Mining Group identifies new high-grade gold system at Taub

THE DRILL SERGEANT: Mining Group (ASX: MNE) has identified a new extensive high-grade gold bearing vein system at the Taub prospect at the company’s 80 per cent- owned Comval copper-gold project in the Philippines.

Taub is a newly discovered gold target approximately 7.5 kilometres north of the recently discovered Tagpura North target.

 

Location and geology map for the Comval copper gold project and prospect locations. Source: Company announcement

 

Trench samples have returned up to 52.45 grams per tonne gold and 169.70 grams per tonne silver, including 4.00 metres at 17.75 grams per tonne gold and 51.45 grams per tonne silver.

Gold bearing quartz veins were also mapped and sampled over 300m along strike within a 200m wide structural corridor including grades of up to:

–    39.84g/t gold and 36.30g/t silver;

–    31.96g/t gold and 56.50g/t silver; and

–    31.19g/t gold and 64.50g/t silver.

“The mapping and sampling we have conducted at the Taub prospect was initially designed to follow up historical rock chip sampling,” Mining Group managing director Zeff Reeves said in the company’s announcement to the Australian Securities Exchange.

“These first pass results are exceptional, having identified a new extensive high grade gold system.

“The work we have done so far has identified narrow, high grade gold bearing quartz veins at the surface.

“This new gold system occurs over a significant strike distance within a wide structural zone, and also has continuous mineralisation occurring within the veins sampled.”

Mining Group has undertaken a systematic trenching, mapping and sampling program at Taub to delineate the strike extent and grade continuity of previously identified quartz veins from historic rock chip sampling and the existence of small artisanal workings.

To date the work has identified a 200m wide structural corridor at Taub that has gold mineralisation identified over 300m along strike and open in all directions.

“Some of the grades we have seen here are very exciting given this is the first work we have carried out on these prospects and we will be working hard over the next few weeks to further understand the area so we can commence drilling this month,” Reeves said.

“Further assays from the remaining trenches are expected over the coming weeks which will help with drill targeting.

“We are doing similar work at our Ugpo prospect further to the west and aim to drill in this area before the end of the year as well.

“With multiple prospects, new discoveries, and a maiden JORC-compliant resource, Mining Group is very well placed to continue its growth.”

Mining Group said it ongoing trenching and sampling work will be carried out in the next four weeks, with an aim to commence drilling by the end of this month.