Vancouver — Despite having all the earmarks of a significant find at its Boyongan copper-gold prospect on the island of Mindanao in the Philippines, shares of
The junior’s partner on the project, mining giant
“Hole 18 has provided the deepest mineralized intercept to date,” says Philex’s CEO, Gerard Brimo, “while hole 20 extended the high-grade mineralization west.”
Collared from the same site as hole 14 (388 metres grading 1.07% copper and 2.03 grams gold per tonne) and drilled vertically, hole 18 returned 0.49% copper and 1.57 grams gold per tonne over 856 metres. Included in this section was a higher grade mixed oxide-sulphide section that yielded an impressive 1% copper and 3.52 grams gold over 277 metres from 53 metres down-hole.
Hole 19, which was collared from the same site as hole 16 (378 metres grading 0.64% copper and 0.46 gram gold from 184 metres down-hole) and drilled 60 to the west, hole 19 cut 315 metres grading 0.35% copper and 0.48 gram gold from 235 metres down-hole.
Drilled from a collar 120 metres south of hole 17 (392 metres grading 0.65% copper and 0.44 gram gold) and oriented westward at a 60 dip, hole 20 returned 394 metres grading 0.77% copper and 1.51 gram gold from 92 metres down-hole. Included in this section was a higher-grade oxide portion that ran 1% copper and 2.22 grams gold over 205 metres from 113 metres down-hole.
Hole 21, which was drilled northward from the same site, cut the mineralized body at 87 metres down-hole, through to the end of the hole at 478 metres. The base of the oxides was hit at 338 metres down-hole and partial results yielded 0.6% copper and 0.29 gram gold over 218 metres from 166 metres down-hole.
One additional hole, hole 22, has been completed. Collared from the same site as holes 16 and 19 but drilled to the north, it hit the mineralized body at 169 metres down-hole and terminated in weak pyrite mineralization at 335 metres.
Three more drill holes are currently under way. Anglo American can earn 40% of the North property by spending $2.2 million, and then 70% by completing a bankable feasibility study.
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