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Metallum Limited (ASX:MNE) is an ASX listed, Australian based exploration company established to explore, evaluate and acquire commercially significant resource projects in Australia and overseas.
Mining Group shares on the upswingNovember 30 2012, 5:57am
Mining Group (ASX: MNE) has attracted some investor attention in recent weeks with shares reaching an intra-day high of A$0.195 today on the exchange of 9.8 million shares by late afternoon.
This increase marks a 209% increase on the low of $0.06 the company was trading at in late October.
Mining Group has previously discovered an extensive gold rich skarn and diorite at Tagpura North, part of the 80% owned Comval copper-gold project in the Philippines, with peak assays up to 3.58% copper and 12.52 grams per tonne (g/t) gold from rock chips.
The company has also discovered high potential gold bearing veins at the Taub prospect, which is about 7 kilometres north of the historic Tagpura open pit mine and 7.5 kilometres of the Tagpura North target.
Systematic trenching, mapping and sampling at Taub has delivered peak assays of 52.4g/t gold and delineated a 200 metre wide structural corridor with gold mineralisation over 300 metres of strike and open in all directions.
Mining Group began diamond drilling at Tagpura North earlier this month to test the copper and gold system.
Tagpura North lies about 1 kilometre north of the historic Tagpura East resource.
The 500 metre by 300 metre target zone is open along strike to the northeast and has a significantly larger footprint than the Tagpura East resource.
It has returned some of the highest copper and gold grades seen within the project area from rock chip samples to date.
The newly discovered Tagpura North skarn, located only 750 metres from the Tagpura open pit mine, has the potential to further build on the current resource.
Comval currently hosts a resource 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.
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