THE BOURSE WHISPERER: Mining Group (ASX:MNE) has claimed the discovery of a new mineralised zone at Tagpura North, at the company’s 80 per cent-owned Comval copper and gold project in the Philippines.
The company said the new discovery contains mineralised skarn and diorite outcrops mineralised with copper and gold, including a native copper occurrence.
Mining Group has defined a 500 metres by 300 metres target zone, which it said has a larger footprint than the historic Tagpura east orebody.
Tagpura North rock chip sample highlights showing anomalous target
zone in comparison to the Tagpura orebodies. Source: Company
The new area has returned some of the highest copper and gold grades seen within the project area from rock chip samples to date.
Mining Group also announced a maiden JORC-compliant resource of 32,675,000 tonnes at 0.42 per cent copper and 0.13 grams per tonne.
This was estimated using a 0.30 per cent copper cut-off and contains 136,100 tonnes of copper and 138,900 ounces of gold.
A higher grade resource of 8,987,00 tonnes at 0.63 per cent copper and 0.20g/t gold at a 0.4 per cent copper cut-off is all at surface and is expected to have a low stripping ratio.
The company said some of the lower grade halo (less than 0.4 per cent copper) would be mined as part of any open pit mine.
Mining Group said it considered the newly-discovered Tagpura North skarn, which is located justonly 750m from the Tagpura open pit mine, has the potential to further build on this Resource base.
“The surface sampling at Tagpura North returned some of the highest copper and gold assays ever achieved within the project area,” Mining Group managing director Zeff Reeves said in the comopany’s announcement to the Australian Securities Exchange.
“We have delineated a large target zone that we aim to start drilling within the next six weeks.
“We are excited by this discovery as it continues to prove our exploration model and the new discovery area is approximately 400 metres vertically above the historic Tagpura pit meaning there is potential for the entire vertical distance to be preserved.
“We are currently conducting detailed ground magnetics over the target in order to delineate the best place to drill and we are also waiting on further assays to be delivered.”