(MENAFN - ProactiveInvestors - Australia) Dart Mining's (ASX: DTM) deep drilling program at the Unicorn Project in northeast Victoria has so far extended a high grade molybdenum zone with the deepening of an existing diamond hole.
Existing hole DUNDD008 is being extended below 387.9 metres to a target depth of 1,200 metres.
While progress has been slower than anticipated due to having to re-establish over DUNDD008 and a mechanical issue with the drill rig, it has so far intersected the continuation of the M3 zone over 50 metres.
This has shown coarse visible molybdenum with some zones of very strong molybdenum being intersected.
An additional pulse of mineralised porphyry has been intersected below a fault at 474 metres that shows very coarse molybdenum both in quartz stockwork and as disseminated blebs.
The open mineralisation below 474 metres may represent the M4 zone that is correlated with a very high grade interval intersected in DUNDD005 below 531 metres.
Depending on drill progress leading up to a planned two week Christmas shutdown from 21 December it is anticipated that the extension DUNDD008 will reach its targeted depth of about 1,200 metres in late February 2013.
First laboratory analysis results are expected in early February.
The deep drilling program is designed to test for Henderson (U.S.) style deep high grade molybdenum repetitions that could extend the life of the Unicorn project below the planned open pit into an underground resource.
Unicorn has a number of unique characteristics with its high grade zones from surface and the deposit outcrops.
Currently the Measured, Indicated and Inferred Resource is 203 million tonnes at 0.06% molybdenum equivalent, at 0.04% molybdenum equivalent cut off, with the potential for delineating additional resources.