Global Hunter Corp. announce the results from the first 91.8 metres of core drilled in hole RS-D-08-123 averaging 0.070 percent molybdenum and 0.13 grams per tonne rhenium. The molybdenum grade is 8.3 percent higher than the grade from the same interval in twinned hole RS-D-80-56. None of the previous operators analyzed for rhenium. The hole intersected porphyritic quartz monzonite with molybdenite bearing quartz veins and disseminated molybdenite from surface to 170.0 metres followed by a Thrust Fault to 193.0 metres and andesite to end of the hole at 212.9 metres.
To date a total of 135 holes have been drilled on the property including 76 in the higher molybdenum grade Eastern Zone of molybdenum mineralization. The current program of 14 drill holes has been designed to more accurately define the depth extent of mineralization in certain areas where previous drill holes ended in mineralization and establish sufficient confidence in the historic data to be included in a National Instrument 43-101 compliant resource estimate later this year. Drilling is expected to be complete towards the end of September 2008.
Commenting on the positive initial result, Rod Husband, the president and director of Global Hunter, said, “The encouraging molybdenum result of the first hole coupled with rhenium grades similar to other porphyry molybdenum deposits is very exciting and adds additional value and potential to the Rabbit South project. We look forward to the rest of the results from the program.”
Rhenium is found together with other metals and range from 0.002 to 0.2 percent in molybdenum and is commercially only recovered as a by-product from molybdenite concentrates. It is a rare and valuable metal that currently trades at approximately US$12,100 per kilogram and is used for catalysts (in unleaded gasoline), electronic devices, thermocouples, temperature controls, heating elements, rhenium-molybdenum alloys and coatings.