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News: Peninsula Mines hits high-grade molybdenum and tungsten in South Korea

  1. Peninsula Mines (ASX:PSM) diamond drilling program at the Daehwa Project in South Korea has yielded some high-grade molybdenum and tungsten.

    Daehwa is permitted for underground mining.

    Highlights from six holes located down dip of historically mined molybdenum and tungsten lodes include:

    Hole DW006_2014: 0.1 metres at 13.09% molybdenum from 81.3 metres; and 0.3 metres at 2.19% copper, 0.13% molybdenum and 0.03% tungsten from 267.97 metres.

    Hole DW003_2014: 0.2 metres at 4.17% molybdenum from 71.76 metres; and 0.19 metres at 4.42% tungsten from 76.37 metres.

    Peninsula will now work on a Resource estimate for the core central area of the Daehwa deposit, which is planned for completion before the end of March.

    Drilling over the last three years has confirmed the presence of narrow high grade veins over more than 360 metres of strike and to depths in excess of 300 metres below the level of historic mining.

    Peninsula wholly-owns the Daehwa Project, which includes historic Daehwa and Donsan molybdenum and tungsten mines, and is also serviced by motorways and major arterial roads.

    Mining activity at Daehwa/Donsan commenced in 1904 and the mines operated semi-continuously through until 1984.

    Daehwa is located about 100 kilometres southeast of Seoul in Chungbuk Province.

     

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