Mining Group claims Philippine gold discovery

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THE DRILL SERGEANT: Mining Group (ASX: MNE) has received results for the first two holes drilled at the Tagpura North target at the company’s Comval project in the Philippines.

The company claimed the two holes, which are part of a four hole program planned at Tagpura North, have confirmed the presence of gold rich skarns at the project.

Highlights from the drilling include:

–    Hole NCPDH00002 – 12.20 metres at 2.19 grams per tonne gold, 3.56 grams per tonne silver and 0.33 per cent copper from 19.00 metres, including 4 metres at 4.62 grams per tonne gold, 4.30 grams per tonne silver and 0.57 per cent copper from 26 metres;
 
–    Hole NCPDH00001 – 6.3m at 2.06 g/t gold from surface, including 2.2m at 4.09g/t gold from 1.8m; and

–    Stockwork zone intercepted in NCPDH00001 with associated copper porphyry style mineralisation best intercept of 35m at.46 per cent copper from 69m.

 

Schematic section of drill hole NCPDH00001 showing location of mineralised intercepts. Source: Company announcement

 

“These results are very exciting as this is the first time such gold rich skarn mineralisation has been drilled at Comval,” Mining Group managing director Zeff Reeves said in the company’s announcement to the Australian Securities Exchange.

“The drill intercepts received from the first two holes we have drilled confirm that significant gold mineralisation is hosted within the magnetite skarns at Tagpura North.

“The size of the magnetic anomalies we have identified are similar to that of the Tagpura East orebody so that gives us an idea of the potential size of the mineralised zone.

“The topography at Tagpura North is quite challenging and given the results from hole NCPDH00001 we will look to target a hole below that intercept to better hit the mineralised zone.

“Hole NCPDH00002 was stopped short due to the impact of Typhoon Bopha in December so we intend on re-entering that hole to complete it, targeting two additional and significant magnetic anomalies.

“We also plan to continue drilling along strike to extend the mineralised zone.”

Mining Group said it has a further two holes planned at Tagpura North and an initial four holes at Taub based on the company’s current work program.