Carson options Philippine project

The new year will see Carson Gold (VSE) begin drilling a newly optioned gold property in the Philippines.

The Marian property, on Luzon Island, will be subjected to a 7,000-metre program.

Carson can acquire a 60% interest from Royam Mining by spending US$1.5 million before July 29, 1996, and paying US$1 million at the time the option is exercised. The junior has also agreed to issue to Royam 1 million of its common shares and pay that company a royalty of US$10 per oz. gold on Carson’s share of minable recoverable ounces. A 3% net smelter return will apply to any gold produced in excess of that outlined in a feasibility study. A Philippine company, Vulcan Industrial Mining, holds the remaining 40% interest.

The property comprises 63.5 sq. km and hosts porphyry-type copper-gold mineralization, as well as epithermal-type gold veins. Ten targets have been outlined for drilling, including a porphyry deposit with an estimated resource of 11.6 million tonnes grading 0.52% copper plus 0.62 grams gold per tonne. The deposit remains open to the south and at depth.