Red Mountain Mining claims new god discovery at Lobo
THE DRILL SERGEANT: Red Mountain Mining (ASX: RMX) has claimed discovery of a new high-grade epithermal gold vein at the Lobo prospect, situated within the company’s Batangas gold project, located 100 kilometres south of Manila in the Philippines.
The company said it had identified a continuous 19 metre surface channel of 1 metre spaced samples along the strike of an exposed epithermal quartz-barite vein, which produced an intersection of:
– 19 metres at 9.77 grams per tonne gold including 7 metres at 23.58 grams per tonne gold and including 0.8 metres at 94.78 grams per tonne gold.
According to Red Mountain the vein is at the western end of an extensive zone of anomalous gold soil geochemistry at Ulupong-Sawahan it says extends for more than two kilometres in a northeast-southwest direction.
This runs sub parallel to the South West Breccia and West Drift epithermal gold vein systems that host high-grade gold resources and targets.
Plan of Lobo epithermal gold structures. Source: Company announcement
“The new high-grade gold vein discovery at Ulupong, within the Lobo gold project at Batangas is a very exciting result which opens up potential for the discovery of high-grade shoots on a completely new system,” Red Mountain executive chairman Neil Warburton said in the company’s announcement to the Australian securities Exchange.
“Extensive surface mapping and trenching will continue in this area with follow up drilling planned in the near future.
“This new discovery along with extensions at Pica has extended the total strike length of the Lobo epithermal veins from 10 kilometres to more than 15 kilometres.”
The new discoveries take to five the number of major epithermal vein systems Red Mountain has identified at Lobo, for a total strike length of more than 15 kilometres.
Systematic drilling conducted by the company has only tested a 500m strike length of the systems to relatively shallow depth (200 metre vertically at West Drift, 120 metre vertically at South West Breccia).
The company has interpreted a zone of high gold grades at West Drift and on the South West Breccia structure, where it says upper levels on the structures are characterised by high copper-silver grades and the high grade gold zones occur at lower elevations.