Investigator Resources believes the Molyhil tungsten-molybdenum project in the Northern Territory has much broader potential than so far assessed and is now planning an extensive geophysical gravity program over the ground.
Investigator, which is earning a 25% interest in the project from Thor Energy, has been told that the NT Government has agreed to refund $70,000 of the budgeted $160,000 cost upon completion of the geophysical program.
Further spending could take Investigator to an 80% stake in Molyhil.
The company initially plans the 3,400 gravity station program to be completed by November, with drilling to follow.
Little systematic exploration of broader potential
Investigator, whose flagship project is the Paris silver deposit in South Australia, notes that previous work associated with the Molyhil project has been focused on the existing resource.
But there has been little or no exploration of the broader potential of the tenement.
“In reviewing previous exploration proximal to Molyhil, Investigator has identified a number of high amplitude magnetic anomalies that may represent Molyhil style skarn tungsten mineralisation,” the company stated.
Minimal drilling at new targets
Limited exploration has meant that these targets have received only minimal air-core and rotary air blast drilling and to only shallow depths ranging from 4m at 14m.
“Review of the bottom of hole logs from these shallow holes identified low level tungsten anomalism and observed magnetite skarn chips that were never followed up,” the company added.
Investigator has to spend $1 million by May 2024 to earn 25% of Molyhil and 40% of the adjacent Bonya tenement.
Two further stages of spending totalling up to $7 million over six years will take Investigator to an 80% stake.
Drilling will begin in August.
Major project status
The Molyhil ground has been accorded major project status by the NT government, a status that will aid regulatory approvals.
The existing mineral resource estimate stands at 4.38 million tonnes at 0.27% tungsten trioxide and 0.1% molybdenum, for a contained 11,800 tonnes of tungsten and 4,400 tonnes of molybdenum.
Managing director Andrew McIlwain said the NT co-funding recognises an initiative that will support the advancement of Molyhil.
“Our view of Molyhil is that there are opportunities, both in re-estimation of the resource, as well as in regional prospectivity,” he added.
The planned drilling program will enable the company to develop a view of Molyhil’s future before the end of the Stage 1 earn-in commitment next May.
