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Sydney-based Global Geoscience announced a drill intersection of 24m at 877ppm molybdenum at its 100%-owned Sara Sara project in southern Peru.
Global Global Managing Director Bernard Rowe said the company had recently completed the first drilling program undertaken at the prospect.
"The high grade intersection demonstrates the potential of this newly discovered mineralised system," Mr Rowe said.
"Our wide-spaced drilling has provided important information on how to follow up the discovery intersection with further drilling and geophysics," he said.
"The nearest hole to the high grade intersection is 550m away, leaving plenty of room for a large tonnage target."
Mr Rowe said the Company was planning an induced polarization geophysical survey when the prospect is again accessible in April-May after the current wet season.
"This should locate any pyrite-rich zones, which have the potential to host extensions of this molybdenum-rich mineralisation.
"Follow up drilling is planned in May-June, after completion and analysis of the geophysical survey."
The Sara Sara project is located about 500km south-east of Lima, the capital of Peru, and 100km from the coast, midway between the villages of Cahuacho and Pausa, in the Department of Arequipa. Access to the area is via 16km of gravel road from Cahuacho.
Global has completed a nine hole program totalling 1,662m in depth. All drill holes were vertical. Collars were surveyed by GPS units with accuracy of approximately 5m.
Drilling was reverse circulation using a 13cm (five inch) hammer bit. Water was injected into the holes to facilitate sample recovery, which was generally over 90%. Samples of about 5kg were collected from 3m intervals after manual mixing and cutting. Two additional duplicate samples were cut from one in thirty samples.