Chase drilling returns higher copper, gold grades at Taysan

The first two holes from the initial phase of drilling at the Taysan copper project in the Philippines returned higher copper and gold grades than averages quoted in previous reserve estimates.

Chase Resource (VSE), operator of the project, notes that the results are consistent with the company’s interpretation that a near-surface higher-grade zone can be outlined within the known deposit at grades in the order of 0.5% copper and 0.5 grams gold per tonne.

Chase has the right to acquire up to a 67.4% interest in the Philippine company which owns the property.

In addition to outlining a higher-grade core, the current drilling will also test the extent of the known mineralized system which is open in all directions as well as to depth.

Previous estimates put preliminary reserves at Taysan at about 544 million tonnes grading 0.3% copper and 0.3 grams gold.

Grades from hole CT-1, released earlier this year, were 0.55% copper and 0.35 grams gold over the first 148 metres, 0.87% copper and 0.27 grams gold over the next 68 metres, 0.28% copper and 0.20 grams gold over 100 metres, plus 0.21% copper and 0.05 grams gold over the remaining 37 metres of the hole. The second hole, CT-2, is between previously drilled sections of the deposit about 120 metres from CT-1.

CT-2 intersected 88 metres grading 0.40% copper and 0.17 grams gold, followed by 43 metres grading 0.82% copper and 0.65 grams gold, 60 metres grading 0.46% copper and 0.34 grams gold plus a further 60 metres grading 0.31% copper and 0.11 grams gold.

Chase mobilized a third drill rig to the property in January and the company expects to continue drilling until March with the current program.