Wedge tail mining repositioning

Wedgetail Mining has broadened its strategic focus as a diversified molybdenum....

  Wedgetail Mining has broadened its strategic focus as a diversified molybdenum and gold company, yesterday unveiling plans to focus its exploration efforts on the delineation of a world-class molybdenum deposit in the East Pilbara region of Western Australia and a proposed name change to Millennium Minerals Limited.The Perth-based resources group said it would seek shareholder approval at a General Meeting scheduled for February 25 for the name change, which reflects the discovery of a potentially large molybdenum deposit at the Millennium Project last year. Wedgetail’s Managing Director, Andrew Law said: “Our new strategic direction is based on repositioning the company from an exclusively gold focus to a diversified molybdenum and gold company.” The company last week reported further encouraging results from drilling at the Millennium Molybdenum Project, which is located 200km southeast of Port Hedland within Wedgetail’s extensive East Pilbara tenement package.Mr Law said the East Pilbara was increasingly being recognised as a new world-class molybdenum province, evidenced with the 20 million tonne per annum Spinifex Ridge deposit – located 115km north of Millennium – moving towards construction and production.“The East Pilbara region is gaining a fantastic reputation as an emerging Molybdenum province and the fact that the Spinifex Ridge Deposit is in such close proximity to our own tenements is obviously very encouraging as we ramp-up our exploration activities,” Mr. Law said. The results of recent deep drilling at Millennium included an outstanding intercept of 78m at an average grade of 0.015% Mo, comprising higher-grade zones of 6m @ 0.022% Mo, 6m @ 0.041% Mo, 6 m @ 0.036% Mo, and 9m @ 0.026% Mo. “Our focus during the quarter, and indeed for the rest of the 2008 exploration season will be the Millennium Project,” Mr. Law said." The results achieved to date have been extremely encouraging and further testing to establish the extent of mineralization across the full 11sqkm of the Millennium aeromagnetic anomaly is definitely warranted. “Already the three-dimensional model has highlighted a number of compelling exploration targets for more intensive geophysical surveying and drilling,” he said.