Mt. Hope Area Intersects Significant High-Grade Zinc-Copper-Silver Mineralization

 

LAKEWOOD, CO - General Moly, Inc. reported that its ongoing exploration drilling intercepted significant high-grade, shallow intervals of zinc mineralization and confirmed the presence of a high-grade copper and silver mineral target at depth at the Mt. Hope skarn area, southeast of the molybdenum deposit.

Drill results for the first five assayed holes of an 11-hole program intersected significant intervals of high-grade, sulfide zinc mineralization close to the surface, suggesting the potential for open pit recovery. 

Previously reported hole MH-249 encountered consistent zinc mineralized intercepts (+3.5% zinc) from approximately 4 feet from the surface to a depth of 155 feet, including a 74.5‑foot interval with an average of 13.08% zinc beginning at 80.5 feet from surface. Hole MH-249 encountered an unmapped underground working and was terminated at approximately 155 feet from surface. This also included initial partial results from MH-250 to approximately 600 feet of hole depth.

Bruce D. Hansen, Chief Executive Officer, said, "We are generating great drill results, with every hole drilled so far in this skarn exploration program intersecting high-grade, shallow, sulfide zinc mineralization, indicating substantial thickness and zinc grades ranging from 2.5% to over 13%. We are encouraged by our initial analysis of these 2018 drill assay results combined with the historical drill results indicating potential for a surface mining operation in the area adjacent to the Mt. Hope molybdenum deposit. This type of satellite mine has the potential to complement the future development of the Mt. Hope molybdenum deposit."

The Company identified a high-grade copper-silver target (Cu-Ag Target) from historical drill results for 7 holes that encountered 13 intervals of greater than 5 feet with copper grades of 1% to 6.3% and silver grades of 3.7 to 15.7 opt.

Holes MH-251 and MH-253 intercepted this Cu-Ag Target, confirming and extending the known high-grade mineralization. Hole MH-251 intersected 10 feet of 4.54% copper and 10.37 opt silver within an interval of 20 feet of 2.9% copper and 6.57 opt silver from a depth of 571 feet.

Assay results from hole MH-253 indicated a broad copper-silver mineralized zone of 80 feet from a hole depth of 556 feet at an average grade of 0.58% copper and 2.14 opt silver. Within this broad zone, hole MH-253 hit 5 feet of 3.81% copper and 20.12 opt silver from a depth of 596 feet. In addition, just above this broad zone at depth, hole MH-253 also intercepted 19.5 feet of 0.73% copper and 1.93 opt silver from a depth of 526 feet.

"We are pleased to continue to see expanded and continuous high-grade copper-silver mineralization at depths of 550-plus feet as a high-grade underground target opportunity. Furthermore, the broad zone of mineralization identified in hole MH-253, if extended by further drilling, could point to a potential deeper and larger open-pit concept that extracts both the upper horizon zinc and lower zone of copper and silver,” Hansen said.