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  • Mining Group's High Grade Gold Streak Continues In The Philippines 0 comments
    Dec 5, 2012 9:21 PM

    Mining Group (ASX: MNE) is unlocking the potential of the company's Comval Project in the Philippines, and for the second time in a week has delivered some impressive high grade gold discoveries.

    The new high grade epithermal gold discovery is from the Tandawan prospect using channel sampling, and includes: 7.00 metres at 19.18g/t gold true width and up to 45.16g/t from adit channel sampling.

    On Monday at the Taub Prospect - Mining Group delivered a best interval of 14 metres at 11.38g/t gold and 18.06g/t silver, and an individual rock chip result from the same trench of 57.3g/t gold and 122.9g/t silver.

    In total, Mining Group has now made four high grade gold discoveries at the project, with the company currently examining a small scale adit system defining over 150 metres of strike length.

    Zeff Reeves, managing director, commented on the news: "This latest discovery further highlights the exciting potential of Mining Group's Comval Project to host significant high grade gold resources at surface. This is the fourth high grade gold target we have found in recent months by utilising our exploration model to identify key targets.

    "In addition to Tagpura North, Taub and Ugpo, Tandawan contains exceptional grades near surface and the vein sets appear to be continuous over at least 150m of strike length and open to the north and south."

    Mining Group now has several high grade gold targets to drill and we will shift its focus into these areas over the coming months, allowing the company to further assess each of them and determine the most prospective places to drill.

    Tandawan exploration

    Mining Group has undertaken systematic channel sampling and mapping at Tandawan within a network of small scale mining adits excavated by hand by artisanal miners.

    The company has mapped and sampled 43 small scale mining adits, installed by local artisanal miners to exploit a series of sub-parallel, sub vertical, gold bearing quartz veins.

    A total of 549 samples were collected as continuous channel samples along adit walls and across adit faces. To date results have been received for 445 samples with 104 samples remaining outstanding.

    Mapping and sampling has identified a main mineralised quartz vein surrounded by a zone of gold bearing quartz stockworks.

    Analysis

    This latest gold discovery highlights the potential of the Comval Project, with many investors supporting the company's strategy - which has seen its shares rally over 200% since late October.

    While the project is still in its early stages, the potential is evident with multiple targets identified and extensive surface mineralisation.

    Mining Group has done well to position itself in of the world's most highly mineralised countries, which has the benefit of competitive cost/labour structures.

    Another plus for operating in the Philippines is reduced logistics due to the proximity to China, India and Japan.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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