General Moly Inc.

Published : March 01st, 2018

General Moly to Explore for Copper, Silver and Zinc at Mt. Hope Project

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   1971 | American | Cadmium |

General Moly to Explore for Copper, Silver and Zinc at Mt. Hope Project

- Historical Drill Intercepts Indicate Potential For High-Grade, Copper-Silver Target

- New Results from Geophysical Survey Highlight Anomalies for Follow-Up Drilling

LAKEWOOD, Colo. , March 1, 2018 /CNW/ -- General Moly, Inc. (the "Company" or "General Moly") (NYSE American and TSX: GMO), the only western-exchange listed, pure play molybdenum development company, reports that based on a review of historic drill results, the Company has identified a potential high-grade, copper-silver exploration target along with a significant zinc mineralized area at the Mt. Hope Project site, southeast of the Mt. Hope's molybdenum deposit in central Nevada .

Given the presence of this copper-silver target ("Cu-Ag Target") and zinc mineralization, General Moly undertook a high-intensity, ground-based Induced Polarization ("IP") survey to determine if potential continuity and the size of the mineralization would justify additional exploration and evaluation. The IP survey was completed in February 2018 by Quantec Geoscience and indicates a fairly continuous group of high chargeability anomalies that appear aligned with the recently identified Cu-Ag Target.

These anomalies lie between 100 feet and 1,000-plus feet from the surface and trend northeast for over 1,000 feet. The IP survey indicates that the anomalies could continue further to the north-northeast and to the south where they appear to dip to the east. (Please refer to Appendix Illustration 1: Plan Map below.)

Historic Data Review & Historical Drill Results Reveal Copper-Silver-Zinc Potential

The evaluation of historic information by General Moly and the results of the IP survey form the basis to commence a robust geologic review and further evaluation via a new 2018 exploration program, focused primarily on a high-grade Cu‑Ag Target, subject to further financing.

From as early as 1886, and sporadically until circa 1975, the Mt. Hope area produced zinc as well as by-product lead, copper, silver, and cadmium from small-scale underground mines.  With the strong recovery in zinc prices last year, General Moly staff conducted an evaluation of past exploration and drill data from the 1930s to 2008 from prior explorers, including Universal Exploration (a subsidiary of U.S. Steel), Callahan Mining Company, the U.S. Bureau of Mines, Mount Hope Mines Inc. ("MHMI"), Phillips Petroleum, Asarco, Exxon, Cyprus Amax, and Phelps Dodge , as well as General Moly.

From this review, the General Moly staff defined an anomalous zinc mineralized area of interest, characterized by skarn mineralization of carbonate rock ("Skarn Area"), slightly overlapping the southeastern portion of the ultimate pit outline of the Mt. Hope molybdenum open pit mine plan. The Company examined and re-cataloged the historic drill holes, and prioritized the drill data for zinc intercepts at a 0.5% cutoff and within 400 feet of the surface as a potential surface mineable target.

The attached Appendix Illustration 1: Plan map shows the Company's interpretation of a halo of 2% zinc historic drill intercepts. The Skarn Area, measuring approximately 17 acres in size, covers past historic underground mining of mostly zinc.

In addition to examining the zinc mineralization, the Company keyed in on a high-grade Cu-Ag Target that was initially identified in the 1930s by one hole drilled by Universal Exploration, and followed up by MHMI's fan-pattern drilling of six holes in 1968 - 1969 from an underground platform at roughly the 6,540-foot elevation in the lower section of historic underground workings. MHMI's total program encompassed drilling a total of 1,905 feet.  Phillips Petroleum also intersected this target area with 3 holes drilled in 1971 as part of a broad-based 18-hole, 16,270-foot program.

This Cu-Ag Target appears to be about 600 to 700 feet from the surface and, if it warrants ultimate development, it could be potentially accessed by a decline from either the surface or the ultimate Mt. Hope molybdenum pit. (Please refer to Appendix Illustration 1: Plan Map.)

Historic Drill Data Highlights

Historic drill intercept highlights at the Cu-Ag Target include:

  • MHMI Jensen DDH-3:
  • MHMI Jensen DDH-5:
  • Phillips UPMH-2:

Holes DDH-3 and UPMH-2 are 347 feet apart.  And, holes DDH-5 and UPMH-2 are 417 feet apart. Additional historic drill highlights are in Appendix Table 1.

To date, given this represents an early-stage copper-silver-zinc exploration program of the Skarn Area, most of the historic data discussed here comes from historic reports and  cannot be independently confirmed and lacks the modern standards of quality assurance and controls for samples and assays. Such data may not be relied upon for any evidence or likelihood of a mineral resource, mineral reserve or mineral deposit. The Skarn Area does not contain any mineral resource estimate as defined by the Canada National Instrument 43-101 ("NI 43-101") or any proved or probable reserves as defined by the United States Securities and Exchange Industry Guide 7, nor is there any certainty that further exploration will result in any targets becoming part of a mineral resource or mineral reserve.

Ground IP Survey Results Highlights

The IP survey, which focused on the Cu-Ag Target, comprised six lines each of a 2,400-foot length with 2 lines running SW to NE (lines 1 and 6) and 4 lines (lines 4, 3, 2 and 5) running SE to NW and perpendicular to lines 1 and 6. (Please refer to Appendix Illustration 1: Plan Map.)

The survey found an anomalous high chargeability zone located at between 100 to 1,000 feet of depth with thicknesses between 200 and 800 feet, up to 1,000 feet of width and measuring over 1,000 feet trending north-northeast. (Please refer to the cross section of Line 3 shown below and to Appendix Illustration 2. High chargeability is indicated by the orange, red and pink colors.)

View photos

View original content with multimedia: http://www.newswire.ca/en/releases/archive/March2018/01/c4556.html

Read the rest of the article at https:
Data and Statistics for these countries : Canada | Cyprus | Georgia | All
Gold and Silver Prices for these countries : Canada | Cyprus | Georgia | All

General Moly Inc.

DEVELOPMENT STAGE
CODE : GMO
ISIN : US3703731022
CUSIP : 451272306
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

General Moly is a molybdenum development stage company based in United states of america.

Its main assets in development are MOUNT HOPE and LIBERTY in USA.

General Moly is listed in Canada and in United States of America. Its market capitalisation is US$ 16.4 millions as of today (€ 13.6 millions).

Its stock quote reached its highest recent level on November 23, 2007 at US$ 9.90, and its lowest recent point on August 28, 2020 at US$ 0.10.

General Moly has 125 802 023 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of General Moly Inc.
2008 Annual report
Annual report 2007
Financings of General Moly Inc.
12/23/2014Announces $8.5 Million Private Placement Financing
9/9/2013Announces Implementation of Cost Reduction Program While Act...
11/28/2007Announces Closing of ArcelorMittal Private Placement
Nominations of General Moly Inc.
12/17/2013Announces Retirement of Directors from Its Board
4/5/2011APPOINTS MICHAEL A. IANNACCHIONE AS GENERAL MANAGER OF MT. H...
2/25/2011Mol Appoints Steven Xiao to Board of Directors
2/5/2009Appoints Andrew G. Sharkey to Board of Directors
6/4/2008APPOINTS TIMOTHY D. ARNOLD AS GENERAL MANAGER OF MT. HOPE
Financials of General Moly Inc.
8/8/2016General Moly reports 2Q loss
5/5/2016Reports First Quarter Results
11/4/2015Announces Third Quarter 2015 Results
8/2/2013Announces Second Quarter 2013 Results
5/6/2010Announces First Quarter Results
Project news of General Moly Inc.
2/25/2014Announces Results of an Optional Mine Planning Scenario with...
12/5/2013Announces Updated Operating Cost Estimate and Project Econom...
10/3/2011(Liberty)Announces an 18% Increase in Molybdenum and a 47% Increase i...
7/27/2011Announces Strong Support for Mt. Hope Project
5/12/2011(Mount Hope)Provides Update
6/23/2010Announces Significant Milestone in Mt. Hope Permitting Effor...
5/18/2010(Mount Hope)Announces Strong Support for Mt. Hope Project
2/11/2009(Mount Hope) Creation of the Harold L. Drimmer - Mt. Hope Educational Fo...
2/5/2009(Mount Hope)Provides Mt. Hope Project Update
11/5/2008(Mount Hope)Provides Mt. Hope Project Update
9/9/2008ANNOUNCES CO-LEAD PROJECT FINANCE ARRANGERS AND PROVIDES AN ...
8/5/2008S MT. HOPE PERMITTING PROGRESS
4/29/2008(Liberty) COMPLETES PRE-FEASIBILITY STUDY ON HALL-TONOPAH INDICATING ...
4/29/2008(Liberty)ANNOUNCE HALL-TONOPAH PRE-FEASIBILITY STUDY RESULTS TOMORROW...
4/23/2008(Liberty) REPORTS ON RECENT DRILLING RESULTS AT HALL-TONOPAH
4/16/2008(Mount Hope)ANNOUNCES DATE FOR THE RELEASE OF HALL-TONOPAH PRE-FEASIBILI...
2/19/2008(Mount Hope)ANNOUNCES CLOSING OF MOUNT HOPE JOINT VENTURE WITH POSCO
1/22/2008(Mount Hope)AWARDS MT. HOPE EPCM CONTRACT, CONTINUES TO ADD KEY PEOPLE T...
1/8/2008(Mount Hope)ANNOUNCES ACQUISITION OF FULL WATER RIGHTS FOR MT. HOPE
1/2/2008(Liberty)CONTINUES TO OPTIMIZE ITS HALL-TONOPAH PREFEASIBILITY EVALUA...
12/18/2007(Mount Hope)Announces Letter of Intent For Formation of Joint Venture wi...
11/28/2007ANNOUNCES HALL-TONOPAH PRE-FEASIBILITY STUDY UPDATE
Corporate news of General Moly Inc.
6/9/2016General Moly Announces Results Of Annual Meeting
5/25/2016General Moly Letter to Shareholders Reviews Milestones; Annu...
5/5/2016General Moly Reports First Quarter Results
5/5/2016General Moly reports 1Q loss
3/22/2016General Moly to Present at Upcoming New York Conference
3/11/2016General Moly reports 4Q loss
11/4/2015General Moly Announces Third Quarter 2015 Results
11/3/2015General Moly Amends Strategic Partnership with AMER Internat...
9/21/2015General Moly Receives Ruling on Mt. Hope Water Rights
9/21/20155:05 pm General Moly announces it received a ruling on Mt. H...
8/5/2015General Moly to Attend the Jefferies Industrials Conference
8/4/2015General Moly Announces Second Quarter 2015 Results
7/27/2015Coghill Capital Management Maintains Stake In General Moly, ...
4/20/2015General Moly (GMO) Looks Good: Stock Surges 25.9% - Tale of ...
4/19/20158:00 am General Moly announces strategic partnership with AM...
4/17/2015General Moly Announces Strategic Partnership with AMER Inter...
3/17/2015General Moly to Attend the John Tumazos Very Independent Res...
3/11/2015General Moly Announces Fourth Quarter and Full Year 2014 Res...
2/10/2015General Moly Announces Chairman of the Board to Take Leave o...
1/21/2015General Moly Announces Agreement with POS-Minerals to Utiliz...
1/21/2015General Moly Announces Agreement with POS-Minerals to Utiliz...
12/30/2014Announces Closing of Private Placement Financing
12/30/2014General Moly Announces Closing of Private Placement Financin...
12/30/2014General Moly Announces Closing of Private Placement Financin...
12/23/2014General Moly Announces $8.5 Million Private Placement Financ...
12/23/2014General Moly Announces $8.5 Million Private Placement Financ...
11/3/2014General Moly Announces Third Quarter 2014 Results
11/3/2014General Moly Announces Third Quarter 2014 Results
10/30/2014General Moly to Attend the Cowen and Company Global Metals, ...
10/30/2014General Moly to Attend the Cowen and Company Global Metals, ...
9/24/2014General Moly Announces Corporate Update
8/6/2014General Moly to Participate in the Jefferies Global Industri...
8/4/2014General Moly Announces Second Quarter 2014 Results
7/30/2014General Moly Announces Filing of Updated NI 43-101 Technical...
7/25/2014General Moly Announces U.S. District Court Order Confirming ...
7/24/2014General Moly Announces Updated Pre-Feasibility Study for Lib...
3/26/2014General Moly to Attend the John Tumazos Very Independent Res...
10/10/2013to Attend the John Tumazos Very Independent Research Metals ...
8/26/2013Announces Preliminary Injunction Motion Denied, Without Prej...
8/21/2013Terminates Hanlong Agreement
10/17/2011New Investor Relations Website
9/14/2011Announces Change to Hanlong Board of Director Nominee
9/8/2011Announces Bruce D. Hansen to Serve as Chairman of Nevada Min...
7/15/2011Announces Water Rights Approval for Mt. Hope Project
7/11/2011Announces Amendment to Hanlong Agreement
4/12/2011Announces Milestone in Mt. Hope Environmental Impact Stateme...
2/25/2011Announces Annual Stockholder Meeting Date and Location
8/19/2010Announces Completion of Preliminary Draft Environmental Impa...
4/26/2010Announces Nevada District Court Remands Mt. Hope Water Right...
4/19/2010announces arcelormittal to waive anti-dilution rights for Ha...
3/23/2010Announces Annual Stockholder Meeting Date and Location
3/5/2010Adopts Stockholder Rights Plan
6/19/2009Announces Results of AGM
8/19/2008ENTERS INTO LAND LEASE WITH EUREKA COUNTY AND
8/14/2008ANNOUNCES ELECTRICAL TRANSMISSION SERVICE AGREEMENTS FOR THE...
8/11/2008ANNOUNCES 5 MILLION POUND PER YEAR OFF-TAKE AGREEMENT WITH S...
7/3/2008RECEIVES SECOND $50 MILLION PAYMENT FROM POSCO
6/13/2008Announces Reults of Annual Meeting
5/29/2008PLACES HAUL TRUCK FLEET ORDER WITH CATERPILLAR
5/15/2008ANNOUNCES 4 MILLION POUND PER YEAR OFF-TAKE AGREEMENT WITH S...
5/9/2008FILES UNIVERSAL SHELF REGISTRATION STATEMENT
4/10/2008 RECEIVES $19.1 MILLION IN WARRANT EXERCISE PROCEEDS
3/21/2008TO PRESENT AT THE AMEX PRECIOUS & BASE METALS INVESTOR CONFE...
3/13/2008CONTINUES TO PLACE LONG-LEAD EQUIPMENT ORDERS
3/12/2008Annual Meeting
2/12/2008BEGIN TRADING ON TORONTO STOCK EXCHANGE (TSX) ON FEBRUARY 14...
2/8/2008Board of Director Changes
11/19/2007Announces strategic relationship with ArcelorMittal
4/4/2007Webcast Playback
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AMEX (GMO)TORONTO (GMO.TO)
0.130-7.14%0.040+0.00%
AMEX
US$ 0.130
08/31 11:19 -0.010
-7.14%
Prev close Open
0.140 0.130
Low High
0.120 0.130
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.130 -%
Volume 1 month var.
693,923 -%
24hGold TrendPower© : 34
Produces
Develops Molybdenum
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 12/22/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2020-43.48%0.370.10
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.07+0.28%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.