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Mining Group Makes New Gold Discovery In The Philippines

Mining Group (ASX: MNE) has discovered high potential gold bearing veins at the Taub prospect at its Comval copper-gold project in the Philippines with exploration delivering peak assays of 52.4 grams per tonne (g/t) gold.

Systematic trenching, mapping and sampling at Taub, which is about 7 kilometres north of the historic Tagpura open pit mine and 7.5 kilometres of the recently discovered Tagpura North target, has delineated a 200 metres wide structural corridor with gold mineralisation over 300 metres of strike and open in all directions.

"The work we have done so far has identified narrow, high grade gold bearing quartz veins at the surface. This new gold system occurs over a significant strike distance within a wide structural zone, and also has continuous mineralisation occurring within the veins sampled," managing director Zeff Reeves said.

"Some of the grades we have seen here are very exciting given this is the first work we have carried out on these prospects and we will be working hard over the next few weeks to further understand the area so we can commence drilling this month.

"Further assays from the remaining trenches are expected over the coming weeks which will help with drill targeting."

The company has a 80% interest in the Comval project.

Taub Trenching and Rock Chip Sampling

Results from two across strike trenches and rock chip samples taken from seven small scale mining adits have led to the identification of gold mineralisation in multiple east-northeast striking quartz veins ranging in thickness from 10 centimetres to over 1 metre.

The veins dip 45 degrees to the northwest and occur within a number of sub-parallel mineralised structures associated with shearing and faulting.

All samples were collected continuously along the trenches and where channel samples were taken in adits.

These were geologically described and each channel was geologically mapped and the samples sent to Macphar Laboratories in Manila for analysis.

Further exploration

Mining Group has also identified a similar structural corridor, artisanal workings and outcropping quartz veins at Ugpo and is undertaking systematic trench sampling across the target with results expected over the next four to six weeks.

"We are doing similar work at our Ugpo prospect further to the west and aim to drill in this area before the end of the year as well," Reeves added.

"With multiple prospects, new discoveries, and a maiden JORC compliant resource, Mining Group is very well placed to continue its growth."

Comval Project

The company had last month discovered a new, high potential mineralised zone at Tagpura North, which delivered peak assays of up to 3.58% copper and 12.52g/t gold from rock chips.

This is defined over a 500 metre by 300 metre target zone, which is a significantly larger footprint than the Tagpura East resource, that is open along strike to the northeast.

Channel sampling has also uncovered widespread gold mineralisation witha gold dominant zone at the prospect returning intercepts of 36 metres at 4.84g/t gold including 8 metres at 11.56g/t gold.

Outcropping, copper bearing magnetite skarns have also been identified from ground magnetics, with one sample returning a copper grade of 18.05%.

It also delivered its first resource for the project of 32.675 million tonnes at 0.42% copper and 0.13g/t gold for 136,100 tonnes of contained copper and 138,900 ounces of contained gold.

This includes a high grade resource of 8.987 million tonnes at 0.63% copper and 0.2g/t gold, which is all at surface and expected to have a low stripping ratio.

The Tagpura East skarn extends for 400 metres along strike and to a vertical depth of about 140 metres where it has been stoped out by an intrusive diorite.

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