Sierra encouraged by reconnaissance drilling in the Philippines

THE DRILL SERGEANT: Sierra Mining (ASX: SRM) has received the results of recently-conducted initial reconnaissance drilling at the company’s Mabilo project in Camarines Norte Province of the Philippines.

 

Regional geology of the Paracale Mineral District. Sierra’s Mabilo
and Nalesbitan projects are located to the south of the main areas of
historical production. Source: Company announcement

 

Sierra drilled a vertical hole, which it said was targeted on a magnetic high and aimed at testing for potential polymetallic magnetite skarn mineralisation similar to that exploited by artisanal miners elsewhere in the area.

According to Sierra the hole intersected magnetite skarn mineralisation between 36 metres to 86 metres depth with an overall average grade of:

–    50 metres at 3.90 per cent copper, 2.31 grams per tonne gold, 14.09 grams per tonne silver and 51.95 per cent iron.

“The 10 metre interval of ferruginous clays immediately above the 50 metre skarn zone graded 2.09 grams per tonne gold making the combined interval from 26 metres to 86 metres – 60 metres at 2.28 grams per tonne gold,” Sierra said in its ASX announcement.

“The copper, silver and iron assays for the ferruginous clay interval have not been received from the laboratory.

“The orientation of the mineralised body is unknown and the intersection therefore may not represent a true width.”

Sierra said two subsequent holes, collared approximately 400 to 500m from the first hole do not appear to have intercepted the magnetite skarn targets.

Drilling is ongoing to test other magnetic anomalies within the project.