Chase Resource (TSE) has acquired the right to explore and develop 95,000 hectares on the southern Philippine island of Mindanao.
The ground includes and surrounds the T’Boli gold exploration project in which Chase can acquire up to a 75% interest from Philippine company Lemura Mineral Resource.
Initial results from T’Boli are confirming the high grades indicated by independent miners in the area. Twenty-one small tunnels were mapped in the Kematu area, one of which returned gold grades of more than 250 grams per tonne, while the average grade from 14 other tunnels exceeded 80 grams. Chase President Ian Rozier expects Chase to spend about $1 million on the new ground over the next 18 months.
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