Vancouver-based Asia Minerals (AMP-A) has signed a letter-of-intent agreement to explore the Aurora property on the island of Luzon in the Philippines.
The 88,000-ha land package, which covers seven exploration permits in the Sierra Madre mountains, is prospective for epithermal gold, porphyry copper-gold and polymetallic massive sulphide targets.
Under the terms of a 5-year option agreement with locally based Omni Mines Development, Asia Minerals will have the right to earn a 90% interest in the Aurora property. This agreement is still subject to legal confirmation of Omni’s ownership of the permit.
Asia Minerals says the agreement represents an important expansion of its exploration interests, which, to date, have been focused on gold and base metal prospects in China. The company, which plans to open an exploration office in Manila next month as a base for its acquisition of other projects, is already evaluating several gold and copper-gold projects in northern Luzon, eastern Mindanao and the Visayas area of the central Philippines.
An exploration program, to include drilling, is scheduled to start on the Aurora property in March. The program will focus on targets identified by previous prospecting, mapping and reconnaissance geochemical data.
Royal Oak Mines (RYO-T) is Asia Minerals’ largest shareholder, with an approximate 41% interest.
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