Red Mountain Mining (ASX: RMX) will be closer to determining drill targets with a review of available data on high grade epithermal gold lodes at Batangas - including an historic copper gold mine in the Philippines.
The results of the review, expected to take approximately 20 days to complete, will be used to determine new first quarter 2013 drill targets for the mineralisation.
Red Mountain's Neil Warburton believes they may be comparable in style to similar “footprints” in both southeast Asia and the Cracow and Pajingo gold mines in north Queensland, Australia.
The review will focus on the Lobo epithermal gold deposits on the western portion of the Batangas Project, south of Manila in the Philippines.
Lobo also includes an area of historic high grade copper mineralisation last worked in 1969.
The Batangas Project, together with the Tapian San Fransisco porphyry copper gold Project further south on the island of Mindanao, is the subject of a share sale agreement between Red Mountain and Mindoro Resources (ASX:MDO), expected to complete mid this month.
Red Mountain will acquire a 100% interest in the Batangas Project and a 75% interest in the Tapian Project.
Drilling by Mindoro in 2004 below the West Drift intersected high-grade gold mineralisation including diamond drill hole LB 38: 9.3m at 14.5 g/t gold (including 2.52m at 29.46g/t) from 136.5m down hole depth previously reported by Mindoro on November 8, 2004.
Other intercepts indicate a potential target zone of >400m strike length, with increasing gold-grade with depth.
A drilling program will be designed to test priority high-grade gold shoot targets identified during this targeting exercise, with the Lobo drilling program planned to commence early in Q1 2013.
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