Very interesting presentation last night. While San Anton was discussed the MD, Dudley Leitch, really focussed on Kalman and what he is sure will be a world class Moly mine in the furture. Their tenaments in Mt Isa cover 40km length of the Pilgrim Fault which happens to hold the Mary Kathleen deposit and Tick Hill which supported MIM for years. The region also has occurrance of Haematitie which has drawn significant Chinese interests.
From Kalman the first drill program results included:
329m @ 0.46% Cu, 0.23% MoS2, 0.22g/t Au, 0.01% U3O8 for (2.51% Cu Eq)
73m @ 0.22% Cu, 0.43% MoS2, 0.13g/t Au, 0.09% U3O8 for (4.96% Cu Eq)
339m @ 0.54% Cu, 0.11% MoS2, 0.29g/t Au, 0.02% U3O8 for (1.79% Cu Eq)
He specifically made mention of the results highlighted as very significant.
The project is open along strike in both directions and depth.
As a comparison, he compared these results to the Henderson Mine (Phelps Dodge) near Denver Colorado, which is arguably the worlds richest Mo mine.
Hendersons:
Reserves around 160 mt @ 0.35% MoS2 (no other sig metals)
Mineralisation startes at 1000m below surface
Ore zones are generally 5-30m thick.
Kalman early holes:
73m @ 0.62% MoS2 Eq
329m @ 0.31% MoS2 Eq
Mineralisation is within 20m of surface.
Compare the thicknesses and % MoEq.
Also compare with other Poly mines like Olympic Dam:
OD:
374mt @ 2.1% Cu, 0.07% U3O8, 0.08g/t Au, 4.5g/tn Ag, for 3.6% CuEq
Kalman:
73m @ 4.96% CuEq (incl 0.09% U3O8)
329m @ 2.51% CuEq
OD lies with a structural corridor with local heat sources and haematitie associated with the mineralisation, aged around 1.5b years. Kalman is on a similarly mineralised fault, ages 1.5b years.
He urged us to compare Kalman with another project being developed by 'Blue Pearl' which is a pure Moly play and currently has a market cap of about $2b. I need to look into this comparison, to see why this is so important. Will update.