Managing director Peter Hwang said that molybdenum prices were currently $US60,000 a tonne, Bottletree’s “potential could be transformational in terms of overall economic potential”.

He said a recently completed drilling program at the project enabled “significant breakthroughs” that could impact its Greenvale project, of which Bottletree is a part.

“Importantly, the information validates Greenvale as a newly recognised porphyry province containing several porphyryr systems with tier one potential,” he said.

“This province extends for at least 65km, includes at least five known or suspected additional porphyry prospects and is 100 per cent owned by the company.”

He said drilling had discovered extensive copper mineralisation at Bottletree. Extensive copper-in-soils over a 2km x 1.5km area was centred over severl porphyry targets.

“The value and significance of the project has been elevated considerably and with only eight porphyry-targeted holes drilled so far we believe we are on the pathway to a significant porphyry discovery.

“As our confidence and excitement grows amid an inevitable increasing demand for copper, it is strategically prime and necessary to double our exploration efforts by enlivening our most advanced porphyry prospect, Cockie Creek.”