EVR reports exceptional molybdenum grades at Parag Project, Peru
Project Name: Parag Project
Project Location: Peru
Project Stage: Advanced Exploration
ProjectBank Summary:
EV Resources Limited (ASX: EVR) announces exceptional molybdenum grades from its flagship Parag copper-molybdenum project in Huaura province, Peru. Recent drilling, combined with historic data, confirms high-grade molybdenum mineralization close to the surface, making significant contributions to the project's economics. The review of grades highlights expansive intersections of molybdenum, positioning Parag as a key player amidst declining global molybdenum supply and rising prices. The company plans to further focus on molybdenum as a by-product in its exploration strategy.
EV Resources Highlights:
Parag drilling to date demonstrates exceptional molybdenum grades amidst declining supply from several major producers.
Molybdenum prices have climbed to US$21.89/lb (US$48,259/t).
Parag's molybdenum grades are comparable to the highest grade pure molybdenum mines in the world.
Historic and recent drilling campaigns confirm the exceptional grades of molybdenum close to the surface at Parag.
Significant intersections include:
Hole APG-001: 476m at 0.31% Cu and 0.14% Mo from 3.2m, including 44m at 0.64% Cu and 0.31% Mo.
Hole APG-002: 258.8m at 0.40% Cu and 0.14% Mo from 1m, including 130m at 0.60% Cu and 0.30% Mo.
Hole APG-003: 211.5m at 0.40% Cu and 0.20% Mo from 3m, including 32m at 1.20% Cu and 0.40% Mo.
Hole APG-006: 218m at 0.30% Cu and 0.10% Mo from surface, including 122m at 0.40% Cu and 0.20% Mo.
MD/CEO Statement:
Hugh Callaghan, Managing Director, commented: "We acquired Parag based on the project’s historic drilling and extraordinary molybdenum by-product grades. With each hole drilled, and as prices rise, we are more excited about the project. We are also acutely aware that the future of the copper industry depends on by-product contributions to supplement the steady decline in grades of copper. Parag is well positioned with its copper-molybdenum potential to accelerate towards a maiden resource and feasibility studies."
