NEWS
Bard Ventures Reports Another Big Hole Posted By : Darryl Kelley
In what is quickly becoming a habit with Bard Ventures (TSX.V:CBS), another great intercept from the drilling ongoing at the Lone Pine Molybdenum Project has returned 0.06% Molybdenum over 284 meters. Hole BD07-16 was designed to explore the extent of the favorable Alaskite intrusive between drill holes BD07-01 and BD07-15. The Alaskite intrusive contains the disseminated molybdenite and associated surrounding stratigraphy contains the contact fracture veins and veinlets with associated molybdenum mineralization. Hole BD07-16 was drilled 75 meters northwest of hole BD07-01 and 125 meters southeast of hole BD07-15. The drill hole intersected approximately 130 meters of intercalated Alaskite with hornfelsed andesite before intersecting 369 meters of strongly stockwork veined hornfelsed andesite. Molybdenum mineralization was encountered throughout the entire hole with 0.045% Mo (0.075% MoS2) averaged over 496 meters, between 3 - 499 meters. The Alaskite intrusive is the main focus of the Lone Pine Property drilling and has been interpreted as being the favourable lithology for molybdenum mineralization. To date the Alaskite intrusive is a known 200 meters in length along its NW/SE strike, 260 meters wide in plan view and molybdenum mineralization has been tested to a known 525 meters in depth. Of importance to note is the existing infrastructure on the Property, which includes Highway 16, natural gas pipeline, a major hydro power transmission line and transformer sub-station, and it is located only 15 kilometers from the CN rail line in Houston, BC. Bard is earning a 100% interest in the Property under the terms of an option agreement (see News Release dated September 15, 2006). The Lone Pine exploration work is being conducted under the supervision of Qualified Person Jim Miller-Tait, P. Geo., a Director of Bard. Molybdenum is forecast to continue to see strong demand growth in the years ahead, and prices will increase steadily to reflect that. According to Senior Analyst for Base Metals Catherine Virga, world moly demand will grow 5.8% this year, due in part to the increasing demand for cleaner fuels. She advised that airspace superalloy consumption will increase moly demand as the global airline passenger rate is forecast to grow at an average rate of 5.6% in 2009. Virga forecast that the overall contributions traditional moly-producing miners and nations to global molybdenum mines supplies will decline. While China's domestic molybdenum mine production is projected to be less than 120 million pounds annually through 2009, the country's exports of molybdenum oxide and ferromolybdenum are anticipated to dip as low as to 30 million pounds this year due to export quotas. In a presentation to the Association for Mineral Exploration British Columbia's Mineral Roundup, Virga suggested that the present rally in molybdenum prices differs from the 1970s moly price recovery because of shifting organizations of molybdenum supplies; the widening scope of molybdenum end-uses; and diminishing inventories. Virga believes that this year moly will be setting a new trend due to the fact that the Molybdenum market is expected to become less dependent on by-product producers, regional diversification of molybdenum mine production, the declining market share of dominant players, and reduced supplies from China. The changing role of by-product producers, combined with tighter regulation on Chinese producers is expected to continue the present rally in molybdenum prices, according to CPM's analysis. The situation is compounded by a declining number of secondary moly materials-such as recycled stainless steel and catalysts--and a rising cost structure. Meanwhile, CPM also noted that the scope of molybdenum end-users is expanding as the world's demand for cleaner energy grows. Bard is led by Eugene Beukman as CEO and President, and Mining Engineer John Malysa. Mr. Beukman graduated from the Rand University of Johannesburg, South Africa with a Bachelor of Law degree and a Bachelor of Law Honors Postgraduate degree in 1987. Mr. Beukman was previously employed as a legal advisor to the predecessor of BHP Billiton. He has over twenty years experience in the acquisition of assets and joint ventures. James Miller-Tait has been Vice President, Exploration of Cross Lake Minerals since November 1998; Project Geologist, Cross Lake Minerals Ltd. from January 1998 to November 1998; President, Sikanni Mine Development Ltd., January 1997 to January 1998; Consulting Geologist, May 1996 to December 1996; Project Manager (previously Chief Geologist), Oniva International Services Ltd., September 1987 to May 1996. John Malysa is a mining engineer with extensive experience in the mining and exploration environment.He is a Registered Professional Engineer in Colorado with a B.Sc. in Mining Engineering from Penn State University and a MBA from University of Colorado with over 30 years of progressive mining experience in all aspects of both surface and underground mine exploration, design, feasibility, construction, operations and management. Hands on underground and surface mining experience in both North and South America in union and non-union operations. His project and operations experience include underground mines up to 22,000 tones per day and surface mines up 100,000 tones per day. He has management, design and construction experience in various precious and base metals with new mines costing +US$250 million. His mineral process experience includes Crushing and Screening, CIL, CIP, Heap Leach, Gravity and Flotation recovery methods. John has participated in financial and union negotiating experience with banks, investors and employees. John has a proven track record with several positions as President and/or General Manager (GM) of entrepreneurial mining companies with P&L responsibility and reporting to the Board of Direc