Stuhini Exploration Ltd (TSX-V:STU) has announced a pit-constrained mineral resource estimate (MRE), for its Ruby Creek molybdenum deposit located 35 kilometres (km) by road east of Atlin in British Columbia.
The mineral exploration company said the MRE, undertaken by Mine Development Associates (MDA), revealed pit constrained measured and indicated resources contain 433 million pounds (lbs) of molybdenum (Mo) hosted within 369 million tonnes at an average Mo grade of 0.053% at 0.02% Mo cut-off.
Resources within the inferred category include 43,650,000 lbs of Mo hosted within 41,946,000 tonnes at an average Mo grade of 0.047%, it added.
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"MDA has developed a very robust resource model that will form the basis for future economic studies" Stuhini's vice president of exploration Ehsan Salmabadi said in a statement. "Our efforts in the coming months will focus on internal scoping studies to give us guidance on our next steps in assessing the economics of the Ruby Creek molybdenum deposit.”
Stuhini cautioned that the quantity and grade of reported inferred mineral resources in the estimation are uncertain and there has been insufficient exploration to re-define these inferred mineral resources as indicated mineral resources. It said it is uncertain if further exploration will result in upgrading them to the indicated mineral resources category.
“We are very excited about being able to update the Ruby Creek Molybdenum Resource and look forward to what the future holds, especially in light of the dramatic increase in molybdenum prices in the last 20 months,” the company’s president and CEO David O’Brien added. "I wish to thank our consultants and our in-house technical team for their efforts and professionalism in bringing this MRE to fruition.”
Ruby Creek is a nearly 29,000-hectare property that is road accessible just east of Atlin, British Columbia. There are 48 different documented mineral occurrences on the property, of which 16 are gold-related, with seven significant gold placer creeks. The property also hosts the historic Ruby Creek molybdenum resource, which has an intact BC Mines Act permit.
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