A high-intensity, ground-based Induced Polarization (“IP”) survey completed in February 2018 by Quantec Geoscience indicates a semi-continuous group of high chargeability anomalies that spatially align with the recently identified Copper-Silver (“Cu-Ag”) Target. These anomalies lie between 100 feet and 1,000-plus feet from the surface and extend northeastward for over 1,000 feet, where they appear to dip to the east.
Further exploration work proposed for 2018 will generate updates and revisions of the geologic modeling of the zinc mineralized area to assist and refine new drill targets. This will entail reviewing historical drill logs, examination of core from historical drilling, re-assaying of previously sampled core and incorporation of the IP results into the Mt. Hope database.
General Moly engaged Mine Mappers, LLC of Tucson, Arizona to provide geological support to the exploration of the copper, silver and zinc mineral opportunity around Mt Hope and Independent Mining Consultants, also of Tucson, to support the compilation and review of the database.
This preliminary exploration work has been undertaken solely by General Moly.
The Company has presented these promising findings to its joint venture partner, POS-Minerals, and the parties are discussing value-sharing investment options. Any mining operation to exploit economic mineralization will require the approval of POS-Minerals. A full exploration program for 2018 may be subject to additional financing.
Figure 1: Generalized Plan Map of Exploration at Skarn Area, Mt. Hope Southeast Area.
Figure 2: Titan 3D IP Survey Line 3, Cross Section of Cu-Ag Target, Looking NE, Mt. Hope Southeast Area
To date, given this represents an early-stage copper-silver-zinc exploration program at the Mt. Hope Project, most of the historic data discussed here comes from historic reports, which cannot be independently confirmed, and lacks the modern standards of quality assurance and controls for samples and assays. Such data may not be relied upon for any evidence or likelihood of a mineral resource, mineral reserve or mineral deposit. The area related to the zinc mineralization and Cu-Ag Target does not contain any mineral resource estimate as defined by the Canada National Instrument 43-101 (“NI 43-101”) or any proved or probable reserves as defined by the United States Securities and Exchange Industry Guide 7, nor is there any certainty that further exploration will result in any targets becoming part of a mineral resource or mineral reserve.
Qualified Person’s Statement:
The scientific and technical information in this news release was reviewed by Mark W. Osterberg, Principal Consulting Geologist of Mine Mappers, LLC. Dr. Osterberg is a “qualified person” as defined by NI 43-101. He is a Professional Geologist, with a master’s and doctorate degrees in geology. Dr. Osterberg has extensive minerals industry experience that is relevant to the evaluation of the style and nature of mineralization described above.