High-grade gold discovery in the Philippines

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Gold mineAustralian mining company Red Mountain Mining has made an exceptionally high-grade gold discovery at its Batangas Gold Project in the Philippines, the firm announced on January 7.

The findings include high-grade gold at 50 to 110 grammes per tonne virtually at the surface of its mining site.

“The discovery of another lode with high-gold grades in surface trenching gives us confidence that we have a series of high grade gold shoots occurring along the South West Breccia structure, which continues for at least 500 meters then passes under shallow limestone which possibly obscures more high-grade zones,” the firm’s managing director Jon Dugdale said.

Exploration will continue at speed, he added, with Red Mountain to follow-up the trenching with drilling and targeting new high-grade gold resources.

Shares of the Sydney-listed company soared, rising 75  per cent on January 7 and almost 86 per cent on the following day.

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Reading Time: 1 minute

Australian mining company Red Mountain Mining has made an exceptionally high-grade gold discovery at its Batangas Gold Project in the Philippines, the firm announced on January 7.

Reading Time: 1 minute

Gold mineAustralian mining company Red Mountain Mining has made an exceptionally high-grade gold discovery at its Batangas Gold Project in the Philippines, the firm announced on January 7.

The findings include high-grade gold at 50 to 110 grammes per tonne virtually at the surface of its mining site.

“The discovery of another lode with high-gold grades in surface trenching gives us confidence that we have a series of high grade gold shoots occurring along the South West Breccia structure, which continues for at least 500 meters then passes under shallow limestone which possibly obscures more high-grade zones,” the firm’s managing director Jon Dugdale said.

Exploration will continue at speed, he added, with Red Mountain to follow-up the trenching with drilling and targeting new high-grade gold resources.

Shares of the Sydney-listed company soared, rising 75  per cent on January 7 and almost 86 per cent on the following day.

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