TTM, Bard ignited by BC molybdenum assays

Vancouver — Significant molybdenum assays from projects in northern British Columbia ignited the shares of TTM Resources (TTQ-V) and Bard Ventures (CBS-V, BVTLF-O), sparking active trading in the TSX Venture Exchange-listed juniors.

Both companies are in the early stages of exploration and are getting attention at a time when the price of molybdenum — an alloying element used to produce steel and cast iron — has soared to US$26 per lb. on the strength of strong demand from China.

That’s up from US$5 per lb. in early 2004.

Shares of TTM jumped 20 or 61% to 53 apiece on the release of initial drill results from its wholly owned Chu property, near Vanderhoof, B.C.

With 7 million shares changing hands, TTM was the day’s second most actively traded stock on March 2nd, behind Bard, which rose 5 or 13% to 42 on volume of 8.1 million shares.

TTM is trying to demonstrate the viability of a molybdenum-rich zone on the Chu property, which was discovered in 1969 by Rio Tinto (RTP-N), and drilled in the early 1980s by Armco Mineral Exploration.

If it succeeds, TTM hopes to strike a deal with Blue Pearl Mining (BLE-T, BLEFF-O), which owns the Endako moly mine and 30,000-tonne-per-day concentrator and roaster, about 80 km northwest of Chu.

“It just would make sense,” says TTM CEO Crichy Clarke.

Having secured the property rights in August, TTM was in a position March 2nd to release results from the first four holes of a phase-one drill program that began in November and is scheduled to continue throughout the month.

Highlights include hole Ch-06-06, which returned a 198.9-metre interval, grading 0.047% copper and 0.132% molybdenum.

Clarke says he is even more encouraged by results in Ch-06-05, a stepout hole, located in virgin territory about 350 metres southeast of ground that had previously been drilled.

It returned 30.5 metres of 0.059% copper and 0.11% molybdenum from 227.7 metres depth.

“We are really happy with what we are seeing up there,” Clarke says.

As seven holes have been drilled to date (for a total of 3,341 metres), TTM should be in a position to release more drill results by mid-March.

Clarke says Robert Sibthorpe, TTM’s vice-president of exploration, planned to fly to Toronto for talks with Blue Pearl CEO Ian McDonald.

“It would be my preference to do a deal with Blue Pearl,” Clarke says.

Meanwhile, Bard Ventures finds itself in similar circumstances on its Lone Pine property northwest of Houston, B.C., which has previously been drilled by the likes of Noranda Exploration, among others.

Last September, the company said it could earn a 100% stake in the Lone Pine claims by spending $75,000 on exploration before July 1 and issuing 545,000 shares to Houston-based prospectors Daniel and William Merkley.

In mid-February, the company released assays from the first hole of a 7-hole program, returning 0.05% molybdenum sulphide over 490.1 metres.

That included two higher-grade zones of 0.08% MoS2 over 43 metres starting at 17 metres below surface and 0.081% MoS2 over 102.3 metres from 257.7 metres.

On March 2nd, the company said a second hole, located 1,200 metres farther north, returned 0.07% MoS2 over the entire core length of 489 metres, starting 17 metres below surface. That hole returned a higher-grade zone of 0.09% MoS2 over 231.4 metres, from 134.3 metres.

Bard president Eugene Beukman was not available for immediate comment.

However, the company issued a statement saying it is extremely pleased with the initial drilling results and will release additional drill hole results as soon as assays have been received and interpreted.