Final significant results from three recent drill holes at Mindoro Resources’ Archangel prospect at the Batangas Gold Project in the Philippines have confirmed original intersections. The drilling is being funded by Red Mountain Mining, which is acquiring the project.
Highlights of the latest results include 26.2 metres @ 4.07 grams/tonne gold, 2.95 grams/tonne silver from 19.4 metres including 6 metres @ 6.12 grams/tonne gold from 19.4 metres and 8.8 metres @ 5.36 grams/tonne gold from 36.8 metres. Another hole recorded 5 metres @ 2.98 grams/tonne gold, 88.3 grams/tonne silver from 22.3 metres including 1 metre @ 6.66 grams/tonne gold and 227 grams/tonne silver.
Mindoro president Jon Dugdale says, “We are encouraged by the initial results of the program that are enabling us to fine tune the structural target model for high-grade hydrothermal breccia targets. Upon completion of the program we will prioritize follow-up drilling into the most encouraging areas.”
Archangel has a JORC-compliant indicated resource of 393,000 ounces of gold and 1.4 million ounces of silver as well as an inferred 108,000 ounces of gold and 210,000 ounces of silver.
Red Mountain says the latest results have prompted a revised interpretation of the feeder zones at Kay Tanda deposit which outlines the potential for the zones to have developed at depth on the flanks of domed intrusive bodies. A further three holes are planned to test the interpreted ‘high-grade’ flanking structures.
The acquisition of Mindoro’s gold and copper assets, which include a 75% stake in the Tapian San Fransisco project in Mindanao’s far north, is expected to be completed in coming weeks.