Almonty Korea Moly

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ALMONTY KOREA MOLY

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Fourth Sangdong Tungsten Mine Loan Facility Drawdown

Toronto – April 3, 2023, – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce that it has completed its fourth scheduled drawdown of the total US$75.1 million KfW IPEX-Bank project finance facility for its Sangdong Tungsten Mine (the Loan Facility) located in South Korea.

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Project History

Almonty Korea Moly (AKM) Project is located on the Almonty Korea Tungsten property close to Sangdong Village and about 190 km southeast of Seoul and 50 km from Taebaek. The AKM target is a large molybdenite-quartz vein stockwork deposit identified by KTMC in 1980-87 in the Sangdong area that is known as the Deep Moly Deposit. The Deep Moly Deposit has a similar origin but is completely separated from the tungsten mine of Sangdong, physically and geologically.

This deposit is positioned in a quartzite unit (Jangsang Quartzites) located below the WO3 Sangdong mine, between the schists (Myobong Slate Formation) and the deeper intrusive rock (Granite), with a vertical thickness of up to approximately 400m below the skarn horizons. The molybdenite mineralization is contained in a subvertical quartz vein “stockwork”. This vein system is located inside the quartzite (Jangsang Quartzite). More exploration work is planned to obtain a greater definition of the significant amount of tonnage and higher-grade averages of all this mineralized quartzite.

Future exploration work will be conducted to confirm the geometry and origin of this structure. Some of our geologists believe that this is more than simple stockwork, that it could also have worked as a pipe, allowing the circulation of the metal rich fluids to reach the schists, namely to the calcsilicate levels/skarns existing above the quartzite, thus inducing the WO3 mineralization of the Sangdong Mine. The studies done by KTMC (22 vertical holes corresponding to 12,390m core drilling) has conduced a preliminary resource estimation of generally a high grade “Prospective Ore Reserve” of 16.3Mt grading 0.40% MoS2 or a lower grade global resource of 120Mt grading 0.13% MoS2.

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More recently an external study by KTMC and OTL on the drill holes (37 drill holes) was developed into a Block Model and it pointed to the need of acquiring more information to determine more accurate numbers for tonnes and grades.

The previous work and/or studies completed on the Jangsan quartzites, found that this Deep Moly Deposit was not included in any of the 43/101 resource/reserve calculations of the tungsten Sangdong mine.

We have identified the Deep Moly location and we recognize that further knowledge of this structure is needed. This will be acquired during the early WO3 Sangdong mine exploitation.

If the exploration work confirms the anticipated results, we would most likely commence mining the Mo content from the existing veins in the Jangsang quartzites.

The Deep Moly zone is still open from the NE to the NW. The potential of this deposit is possibly one of the largest Mo deposits in SE Asia. The potential of this Mo zone is enormous and during the life of Almonty Korea Tungsten (Sangdong Mine), more exploration work over this large target will be required.

Potential

Deep Moly can be looked as a remarkable, additional mining potential to the Sangdong region, as it can be a distinctively new deposit to be mined after decades of exploitation on the actual WO3 deposit, or in some years, in conjunction with it, thus enabling the sharing of mining and processing infrastructures with the Almonty Korea Tungsten project.

The proxmity to the Sangdong Tungsten Mine offers substantial synergies in infrastructure, logistics, and operational efficiencies, potentially allowing for the shared use of access roads, power supply, water resources, and processing facilities.

Molybdenum has been recognized as one of the six cross-cutting critical minerals by the World Bank in 2020, indicating its essential role in the transition towards green energy technologies. Molybdenum is a key component in wind energy technologies, with the highest usage per megawatt (MW) of energy compared to coal and nuclear. As wind energy continues to expand, with an expected growth rate of around 9.5% until 2030 and beyond, the demand for molybdenum will be significantly influenced by the wind energy sector.

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Strategic Moly Project: 6 Reasons to Boost Overall Company Worth:

Fully Permitted
Adjacent To Sangdong
Significant Upside
High Grade
Stand-Alone Mine
Potential Synergies

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