Perth-based Red Mountain Mining's (ASX: RMX) Lobo prospect looks to be a second high grade gold system within the Batangas gold project in the Philippines.
It also is full of promise for the gold resource inventory to grow at Batangas.
Handily placed just 50 kilometres south of Manila, a second diamond drill hole intersected 4.6 metres at 5.83g/t gold from 152.8m depth downhole.
It also included 2.0 metres at 8.89g/t gold downhole from the West Drift epithermal lode structure within the Lobo Prospect area.
The new intersection is from Hole LB67 and is part of an initial drilling program by Red Mountain at West Drift to target high grade gold mineralization below the old Lobo copper mine and potentially convert the gold mineralisation to resource inventory.
The drilling program at West Drift has now been accelerated with the deployment of an additional diamond drill rig which arrived on site this week.
The third and fourth holes (LB68-LB69) in the program have commenced and are targeting the down plunge extent of the system below holes LB66/LB67 and LB44 respectively.
Background
Previous drilling has only tested approximately a 500 metre strike length of the interpreted 10 kilometres strike length of mapped and interpreted lode structures at Lobo, to shallow depth of less than 150 metres.
High-grade gold shoots have been identified at South West Breccia (Indicated Resource of 270,000 tonnes at 6.49g/t Au; 56,380ozs Au and Inferred Resource of 61,000 tonnes at 5.35 g/t Au; 10,540 ozs Au) and now at West Drift prospect.
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