St. Genevieve in option deal for Philippine property

A signed agreement could see St. Genevieve Resources (ME) acquire a 60% interest in the Capcapo gold-copper property in the Philippines.

Previously, the 1,900-acre property was optioned by a major international mining company which subsequently dropped the ground because of undisclosed legal difficulties. According to St. Genevieve, these difficulties have now been resolved.

The gold-copper mineralization extends over an area measuring roughly 1,300 by 650 ft. Previous drilling intersected values of 0.17 oz. per ton over 78 ft. and 0.11 oz. over 184 ft., cut to 0.19 oz. Copper intersections were 2.14% over 72 ft. and 2.9% over 20 ft.

St. Genevieve will spend $150,000 over the next 24 months and carry out drilling to confirm the property’s potential. It can earn the interest in Capcapo by placing it into production.

The company will receive 95% of the cash flow until all expenditures have been recovered, and 60% of the cash flow thereafter.