Mining Group (ASX: MNE) is continuing to demonstrate the highly prospective nature and potential scale of its Comval Project in the Philippines with two of four holes drilled at Tagpura North confirming the presence of gold rich skarns.
Zeff Reeves, managing director, commented: "These results are very exciting as this is the first time such gold rich skarn mineralisation has been drilled at Comval."
"The drill intercepts received from the first two holes we have drilled confirm that significant gold mineralisation is hosted within the magnetite skarns at Tagpura North.
"The size of the magnetic anomalies we have identified are similar to that of the Tagpura East orebody so that gives us an idea of the potential size of the mineralised zone."
Highlights from drilling of the two diamond drill holes include:
- 12.2 metre at 2.19 grams per tonne (g/t) gold, 3.56g/t silver and 0.33% copper from 19 metres, including 4 metres at 4.62g/t gold, 4.3g/t silver and 0.57% copper, in hole NCPDH00002; and
- 6.3 metres at 2.06g/t from surface, including 2.2 metres at 4.09g/t gold in hole NCPDH00001
The stockwork zone intercepted in hole NCPDH00001 with associated copper porphyry style mineralisation produced a best intercept of 35 metres at 0.46% copper from 69 metres.
Reeves added: "The topography at Tagpura North is quite challenging and given the results from hole NCPDH00001 we will look to target a hole below that intercept to better hit the mineralised zone.
"Hole NCPDH00002 was stopped short due to the impact of Typhoon Bopha in December so we intend on re-entering that hole to complete it, targeting two additional and significant magnetic anomalies.
"We also plan to continue drilling along strike to extend the mineralised zone."
The two holes drilled were targeting gold mineralisation identified by channel sampling and magnetic anomalies modelled from ground magnetic surveying recently completed.
Drill hole NCPDH00001 was designed to test down dip of the mapped and sampled gold bearing stockwork zone from channel TCPCHRD2A2.
The near surface gold intercept returned by this hole was consistent with a stockwork style of mineralisation.
NCPDH00001 also intercepted a broader zone of highly fractured volcanic hosted copper mineralisation possibly related to a deeper porphyry intrusive which has been interpreted from historical ground induced polarisation data.
Drill hole NCPDH00002 was designed to test three modelled magnetic bodies identified from recently completed high resolution ground magnetics.
The hole intercepted a sequence of volcanic and carbonate sedimentary rocks which have been altered to magnetite and sulphide minerals.
Gold is directly associated with the magnetite skarns.
Hole NCPDH00002 intercepted the first of three modelled magnetic bodies and is incomplete due to the influence of Typhoon Bopha in December.
Tracks and access to the drill site are being re-established and it is anticipated the hole will be completed during January or February 2013.
Drilling is due to begin at the newly discovered Taub prospect by mid-January.
A further two holes are planned to be drilled at Tagpura North and an initial four holes at Taub based on the company's current work program.
Taub is a newly discovered gold prospect about 7.5 kilometres north of the Tagpura copper deposit.
In early December, Mining Group confirmed the high grade and continuous nature of the prospect with new trench sample results.
Trenching 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 (CCPCH00003) of 57.3g/t gold and 122.9g/t silver.
High grade gold mineralisation has now been identified in multiple east-northeast striking quartz veins ranging in thickness from 10 centimetres to over 1 metre and striking over a 300 metre length, and is open in both directions.
Today's results are significant in that it is the first time such gold rich skarn mineralisation has been drilled at Comval from the first two holes.
These indicate there is significant gold mineralisation hosted within the magnetite skarns at Tagpura North.
The size of the magnetic anomalies identified are similar to that of the Tagpura East orebody, which currently hosts an Inferred Resource of 5.3 million tonnes comprising 37,600 tonnes of contained copper and 42,700 gold ounces.
Mining Group has defined four deposits with Inferred resources at Comval, which have the potential to expand given the ongoing discoveries being made at the project.
With the Tagpura North discovery, it is likely the company will add a fifth deposit to the mix.
Importantly, these gold rich skarns were uncovered in the very first two holes drilled on the prospect, indicating the potential for further discoveries.
While the project is still in its early stages, the potential is evident with multiple targets identified and extensive surface mineralisation.
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.