The 80%-owned Handgait molybdenum exploration project, situated in northern Mongolia, has a JORC-compliant resource estimate of approximately 41kt of metal. The project area comprises one mining licence covering 17.9km².
This significant molybdenum resource is adjacent to the Russian border, near the large Pervomaisky molybdenum deposit (35Mt @ 0.11%).
Since acquiring the asset in 2007, CAML has undertaken 20,387 metres of drilling and completed a number of regional exploration campaigns. The Handgait licence was transferred to a mining permit in 2009.
The area is suitable for open-pit mining and a conventional flotation plant with an estimated 82% recovery.
A JORC-compliant resource at 0.025% Mo cut-off has been estimated by Wardell Armstrong International as shown below.
The asset is currently being held for sale.