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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • Red Mountain Mining Starts Highly Anticipated Drilling At Lobo Gold Prospect 0 comments
    Apr 3, 2013 11:58 PM

    Red Mountain Mining (ASX:RMX) has commenced drilling on new high grade epithermal vein discoveries at the Lobo prospect at the Batangas gold project in the Philippines.

    The Pica lode structure, where the drilling started, is one of at least five parallel epithermal lodes at the prospect.

    A previous vertical drillhole there produced epithermal vein intersections of 1.5 metres at 8.5 grams per tonne gold from 29.80 metre depth and 13.65 metres at 2.49 g/t gold from 110 metres depth.

    Mapping by Red Mountain during February and March this year demonstrated that these veins outcrop and are part of a major northeast-southwest trending structure of more than 2 kilometres strike length.

    The new drillholes will initially test the near surface extent of the veins for open pit mining potential.

    The company's executive chairman Neil Warburton said, "The sampling and trenching program at Lobo has defined multiple "at surface" highgrade gold drilling targets that will now be drill-tested.

    "This is an exciting phase of the Lobo drilling program that will hopefully add further gold resource targets in addition to Lobo's West Drift and South West Breccia resources."

    More test drilling

    Red Mountain will also start drilling to test the Japanese Tunnel prospect, which is located 150 metres southwest of the Southwest Breccia resource with an indicated and inferred mineral resource of 194,000 tonnes at 7.2g/t gold.

    Previous surface trenching returned 5 metres at 10.43g/t gold including 1 metre at 25.14g/t gold and 2 metre at 18.12 g/t gold including 1 metre at 28.69g/t.

    At least three holes are planned to test the Japanese Tunnel prospect.

    Further sampling at the recently discovered Ulupong epithermal vein, located 1 kilometre southeast of the Southwest Breccia trend, has produced high-grade gold assays including 0.45 metres at 23.39g/t gold across a vein three metres north along strike from the high grade vein results announced earlier last month.

    All veins sampled at Ulupong have produced high grade gold assays, consistent with the highly anomalous gold soil sampling results along a 2-kilometre corridor.

    Infill soil sampling and further trenching will be carried out to define drilling targets.

    Another newly discovered outcropping vein located 300 metres northeast of the trench at Ulupong produced an assay of 1 metre at 4.56g/t gold.

    Further trenching and rock chip sampling will be carried out in this area.

    It maintained a strong cash position of $3.3 million as at December 2012.

    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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