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Almonty has entered into an exclusive offtake agreement with SeAH M&S (“SeAH”), the largest processor of molybdenum products in South Korea.
Almonty is pleased to announce that the Company is planning to change its jurisdiction of incorporation from Canada to the State of Delaware while maintaining its listings for now on the Toronto Stock Exchange and the Australian Securities Exchange.
Women are now 20% of the workforce of Almonty Korea Tungsten Corp. (AKTC), a subsidiary of Almonty Industries, the largest tungsten mining company in the world outside of China.
Almonty Korea Moly (AKM) Project is located on the Almonty Korea Tungsten property close to Sangdong Village and about 190 km southeast of Seoul and 50 km from Taebaek. The AKM target is a large molybdenite-quartz vein stockwork deposit identified by KTMC in 1980-87 in the Sangdong area that is known as the Deep Moly Deposit. The Deep Moly Deposit has a similar origin but is completely separated from the tungsten mine of Sangdong, physically and geologically.
This deposit is positioned in a quartzite unit (Jangsang Quartzites) located below the WO3 Sangdong mine, between the schists (Myobong Slate Formation) and the deeper intrusive rock (Granite), with a vertical thickness of up to approximately 400m below the skarn horizons. The molybdenite mineralization is contained in a subvertical quartz vein “stockwork”. This vein system is located inside the quartzite (Jangsang Quartzite). More exploration work is planned to obtain a greater definition of the significant amount of tonnage and higher-grade averages of all this mineralized quartzite.
Future exploration work will be conducted to confirm the geometry and origin of this structure. Some of our geologists believe that this is more than simple stockwork, that it could also have worked as a pipe, allowing the circulation of the metal rich fluids to reach the schists, namely to the calcsilicate levels/skarns existing above the quartzite, thus inducing the WO3 mineralization of the Sangdong Mine. The studies done by KTMC (22 vertical holes corresponding to 12,390m core drilling) has conduced a preliminary resource estimation of generally a high grade “Prospective Ore Reserve” of 16.3Mt grading 0.40% MoS2 or a lower grade global resource of 120Mt grading 0.13% MoS2.
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