Lateral development of a number of vein systems at Cadan Resources’ T’boli underground gold-silver mine on Mindanao Island has defined a second major vein of 47 metres averaging 12.2 grams/tonne gold over a width of 2 metres.

The company says the development of this second 'payrun' indicates that the vein systems are producing results in excess of expectations from the original exploration licence resource. 109 metres was explored, with the first 47 metres showing strong gold mineralization, the next 52 metres was in sub ore grade mineralization. The last 10 metres showed increasing grades as the prospective target area of 200 metres was entered.

“These 'payruns' will help kick start production once final approvals are granted,” said Cadan Resources’ president Robert Butchart.

Results from the new development face include 2.7 metres @ 10.3 grams/tonne gold and 2.0 metres @ 25.2 grams/tonne gold.

All assays were prepared and assayed in the company's on site laboratory. Samples are dried, jaw crushed & pulverized to 90% minus 200 mesh.

The T’boli gold-silver mine is located in south-central Mindanao and is one of the company’s main projects on the Island which has long been recognized as one of the country’s most mineralized areas. Cadan has several other projects in its 9000 hectare Comval property in the Compostela Valley in the island’s south-east.