An exciting new prospect for molybdenum mining in Victoria’s north east has been uncovered by one of a number of companies to receive a Brumby Government grant made under the Rediscover Victoria drilling initiative.
Dart Mining made the discovery near Corryong, which is almost 100km east of Wodonga. Molybdenum is a metal used to strengthen cast iron, steel and other alloys to enhance hardness, strength and resistance to corrosion.
Energy and Resources Minister Peter Batchelor said today the discovery in the Mt Unicorn area 20km south of Corryong indicated the possibility of a new mineral province for Victoria.
“The Brumby Government is taking action to encourage the growth of the Victorian earth resources industry and through the Rediscover Victoria grants initiative, supporting explorers in discovering new resources in the state, which will be a boost for regional jobs and investment,” Mr Batchelor said.
“Victoria is already well endowed with gold, coal, oil, gas and mineral sands but a new molybdenum mine would be a welcome addition to Victoria’s resources portfolio.”
Mr Batchelor said the announcement by Dart Mining about the new molybdenum prospect came as mineral exploration expenditure hit record levels in Victoria over the last year.
Dart Mining announced they had found high surface traces of Molybdenum and that test drilling in the area confirmed the molybdenum mineralisation extends to depth. Drilling results support initial speculation this could develop into a major find. "In the long run this discovery may well yield a new mineral province for Victoria."
“Further drilling is underway but in the long run this discovery may well yield a new mineral province for Victoria and the Brumby Government looks forward to hearing the results on the next phase of drilling,” Mr Batchelor said.
“Molybdenum is currently in strong demand around the world, particularly in China and India.
“Globally, molybdenum usage has doubled in recent years, rapidly pushing up both demand and the price, so there is significant potential for development should a resource be demonstrated.
“The development of our untapped earth resources can have significant benefits, particularly for regional communities, by providing new investment to an area and new employment opportunities.
“This is why the Brumby Government is committed to supporting exploration of our resources through programs such as the $2.5 million Rediscover Victoria drilling grants program.
“Dart Mining was one of six companies to receive a $59,194 grant in the first round of the Rediscover Victoria drilling grants in February this year, to assist with exploration works in the north-east for gold and base metals. This exploration work is also continuing with sampling confirming the presence of gold, silver and base metals.”