Sierra Mining has secured an exploration permit to advance a new drilling program at its Mabilo Copper-Gold Project. The drilling program is aimed at estimating mineral resources on the North and South Bodies that were intersected in previous drilling holes.
Earlier drilling returned best intersections of 60 metres @ 2.28 grams/tonne gold, 11.8 grams/tonne silver and 3.28% copper, and 62 metres @ 2.66 grams/tonne gold, 10.3/tonnes silver and 2.76% copper.
The drilling will also test a previously identified modelled extension and potentially estimate a mineral resource.
The drill program is expected to initially comprise 16-20 vertical diamond core holes from 100 metres to 150 metres deep. If initial results validate the earlier model for the large SW dipping block, up to 15 further holes may be required to test the deeper extensions and generate data for a mineral resource estimate.
Sierra acquired the Mabilo and Nalesbitan project in 2011 and has also recently lodged an application for a 2985-hectare exploration permit to the east of Mabilo.
Since acquiring the project, it completed a drilling campaign in late 2012 and discovered 2 areas of high grade copper-gold-silver magnetite skarn mineralization. It has also done a new ground magnetic survey.
Meanwhile, Sierra will hold a shareholders meeting to approve the recently-signed joint venture with Galeo Equipment and Mining Co, under which Galeo can earn a 36% interest in Mabilo.
Sierra’s strategy is to utilize its current network and exploration expertise in the Philippines to simultaneously advance several exploration projects with potential to hold world class gold-copper deposits. Sierra’s projects include Bunawan, Bahayan, Nabunturan and Ayan.