PHILIPPINES EXPLORATION 

ROYAL CROWNE VEIN PROSPECT

The Royal Crowne Vein Prospect is located approximately 2 kilometres north of the Co O mine and corresponds to a projected vein segment along the northern portion of the 1,500 metre long Sinug-ang vein system.

Drill validation of the 500m long NNW-trending Royal Crowne Vein in the historic Old Sinug-ang small-scale mining area was completed November 2018, comprising of 20 holes with total drill metreage of 5,087m. 

Summary of significant intercepts from drill hole completed 2nd quarter of FY 2018-2019
Summary of significant intercepts from drill hole completed 2nd quarter of FY 2018-2019

BANANGHILIG GOLD DEPOSIT

The Company completed an exhaustive two-year (2015 to 2016) review of the Bananghilig B1 (“Bananghilig”) gold deposit which resulted in a mineral resource estimate reported in 2016 in accordance with the guidelines of JORC 2012. The total Indicated and Inferred Mineral Resources for the Bananghilig Gold Deposit, at a block cut-off grade of 0.75 g/t gold for Indicated (open-pit material), and 3.0 g/t gold for Inferred (underground material), is estimated at 7.78 million tonnes at a grade of 1.73 g/t gold (435,000 ounces contained gold). The details of the study have been reported by the Company in September 2016.

SAUGON GOLD DEPOSIT

The Saugon Inferred Mineral Resource (81,500 tonnes at a grade of 5.97 g/t gold for a total of 15,700 ounces contained gold) has remained unchanged from 2013. This information was prepared and first disclosed under JORC 2004.

TSF #1 TAILINGS PROJECT

The Tailings Storage Facility (“TSF”) #1 was the TSF utilized by the original processing plant since the 1980s. The TSF #1 material is from the earlier higher gold grade Co-O mine ore and coupled with old extraction techniques used at that time. Previous assessment completed on October 2015, focused on metallurgical testing using samples collected from auger drill holes.

The resource estimation using a lower cut-off grade of 0.85 g/t gold gave 510,169 tonnes with 1.72 g/t gold containing 28,200 ounces of gold in the Indicated category that is compliant to the JORC 2012 code reporting standard. The geological model interpretation reveals that concentration of the higher grades at the upper portion of the tailings section will simplify mining, minimising the need of disturbing the lower grade basal tailings material.

A more detailed study in underway into the feasibility of mining and processing this material, including detailed metallurgical testing. The objective of this work is to determine the best option for gaining value from the TSF #1 resource.