Red Mountain Mining (ASX: RMX) will carry out a review to determine the new first quarter 2013 drill targets for mineralisation at the Batangas Project in the Philippines.
The mineralisation is believed to be comparable in style to similar footprints in South East Asia as well as the Cracow and Pajingo gold mines in northern Queensland.
The review of available data will focus on the Lobo epithermal gold deposits on the western portion of the Batangas Project.
This will be carried out initially on the Lobo-West Drift historic mine area, which produced high-sulphidation copper-silver mineralisation producing copper concentrates until 1969.
The review is in addition to the current new round of drilling on the Kay Tanda resource, part of the Archangel prospect on the eastern side of Batangas and also designed to add to the project’s existing gold resource inventory.
Drilling by Mindoro Resources (ASX: MDO) in 2004 below the West Drift intersected high-grade gold mineralisation including 9.3 metres at 14.5 grams per tonne (g/t) gold containing a higher grade interval of 2.52 metres at 29.46g/t gold.
Lobo has epithermal vein-breccia structures mapped over 10 kilometres of strike length.
Previous drilling has only tested about 500 metres of strike length at the system to shallow depth of less than 150 metre.
High-grade gold shoots have been identified at Southwest Breccia on the Camo lode structure, where resources have been defined and under the Lobo historic mine workings on the Samson lode structure. Gold lodes remain open at depth and along strike.
In addition, gold mineralised intercepts have been previously produced at Camo and Pica within the greater Lobo area.
Batangas and the Tapian San Fransisco porphyry copper gold Project are the subject of a share sale agreement between Red Mountain and Mindoro that is expected to be completed in the middle of this month.
Under the agreement, Red Mountain will acquire a 100% interest in Batangas and 75% in Tapian.
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