SYDNEY (Commodity Online): Zamia (ASX: ZGM), an Australian mineral exploration company, has identified positive molybdenum results at Anthony deposit, near Clermont in Central Queensland.
The Anthony deposit is Zamia’s flagship project. It is a large porphyry-style molybdenum deposit, discovered by the company in 2008. Molybdenum is widely used in steel industry to improve strength of steel at high temperature and its demand is estimated to increase 4-5% per year.
The new drilling data obtained from outside the existing high grade zone has strengthened the Anthony resource estimate. To date there has been a limited deeper drilling at the resource.
Recently, a new drilling program involving diamond tail extensions of the existing holes has been started at the Anthony resource. It is expected that with further deeper diamond drilling the resource will expand and deliver positive results.
To add other resources on the company’s vast tenement portfolio in the Clermont district; over 15 targets for molybdenum, gold and copper have been identified by Zamia field team with known mineralization.
