MetalCorp Ltd. last week announced the start of drilling at its Playter molybdenum-silver project on the western end of its Big Lake property in northern Ontario, Canada.
Molybdenum is used as a solid lubricant, a lubricant and grease additive, a catalyst in petroleum refining and in the steel and stainless industries, where it is an important additive for strength and corrosion resistance.
According to MetalCorp, the price of molybdenum oxide has gone from $3 per pound to $30 per pound over the last two years due to strong demand and short supply.
The molybdenum-silver occurrence is in a quartz vein up to 9 meters wide, traced by drilling for 500 meters. MetalCorp said prospecting indicates the vein is about 1,200 meters in length. No one has drill tested the molybdenum vein since the early 1970s.
The drilling program is part of a larger drill campaign on the companys Big Lake property to continue defining a copper-zinc-silver-gold-cobalt discovery located further east.
MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with base metal and gold projects in the Canadian Shield of Northern Ontario. The projects, including the Big Lake property, cover an area of more than 65,000 acres.