High-grade gold discovery in the Philippines
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.
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.
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. 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...
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.
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.
