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Mining Group Lays Claim To Host Significant Copper Deposit At Comval

Mining Group (ASX: MNE) only acquired the strategically well located Comval copper-gold project six months ago, but the drilling results highlight the growing potential for Tagpura/Bayag Bayag to host a significant copper orebody.

At the Bayag Bayag prospect, further economic skarn style copper drill intercepts included; 32 metres at 0.61% copper and 0.18 grams per tonne (g/t) gold from 32.00 metres, including 11.3 metres at 1.11% copper and 0.16g/t gold from 50.70 metres.

Also at the prospect - porphyry style mineralisation intersected includes 5 metres at 0.44% copper and 0.15g/t gold from 45.00 metres; and 2 metres at 1.38% copper and 0.64g/t gold from 104 metres - within a broader low grade mineralised porphyry feeder zone.

A major plus for Comval is the strategic location in an active mining district, with four mines and a port within 70 kilometres.

The mines to the north include the Dilwalwal project (10.2Mt at 9.6g/t gold), the Medusa Mining (ASX: MML) Co-O Mine (6.3Mt at 9.6g/t gold), while to the south is the Amacan project (110Mt at 0.3% copper, 04.g/t gold) and the Masara/Maco project (3Mt at 5.9g/t gold).

Supporting Mining Group and the prospectvity of the area, detailed ground magnetic work highlights further untested skarn targets.

Andrew Maurice, managing director, said that the Bayag Bayag target's latest assay results and the discovery of a porphyry style feeder zone further confirm the Comval Project's prospectivity to host a significant copper deposit.

"These latest assays are a great result for our team, all of whom have done a terrific job in unravelling the geological picture at Comval, confirming our exploration model and providing further encouragement that the Comval Project has the potential to host an economic skarn hosted copper deposit.

"Perhaps the most exciting feature of the recent drilling is the discovery of a porphyry style feeder zone at Bayag Bayag, further upgrading the potential of the project to also host a porphyry style deposit."

Recently received assays from drilling at the Bayag Bayag target, and in particular the extensive skarn alteration that extends for more than 700 metres along strike, provide further indications that the Tagpura/Bayag Bayag prospects have the potential to host a copper orebody.

Comval is close to infrastructure, with sealed a road to within 20 kilometres of the property - a sealed road under construction, while being 80 kilometres from the provincial capital and cargo terminal Davao City.

Detailed ground magnetics identify new targets

Mining Group in recent months has used the expertise of geophysics company Resource Potentials Pty Ltd to conduct high resolution ground magnetic work between Tagpura and Bayag Bayag.

The survey was conducted on east-west lines spaced at 25m to provide maximum resolution. A Geometrics G859 magnetometer with inbuilt GPS was used to collect 1 second readings along lines which were walked by survey personnel. The results of this work have been outstanding with the near surface skarns being clearly identified in the magnetic images.

This data has identified a number of near surface anomalies which remain untested and provide encouragement that further skarn mineralisation exists within a 2km radius of Tagpura.

Comval emerging as a compelling project

Mining Group has 80% ownership of Comval, which includes two granted exploration permits totalling 4,310 hectares, and four known deposits.

The company is targeting two types on mineralisation, with the high grade skarns typically lower tonnage (less than 50 million) tonnes at around 1% copper equivalent.

There are historical mine and proven skarn targets in the south, with three drilled and another two identified from mapping, (Tagpura, Mangob, Bayag Bayag, Tagpura East and Kapanawan skarns).

The second is a porphyry, being a large tonnage, lower grade, 0.5% copper plus gold system.

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