Toronto-listed Altai Resources has completed the incorporation of Altai Philippines Mining, which will act as the company’s exploration arm in that country. Altai will have a 40% equity interest.
Along with the launch of the subsidiary company, Altai has completed its acquisition of the Lahuy Island gold project and the Sibuyan nickel-cobalt laterite property. Altai Philippines will hold the properties and Altai Resources will hold either a 10% net smelter return or, at its option, it can back in for an 80% participating interest, with Altai Philippines retaining a 10% net smelter return.
Altai Philippines has also acquired the 8,100-acre Mabulao One copper-gold-molybdenum porphyry deposit in the province of Camarines Norte.
The property has been the subject of various exploration programs over the past 25 years, primarily for iron, copper and uranium. However, recent data, compiled by Altai, suggest the property could host four zones of copper-gold-molybdenum mineralization, four of which are exposed at surface.
Each of the zones consists of a primary sulphide deposit of unknown thickness overlain by a supergene-enriched, oxidized, copper-gold deposit, measuring 15 metres in thickness.
Two of the zones were explored previously. One of these, in the northwest, was probed with 20 short drill holes and subjected to trenching and test-pitting. The other, at the eastern end of the property, was subjected to seven drill holes, as well as trenching and test-pitting.
Altai reports that the oxidized, gold-copper inventory of the four zones has the potential to exceed 25 million tonnes.
A similar, but smaller, diorite intrusive was discovered east of the four zones. Here, a copper-gold oxide structure was found and subsequently investigated with 45 drill holes, trenches and pits. Reports suggest the structure has a probable and potential inventory of 5.9 million tonnes averaging 4.6 grams gold per tonne and 1.5% copper.
The company plans to prove up and develop these oxidized and supergene-enriched deposits.
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