Triarx reports find in Philippines

Junior Triarx Gold (TXTX-C) has encountered near-surface gold mineralization on its Nalesbitan property on the Philippine island of Luzon.

Two holes totalling 289.4 metres were drilled outside the Main zone.

Previously mined by open-pit methods, the zone hosts an inferred resource of 1.2 million tonnes grading 2.5 grams gold per tonne.

One hole intersected 11 metres grading 1.71 grams gold from 3 to 14 metres, while the other cut 6.7 metres grading 3.82 grams from 12.8 to 19.5 metres.

All assays employed a 50-gram fire assay-atomic absorption technique.

Since acquiring the property earlier this year, Triarx has conducted an induced-polarization survey and channel-sampled a vein system measuring 6-14 metres in width.

The system is exposed in underground adits northeast of, and parallel to, the Main zone; it has been defined for more than 100 metres and is open along strike in both directions.

The samples returned values ranging from 3.56 to 58 grams gold and averaged 20.57 grams.

Meanwhile, the company has raised $1.6 million by issuing 7.2 million units.

Priced at 22.5 cents per unit, each unit consisted of one share and half a Series A purchase warrant. Each whole Series A purchase warrant entitles the holder to buy an additional share at 27 cents, up to Oct. 25, 1999.

Proceeds will be used to finance exploration in the Philippines and Papua New Guinea.