Mr. Lewis Black reports
ALMONTY INDUSTRIES INC. ANNOUNCES THE SCHEDULING OF THE HISTORICAL CONFIRMATION DRILLING CAMPAIGN FOR ITS SANGDONG MOLY PROJECT
Almonty Industries Inc. has now scheduled a start date of the week of April 12, 2021, to commence a 12,500-metre drilling campaign to convert the existing historical data for its Sangdong molybdenum project into a National Instrument 43-101 and JORC compliant report. The estimated time of this campaign is approximately six months to completion. This campaign will be focused around the previous 12,390 metres of historical core drilling that was conducted by Korea Tungsten and KORES in the 1980s. At that time, indications of the preliminary high-grade ore reserves estimate were shown with grades in excess of 0.40 per cent MoS2 with tonnage in excess of 16.30 million tonnes. The preliminary low-grade global reserves indicated grades in excess of 0.11 per cent with tonnage in excess of 120 mt. If confirmed, this would create one of the world's largest long-life high-grade molybdenum projects. The molybdenum orebody is located just 150 metres below the tungsten deposit.
Almonty's chairman, president and chief executive officer Lewis Black commented:
"Our Molybdenum deposit now has every possibility to be proven to be as significant a deposit as our tungsten project at Sangdong. Certainly, in what we know from the previous drilling conducted in part by the Korean government and by the company, itself, all indications point to one of the world's most significant high-grade moly projects. This campaign will allow the company to confirm this historical data as well as formulate a robust mining plan so that this project will run alongside our tungsten mine simultaneously given that both can share the same existing mining infrastructure and the dramatic development cost savings it presents. This campaign will also allow the company to attribute a value to the moly deposit where currently in the absence of a NI 43-101 compliant report, it cannot apply any book value to these reserves. Being LME traded has enormous benefits to the company regarding hedging and pricing transparency. LME quoted molybdenum is up 54 per cent in the last six months."
The principal business of Toronto, Canada, based Almonty Industries is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon province, South Korea, and the development of the Valtreixal tin/tungsten project in northwestern Spain. The Los Santos mine was acquired by Almonty in September, 2011, and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January, 2016, and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September, 2015, through the acquisition of a 100-per-cent interest in Woulfe Mining Corp. Almonty owns 100 per cent of the Valtreixal tin-tungsten project in northwestern Spain.
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