Vancouver — Impressive drill results keep rolling in from the Boyongan copper-gold prospect at the North property on the island of Mindanao in the Philippines.
Partners Anglo American (AAUK-Q) and Philex Gold (PGI-V) have tabled complete assays results from holes 16 and 17, enticing investors with partial results from hole 18.
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 hit strongly mineralized diorite porphyry over 762 metres from 61 metres down-hole.
Results are in for the top 435 metres, which yielded an outstanding 374 metres grading 0.83% copper and 2.32 grams gold. Copper oxide mineralization, mixed with localized traces of chalcopyrite, bornite and enargite, was hit from 61 metres to 330 metres. Below this, quartz magnetite stockwork, hosting chalcopyrite, pyrite, bornite and molybdenite, was encountered to a depth of 823 metes.
The hole has been slated for termination at a depth of 900 metres.
“We are again pleased to see the very high-grade mineralization continue in hole 18,” says Gerard Brimo, Philex’s CEO. “The hole is nearing completion and we look forward to receiving the full assays.”
Collared 150 metres to the west and drilled to the south at an angle of 60, hole 16 terminated in mineralization and returned 378 metres grading 0.64% copper and 0.46 gram gold from 184 metres down-hole. It cut unaltered cover from surface to 175 metres before hitting the mineralized body. From 175 metres to 420 metres, the hole intersected oxide mineralization (consisting of cuprite, malachite, azurite and limonite) before it hit primary copper mineralization through to the end of the hole at 562 metres.
Some 150 metres northeast of hole 14, hole 17 was drilled towards the south at an angle of 60. It hit unaltered cover from surface to 108 metres before it intersected a mineralized microdiorite intrusion breccia returning 392 metres grading 0.65% copper and 0.44 gram gold.
Two additional holes have been completed and their assay results are pending.
Hole 19 was drilled towards the west from the same site as hole 16. It hit a moderately mineralized breccia from 215 metres down-hole through to the end of the holes at 500 metres.
Hole 20 was collared 110 metres east of hole 14 and drilled to the west at 60. It cut the mineralized body from 86 metres to 496 metres down-hole. Copper oxide mineralization bottomed at 297 metres down-hole. Primary sulphide mineralization was encountered to 496 metres. The hole ended in a late-stage hornblende diorite porphyry at 500 metres down-hole.
Three rigs are turning on the property. Hole 21 is being drilled to the north at 60 from the same site as hole 20. It is set to terminate at a depth of 500 metres. At last report, the hole was still in unaltered cover at 50 metres down-hole.
Diamond drilling first cut the high-grade core last September, when hole 6 returned an impressive 365-metre intersection grading 0.81% copper and 1.9 grams gold. To date, drilling has intercepted significant mineralization over a 750-by-400-metre area.
Mineralization appears to consist of an earlier gold-rich copper porphyry system with a significant oxide cap, overprinted or coupled with a high-sulphidation copper-gold event. This would mark the second such coupled deposit discovered on the island of Mindanao in the past few years.
To the west, near General Santos city, Australian-based WMC (WMC-N) outlined an indicated and inferred resource of 900 million tonnes grading 0.75% copper and 0.3 gram gold at the Tampakan prospect.
Anglo American can earn 40% of the North property by spending $2.2 million. It can then earn 70% by completing a bankable feasibility study.
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