Vancouver — Six drill holes into the Harimau gold-silver prospect in Indonesia have failed to cut any significant values for partners Australian-based Newcrest International and Mindoro Resources (MIO-V).
The 1,152-metre program targeted three gold-in-soil geochemical anomalies covering a 4-by-2 km area. The first two holes were collared at the southern end of the Selatan target and despite cutting weak limonitic fracturing no significant gold values were encountered. The remaining four holes tested a 2.8-km-long section of an anomaly with the best result yielding 0.15 gram gold and 7 grams silver per tonne over 1 metre.
The drill rig is currently being stored on site as Newcrest evaluates the data. The Australian company funded the program and can earn a 75% stake in the project by spending US$2.7 million over 6 years.
In the Philippines, Delta Gold continues to drill test Mindoro’s Pan de Azucar gold property. Located on the island of Panay, Delta can earn an initial 45% stake by spending A$4.5 million on exploration over a four-year period. The mid-tier producer can then earn an additional 10% by completing a bankable feasibility study. At this stage Delta would hold a 55% interest, Mindoro’s stake would be 25% and a Philippine company would hold 20%. Both Delta and Mindoro have the option to purchase a further 10% from the Philippine partner by making cash payments totaling 0.5% of the gross value of the mining reserves.
Exploring the property since 1997, Mindoro has outlined a 2-by-2 km area of alteration and mineralization indicative of a high-sulphidation gold-copper system.
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