FREE ARTICLE PREVIEW: You are enjoying a free sample of exclusive
subscriber content. There is a limit of three free articles per week.

DAILY NEWS Nov 26, 2009 10:56 AM - 0 comments

Philex Gold posts maiden resource on Bayugo

TEXT SIZE bigger text smaller text

The Bayugo copper-gold prospect in northwestern Mindanao island in the Philippines has its first resource estimate, Philex Gold (PGI-V) reports.

The porphyry-hosted copper-gold occurrence is in the province of Surigao del Norte and about 1 km northwest of Philex Gold's Boyongan copper-gold deposit.

The two deposits are part of a joint-venture in which Philex Gold holds a 50% stake and Philex Mining Corp., a company listed in the Philippines, holds the remaining 50%stake. Philex Mining Corp. purchased its share of the joint-venture from Anglo American (AAUK-Q, AAL-L) in February 2009.

At an economic cut-off grade of 0.4% copper, the Bayugo deposit has an indicated resource of 85.72 million tonnes grading 0.88% copper and 0.73 gram gold per tonne and an inferred resource of 32.74 million tonnes grading 0.75% copper and 0.63 gram gold per tonne.

The resource estimate was based on verified drill results from 43 exploration holes available to Sept. 30 and a lithological model was created through the interpretation of geological, structural and assay information on sections and plans.

Exploration continues at Bayugo and Philex says it will update its resource model to incorporate more results as they come in.

In terms of its more advanced Boyongan deposit, Philex Gold published the results of a prefeasibility study in November 2008 based on a measured and indicated resource of 105.4 million tonnes grading 0.80% copper and 0.98 gram gold per tonne.

At presstime Philex was trading at 50¢ per share. The junior has traded between 15¢ and 60¢ over the last year and has 40.61 million shares outstanding.




© 1915 - 2016 The Northern Miner. All Rights Reserved.

Related News
Optimism remains for investment in Northwest Territories
Anglo American's radical rethink
Editorial: 'Tis the season for dividend cuts
Related Press Releases
Anglo American's Effective Partnerships are Essential for Achieving Sustainable Change

Monitor These Topics
More Topics »

Horizontal ruler
Horizontal Ruler

Post A Comment

Note: By submitting your comments you acknowledge that Northern Miner has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

Your Name (this will appear with your post) *

Email Address (will not be published) *

Comments *

* mandatory fields