The first results from a 990-ft. drill program on Grizzly Creek Resources’ (VSE) Capas gold property in the Philippines indicate the presence of a low-grade gold zone lying just below the surface. Two of the four holes, both collared on the eastern edge of the target area, returned grades of up to 0.02 oz. and 0.084 oz. gold per ton respectively, to depths of 164 ft. The other two holes tested the western limit of the shallow zone.
BHP Engineering Philippines, a subsidiary of Broken Hill propriety of Australia, is overseeing exploration on the Capas property. Grizzly Creek owns a 40% equity interest in West Gold Explorations, which owns 100% of Capas.
The Dizon mine, a gold-rich porphyry copper deposit, lies 40 km southwest of the Capas deposit. In 1989, the mine produced 40 million lb. of copper and 138,000 oz. of gold from 5.97 million tons of ore.
Be the first to comment on "Grizzly Creek finds gold in Philippines"