Surigao holds potential for Panoro

Vancouver — An independent consultant has confirmed that the Surigao project in the Philippines has potential for porphyry-style copper and gold mineralization.

The project, which is jointly held by Panoro Minerals (PML-V), Mindoro Resources (MIO-V), and a private Philippine company, is on Mindanao Island.

Consultant Bruce Rohrlach points to three targets that warrant further work, Tapian-San Francisco, Tapian Main, and Agata, which, he says, “have high potential for the discovery of both porphyry copper-gold style mineralization at depth and epithermal-style mineralization at shallower levels in the vicinity of the principal defined areas.”

Rohrlach’s report recommends that roughly US$2 million be spent on drilling.

The Surigao property is near Philex Gold‘s (PGI-V) Boyongan project, on which Anglo American (AAUK-Q) has defined 300 million tonnes averaging 0.6% copper and 1 gram gold per tonne.