Assay results for the first hole of a continuing drilling program on the Taysan copper project in the Philippines returned a number of better than average copper values.
Chase Resource (VSE) has an option to acquire up to a 67.4% interest in the Philippine company which owns the deposit, and is in the process of conducting a first-phase drilling program designed to confirm previous work done on the property.
The initial hole, CT-1, returned 148 metres starting at surface grading an average of 0.55% copper. From 148 metres to 216 metres, the hole returned 68 metres grading 0.87% copper, followed by 100 metres from 216 metres to 316 metres grading 0.28% copper and 37 metres from 316 metres to 353 metres grading 0.21% copper.
Gold values for the first holes are being reviewed by Fluor Daniel Wright, the company’s engineering consultant, and will be released when available. A preliminary reserve estimate, based on previous drilling totalling some 27,000 metres in more than 70 holes, is about 544 million tonnes grading 0.3% copper and 0.3 grams gold per tonne.
Included in the total is an estimated proven and probable reserve of 335 million tonnes grading 0.31% copper and 0.34 grams gold at a 0.2% copper cutoff grade.
Chase notes that results from the initial hole confirm the existence of higher copper grades to depths of over 200 metres as indicated by the previous work.
Initial holes in the current phase of drilling are targeted to prove up a near-surface high-grade copper zone, followed by infill drilling to confirm reserve estimates on the remainder of the deposit.
Chase also plans to conduct a geophysical program over the Bacal Hill and Taysan West magnetic anomalies to better define drill targets. According to geological and geophysical data, the Bacal Hill zone has similar characteristics to the Taysan deposit while the Taysan West is described as a porphyry target with potential for high-grade gold zones.
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