On a day when markets around the world were tumbling on news of a Bear Stearns fire sale, Molycor Gold managed to carve out some slim gains based on drill results from its operation in Nevada.
On March 14 the company announced intersects highlighted by 11.4% magnesium over 165 metres, 12.1% magnesium over 67 metres and 10.7% magnesium over 81 metres.
On March 17 its shares were up 1 to 20 on 1.6 million shares traded. The company has 61 million shares outstanding and its shares have traded between 35 and 11 over the past 52 weeks.
The results are from the first phase of drilling at its Tami-Mosi gold property which sits roughly 10-km south of Ely, Nevada. In all, 14 reverse circulation holes were drilled for a total of 2,567 meters.
The Vancouver-based company says the strike length potential is over 2,500 meters and that it will be testing the metallurgy of the rock while looking into industrial applications for magnesium.
The most recent spot price for magnesium metal was US$2.00 per lb.
Increases in magnesium consumption have come mainly from its use in aluminum alloys and in the production of nodular iron.
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