Ivanhoe Australia to focus on Merlin molybdenum rhenium project
Tuesday, 13 Oct 2009
It is reported that the prime move for Ivanhoe Australia is to complete the scoping study on its Merlin high grade molybdenum rhenium project which is linked to the established Mount Dore copper deposit in North West Queensland.
The company is ultimately under the steering of high profile global entrepreneur Mr Robert Friedland whose Ivanhoe Mines Limited holds an 83% stake.
Mr Peter Reeve MD of Ivanhoe Australia told the Sydney Mining Club that a full feasibility on Merlin should begin in the current quarter. He pointed out that rhenium has unique properties and its high melting point is only exceeded by tungsten and carbon.
Global production of rhenium totals only about 50 tonnes per annum with about 77% used in super alloys and 15% in petroleum catalysts. The company was also undertaking mineral resource updates on Merlin, on the Mt Rore copper oxide and polymetallic zones and the Mt Elliott and Swan high grade zones also in south west Queensland.
Mr Reeve said that Ivanhoe had a market capitalization of AUD 1.1 billion and at June 30th 2009 had AUD 39 million in cash. He described Merlin as the world's highest grade molybdenum and rhenium deposit and the mineralization was shallow and metallurgical test work to date has been positive.
He said that the southern end of Merlin has shown intercepts of near pure molybdenite and hole MDQ264 had a 3.73 meters section grading 15.5% Mo and 150 grams per tonne Re including 0.9 million 46.5% Mo and 446 gram per tonne Re.
About 55 kilometers north of Merlin the company has the Lanhams prospect that has also produced high grade molybdenum and rhenium intersections. In four North West Queensland projects Merlin, Mt Dore, Mt Elliott and Starra Line there was an aggregate metals inventory in resources of 3.1 million tonnes of copper, 5.4 million ounces of gold, 110,000 tonnes of molybdenum, 180,000 kilogram of rhenium and 2 million oz silver.
