MOSQUITO starts diamond drilling program for CuMo project
Precious and base metals mining company Mosquito Consolidated Gold Mines Limited (TSX Venture: MSQ) has begun the 2010 diamond drilling program on its CuMo project, one of the world’s largest molybdenum deposits based in Idaho. Hole 10-55 has been collared on the private land purchased recently, and orientated due north dipping -65 degrees.
The 563.8 meter step out hole, the first in a series of geotechnical holes designed to determine the rock characteristics of the southern margin of the deposit, is designed to intersect both the southwest trending extension of the molybdenum mineralization and the down dip extension of the main east-west trending mineralization.
At the current time, over 114.3 meters (375 feet) has been drilled; coarse grained molybdenum bearing veins and fractures were first intersected at 58.5 meters (192 feet) in the hole. The intersection of the veins confirm the continuity of the molybdenum bearing surface veins found during surface examination of the old Baby Mine dumps located an additional 457.2 meters (1500 feet) to the southwest of the drill hole. Planned hole depth is between 1067 meters (3500 feet) and 1371 meters (4500 feet) depending on fault offsets of the molybdenum zone, the company said.
Separately, Mosquito is in the middle of the 30-day public comment period on the Environmental Assessment report produced by United States Forest Services that covers the next stage of exploration on the CuMo deposit.
The company has been pleased with the public comments thus far and the process is on track, it said. It is also continuing to negotiate with parties interested in partnering for the funding of the ongoing development of the CuMo project.
Mosquito`s stock is up 4.4% on the news to $0.95.
Mosquito is a Canadian natural resource exploration and development company with a diverse portfolio of precious and base metals projects in high return, low political risk environments in North America and Australia. The company has high expectations for near-term low-cost production, is well financed and has no debt. The company was founded in 1979.
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