Red Mountain Mining uncovers new 1km gold corridor at Lobo Prospect in Philippines
Red Mountain Mining (ASX: RMX) has uncovered further high grade gold with peak results of 6.63 grams per tonne gold and 67.4g/t silver from surface sampling at Lobo prospect within its flagship Batangas Gold Project in the Philippines.
This along with new soil sampling geochemistry have allowed the company to define a greater than 1 kilometre long corridor of mineralisation at the southwestern end of the 2 kilometre long Ulupong structure.
“The Ulupong discovery is starting to look very significant. High-grade gold, in outcropping veins, is supported by strong soil anomalies over a one kilometre strike length,” managing director Jon Dugdale said.
“We are excited at the prospect of drilling this new discovery, along with the other high grade, near surface targets at Pica and Japanese Tunnels.”
The sampling was carried out over sub-cropping quartz-sulphide boulders in the Bigaan-Ulupong area about 800 metres along strike to the northeast of the ULOC 4 trench where a recent result of 1.4 metres at 1.26 g/t gold including 0.3 metres at 5.3 g/t gold was produced across northern extensions of the ULOC 4 vein.
Previous sampling across the vein at ULOC 4 intersected 0.45 metres at 23.39 g/t gold while sampling along the vein produced results of 19 metres at 9.77 g/t gold including 7 metres at 23.58 g/t gold.
Drilling is now planned to test the high-grade veins and soil anomalies at Ulupong as part of the next phase of drilling, which is expected to be funded by the Rights Issue of three new shares priced at $0.01 each for every two shares held by shareholders to raise up to $2.8 million.
This is partially and conditionally underwritten by Patersons Securities to $550,000.
Batangas, located 120 kilometres south of Manila, comprises two key gold prospects, Archangel and Lobo, which have combined JORC Mineral Resources estimates of 5.78 million tonnes at 2.2 grams per tonne gold and 3.3g/t silver for 408,000 ounces of gold and 606,000 ounces of silver.
The bulk of resources are currently located at Archangel where surface stockwork gold mineralisation hosted by shallow dipping andesitic volcanics remains open to the east and west
Red Mountain has recently discovered four new, high-grade, near surface, epithermal gold vein zones at Lobo, Batangas, that will be the focus of further drilling with the objective of upgrading gold Mineral Resources and significantly enhancing the economics of a potential gold operation at the project.
Recent diamond drilling at Lobo had returned assays of 5 metres at 4.28g/t gold and 15.75g/t silver from 22.4 metres, including 1.3 metres at 9.49g/t gold and 21.5g/t silver, and 1.7 metres at 4.4g/t gold from 58.1 metres.
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