Tenajon focuses in on molybdenum (June 09, 2008)

VANCOUVER–With a 13-hole drill program, Tenajon Resources (TJS-V, TJRUF-O) has boosted indicated molybdenum resources at its Ajax deposit in northern B. C. by 74%.

Indicated resources stand at 69 million tonnes grading 0.065% molybdenum, with inferred resources adding 483.1 million tonnes averaging 0.061% moly. Combined, indicated and inferred resources host 748.7 million lbs. molybdenum. The deposit remains open laterally and at depth.

A previous resource estimate from March 2007 calculated only 38.8 million indicated tonnes grading 0.064% molybdenum and 623.4 million inferred tonnes grading 0.063% molybdenum for 679.8 million lbs. of contained metal.

Tenajon holds a 100% interest in the Ajax project, which sits 13 km north of Alice Arm. Newmont Mining(NMC-T, NEM-N) discovered molybdenite at Ajax in 1965. Despite completing a promising drilling program during the following two years, the major let the claims lapse in 1996 due to depressed molybdenum prices.

Tenajon immediately staked the property, then waited for the price of molybdenum to rebound. From 2005 to 2007, the company drilled 22 holes at Ajax. With the release of this resource estimate, the company is formulating plans for exploration in 2008.

Tenajon has already started its 2008 exploration program at its other molybdenum project: the Moly Brook property in southern Newfoundland. A 6,100-metre drill program will follow up on the success of a 12-hole drill program in 2007 that encountered consistent, near-surface molybdenum intercepts over considerable widths.

At Moly Brook, molybdenite occurs primarily along the rims of a series of north-trending, sub-vertical, sheeted quartz veins and fracture faces along a 2-km-long trend. At the north end of the trend, drilling has traced the main zone for 750 metres along strike. The zone is still open along strike and dip.

And Tenajon recently confirmed its focus on the specialty metal, selling its interest in two B. C. gold properties to joint-venture partner Pinnacle Mines (PNL-V, PNMLF-O). Pinnacle is buying a subsidiary of Tenajon that holds a 40% interest in the Kansas claim — part of the Silver Coin property — and 100% of the Summit Lake property. Both are located near Stewart.

In other Tenajon news, the junior closed an oversubscribed private placement in mid-May, issuing 7.5 million chares at 55 apiece for gross proceeds of $4.1 million. Currently trading at around 47, the company’s shares have a 52-week range of 38-$1.08. Tenajon has 55.8 million shares issued.