 ounces and a 75 percent lift in the contained resource since the IPO in 2004. But a lot has happened to the company since, and the main focus and big dollar search expenditure has turned to molybdenum or, more specifically, Spinifex Ridge in the Pilbara of Western Australia.