Crazy Horse Resources has received its first endorsement to convert the Taysan exploration permit to a mining licence. The Philippines’ Mines and Geosciences Bureau has signed off on the initial step in the approval process for the 4085 hectare Batangas province site.
The company’s chairman Mitch Alland says, “Given the recent issuance of the Presidential Executive Order (EO 79) on Mining Policy, the company is pleased with the quick action of the regional office in issuing this favourable endorsement for the conversion of our Exploration Permit to an FTAA, in line with the new government policy.”
The Taysan copper-gold site is in southern Luzon and hosts an indicated 411 million tonnes at an average grade of 0.27% copper, 0.1 grams/tonne gold, 0.92 grams/tonne silver and 303% magnetite for 2.41 billion pounds of contained copper, 1.27 million ounces of contained gold, 12.19 million ounces of contained silver and 13.4 million tonnes of contained magnetite. Crazy Horse says there’s also an additional 542 million tonne inferred resource at 0.18% copper, 0.07 grams/tonne gold and 0.47 grams/tonne silver.
The company’s Philippine affiliate has also recently completed the sale of rights to a private local corporation to purchase the Taysan port facility which is in Batangas city. The US$11.5 million payment to the Taysan Port Company is due in October. Mitch Alland says the divestment does not affect the economics of the proposed 15 million tonne per annum Tasyan mine project, as set out in the NI 43-101 report released in June.