Taiton Resources (ASX:T88) is looking to secure an ‘advanced, high-grade’ molybdenum project in New South Wales, Australia, following molybdenum’s ascension to the critical minerals list.
The $5.11 million market capitalisation company has applied for exploration licence applications ELA6699 and ELA6702, which make up the 309.8km-square Kingsgate Project, as it demonstrates potential to be a near-term production asset.
Taiton reports it will review the historical dataset and reports will plan a field visit to assess the area and meet the various stakeholders to further understand the project.
The company notes its exploration team will begin reviewing all datasets in hopes of establishing a maiden JORC resource to advance the project towards a production phase.
According to Taiton, ‘extensive’ work has been undertaken on the project by former ASX-listed company Auzex Resources (ASX:AZX) between 2006 to 2010 in the area comprising ELA6699 and surrounding area.
Executive Director Noel Ong says the company will now work to take advantage of the future decarbonisation environment.
“Taiton started with the conviction that the search for molybdenum is a critical process and this is now confirmed with the inclusion into the Australian critical minerals list. Taiton is excited to work meticulously to make this project work.
The advanced work by Auzex with the completion of a Feasibility Study clearly shows that there is potential within the existing cluster of high-grade molybdenum quartz pipes and also, outside the known pipes to discover more molybdenum.
Taiton will now systematically work through the datasets and start to piece together what is looking like a promising near production project. There is still a lot of work required to make this project stand on its merits but the team at Taiton is confident that this is a matter of process in the next quarter.
The economics and the future demand for molybdenum has completely changed and Taiton is preparing itself to take advantage of the future decarbonisation environment.”
Molybdenum was added to Australia’s critical minerals list alongside arsenic, selenium, fluorine, and tellurium to align Australia’s list more closely to the lists of international strategic partners, as reported by federal government Resource Minister Madeleine King in December 2023.
Kingsgate sits about 20km east of the township of Glen Innes in an area known as the Kingsgate Mining District, which was the second largest producer of molybdenum in Australia between the early 1880s and late 1920s.
Taiton Resources is an early-stage mineral explorer and developer with a portfolio of projects across South Australia and Western Australia, comprising the Highway, Lake Barlee, and Challenger West projects.
As of 30 September 2023, Taiton Resources had $3.535 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Taiton Resources
