Adanac Molybdenum Corporation

Published : January 20th, 2009

Ruby Creek Project - Exploration Update

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  



Ruby Creek Project � Exploration Update

January 20, 2009 - Vancouver, British Columbia

Adanac Molybdenum Corporation (�Adanac or the Company�, - TSX: AUA, Pink Sheets: AUAYF, Frankfurt: A9N) announces the results for the final 13 holes from its Ruby Creek 2007/2008 diamond drilling program.

2007/2008 Diamond Drill Program

The program includes 60 holes from AD-372 to AD-341 including 10 condemnation holes:


AD-372 to AD-374results previously reported on September 13, 2007

AD-375 to AD-383 results previously reported on July 10, 2008

AD-384 to AD-393 condemnation holes

AD-394 to AD-402 results previously reported on September 30, 2008

AD-403 to AD-409 results previously reported on October 21, 2008

AD-410 ������������������� results reported in this news release

AD-411 to AD-416 results previously reported on September 30, 2008

AD-417 to AD-419 results reported in this news release

AD-420 to AD-422results previously reported on October 21, 2008

AD-423 to AD-431results reported in this news release

Attachment 2 to this news release provides location coordinates and significant assays and their intervals, for all 60 holes including condemnation holes (AD-372 through AD-431). Attachment 1 shows data pertinent to the holes being reported in this news release.The locations have recently been surveyed by Underhill Geomatics of Whitehorse. The release also includes a drill-plan Attachment 3 that shows locations of all 50 exploration holes and 10 condemnation holes in the 2007/2008 program and also highlights the 13 holes in this news release.

The Ruby Creek molybdenum deposit is a stockwork vein occurrence and true widths are unknown at this time.

13 Hole Update in this Release

The Attachment 3 drill-plan shows the 13 holes for which assay determinations are reported in this news release including holes AD-410, AD-417 to AD-419 and AD-423 to AD-431.Of these, all but three (AD-417 to AD-419) were collared within the Company�s, feasibility-defined, open pit surface outline.

Drill-hole AD-410 was collared in the north wall of the pit and was angled to the southeast and assisted in defining the location of the Adera fault.

Holes AD-423 to AD-427 (inclusive) have the same orientation and were collared to the south of the Adera fault to the north of Ruby Creek water feature.The holes were used to explore for mineralization below the proposed pit floor of the currently defined open pit.Drill-hole AD-428 was positioned south of the Ruby Creek water feature and was drilled at a moderate angle to the northwest, to determine the thickness of the mineralized blanket in the southwest part of the deposit and to locate an intrusion contact.

AD-429, AD-430 and AD-431 are vertical drill-holes collared within the boundaries of the proposed open pit south of the Ruby Creek water feature and were drilled to explore for mineralization in a previously relatively poorly drilled fault block.

Significant Intercepts Include:

Hole AD-423 contains 292.61 meters of 0.078% Mo

Hole AD-425 contains 176.78 meters of 0.113% Mo

Hole AD-427 contains 185.93 meters of 0.099% Mo

Hole AD-430 contains 134.11 meters of 0.067% Mo

These and other previously reported intercepts confirm the presence of a substantial thickness of higher grade mineralization in the proposed �starter pit� general area, at shallow depth.

Mineralization Extension:

Drill-holes AD-417, AD-418 and AD-419 were, respectively, drilled vertically, to the northwest and to the northeast from a single pad located north of the Adera fault.Thesestep-out holes were designed to test for higher grade mineralization to the southwest of prior exploration drilling and particularly inclined hole AD-416 which intersected 182.88 meters of 0.097% Mo including 15.25 meters of 0.715% Mo.

Hole AD-417 contains57.91 meters of 0.065% Mo and

��������������������������������������� 42.67 meters of 0.249% Mo

Hole AD-418 contains33.53 meters of 0.035% Mo

Hole AD-419 contains3.05 meters of 0.216% Mo and

��� 79.25 meters of 0.042% Mo

The 2007/2008 program is expected to add significantly to mineral resources and the results confirm that the deposit is open to the north and west and that there is considerable potential for higher grade mineralization at depth near the head of the Ruby Creek valley.

Future News Releases

In 2006, Golder Associates Ltd calculated that the Ruby Creek deposit contained a NI 43-101 compliant measured and indicated mineral resource of 212.9 million tonnes of 0.063% Mo at a 0.04% cut-off. Adanac has re-engaged Golder Associates Ltd and over the next several weeks they are expected to include the 2007/2008 drill program results in the Ruby Creek block model data set and will recalculate the mineral resource.The results will be released when they are available and Adanac expects that the new mineral resources will be significantly increased when the 2007/2008 drill program results are included.

CEO Comment

Peter R Jones, Adanac Chairman and CEO said "The higher Molybdenum grades in the most recent 13 hole suite is impressive and together with prior results should add considerably to the new mineral resource recalculation by Golder�s�.He went on to say, �Adanac is indebted to Robert Pinsent PhD., P. Geo. especially for the exploration work he has done over the last two years and the excellent results achieved�.

Qualified Person

This news release was reviewed by Robert Pinsent, PhD., P. Geo., a qualified person recognized under National Instrument 43-101.


1.�������� Ruby Creek 13 hole update table December 10, 2008

2. ������� Ruby Creek final 60 hole table 2007/2008 summary to December 10, 2008

3��������� Ruby Creek 50 exploration hole plan (excluding condemnation holes)

If a reader is unable to activate the link to attachments then please visit the Adanac website at where the attachments are included as part of the news release.

About Adanac Molybdenum Corporation

Adanac Molybdenum Corporation is listed on the TSX and Frankfurt exchanges and owns the Ruby Creek Molybdenum Project in northern British Columbia. The Company has advanced the project through feasibility studies, a production decision and has previously ordered long-lead equipment, completed permitting for construction, constructed a road to the site and secured US$80 million in bridge financing.


Adanac Restructuring Process


Readers are reminded that, on December 19, 2008, Adanac obtained an Initial Order under the Companies' Creditors Arrangement Act (the "CCAA") as part of its intention to restructure its business, including primarily its debt. In that regard, Adanac has curtailed its business and ceased exploration and development at the Ruby Creek site. Accordingly, notwithstanding the exploration results described herein, the value of the Company's shares and the effect of the exploration results thereon are unknown. Readers are invited to read the other press releases issued by the Company concerning its CCAA proceedings, and to visit the website of KPMG Inc., the Monitor appointed in those proceedings, at:

Information Contact

Peter R. Jones � Chairman & CEO
Suite 200 � 2055 152 Street, Surrey, B.C.V4A 4N7
Telephone: 604-535-6834��� Facsimile: 604-536-8411




Cautionary Notice:The Reader is cautioned that the full Cautionary Notice is not attached to this email.The reader is requested to access the news release on the Company�s website at or at SEDAR at to read the full Cautionary Notice.The full Cautionary Notice is not attached as the recipient�s spam filters frequently block receiving emails containing the full Cautionary Notice.



To view tables and map, please click on link below:




Adanac Molybdenum Corporation

ISIN : CA00652E5065
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
Projects & res.
Asset profile
Contact Cpy

Adanac Molybdenum is based in Canada.

Adanac Molybdenum develops copper and molybdenum in Canada, and holds various exploration projects in Canada.

Its main asset in development is RUBY CREEK in Canada and its main exploration properties are B&C SPRINGS/ NEVADA BC, CUCOMUNGO and PINE NUT in Canada.

Adanac Molybdenum is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 5.3 millions as of today (US$ 5.2 millions, € 4.0 millions).

Its stock quote reached its lowest recent point on April 09, 2009 at CA$ 0.02, and its highest recent level on March 04, 2011 at CA$ 9.00.

Adanac Molybdenum has 25 462 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
In the News and Medias of Adanac Molybdenum Corporation
11/7/2007 640 million gamble on molybdenum mine
Financings of Adanac Molybdenum Corporation
12/10/2007Announces $15 million Equity Offering
Option Grants of Adanac Molybdenum Corporation
3/17/2008 Incentive Stock Options
Nominations of Adanac Molybdenum Corporation
9/22/2009 Announces Resignation of President and CEO and Appointment ...
8/5/2008Senior Management Core Team Appointment
Financials of Adanac Molybdenum Corporation
2/28/2011Announces Emergence from CCAA
Project news of Adanac Molybdenum Corporation
5/29/2009(Ruby Creek)Releases Updated 2009 NI 43-101 Mineral Resource Report for ...
1/20/2009(Ruby Creek)Ruby Creek Project - Exploration Update
9/30/2008(Ruby Creek)Comprehensive Study Switched to Screening Assessment
10/1/2008(Ruby Creek)Ruby Creek Project - Exploration Update
7/10/2008(Ruby Creek)Drilling Encounters More Mineralization Adjacent to the Perm...
6/24/2008(Ruby Creek)Update and Ruby Creek Project
1/28/2008(Ruby Creek) Focusing on Critical Path
12/24/2007(Ruby Creek)Ruby Creek Receives Approval to Begin Onsite Construction
11/7/2007(Ruby Creek) Construction Begins at Ruby Creek
Corporate news of Adanac Molybdenum Corporation
1/25/2011Outlines New Common Share Distribution
8/28/2009Obtains Extension of Stay Period under CCAA to November 30, ...
7/6/2009Obtains Extension of Stay Period under CCAA
1/20/2009Completes Initial Restructuring
1/19/2009Gains Extension to Creditor Protection
12/20/2008to Evaluate Strategice Alternatives Under CCAA Protection
11/14/2008Presentation at Rodman and Renshaw Conference in New York
11/7/2008Interview with Mining Industry TV Airing Times
9/30/2008Implements Shareholder Rights Plan
9/19/2008Website Update and Reconstruction
8/8/2008Fish Habitat Reserve Facilitates Ruby Creek Tailings Permit
7/14/2008Management Reorganization
6/20/2008Receives BC Mines Act Permit
6/4/2008Corporate Update
5/28/2008Closes Bridge Financing
5/2/2008Corporate Update
4/16/2008Announces $80 Million Bridge Financing Offer
3/27/2008Announces Organizational Changes
3/19/2008Ruby Creek Project Update
1/29/2008New Interview Posted on
1/17/2008MGI Securities Inc - INITIATING COVERAGE - Adanac Molybdenum...
12/31/2007Announces Completion of Previously Announced Financing
12/21/2007Announces Final Terms To Previously Announced Financing
10/17/2007Engages Investment Bank For Ruby Creek Debt Financing
9/11/2007Receives Environmental Certificate
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.210
05/29 09:54 -
Prev close Open
0.210 0.210
Low High
0.210 0.210
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.210 -%
Volume 1 month var.
1,000 -%
Develops Molybdenum
Explores for
Interactive chart Add to compare
Print Compare Export
Last updated on : 1/11/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
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 :
announces expected non-cash impairment
AU$ 7.58+2.71%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.83-4.07%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
CA$ 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
US$ 0.47-7.33%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.53-10.32%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Closes Bridge Loan Financing
CA$ 3.00+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
CA$ 8.71-1.02%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+7.14%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.25+4.17%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 ...
CA$ 1.79-6.28%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 59.37+2.73%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :