in comparsion, ours look much betterhttps://www.miningweekly.co.za/min/news/today/?show=50464
Philippines exploration unearth copper-gold system
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Australian explorer Red 5 has confirmed the presence of a major porphyry copper-gold system at its Siana gold project in the Philippines after yesterday announcing a 380 metre intersection in the Madja area averaging 0,2% copper, 0,14 g/t gold and 0,92 g/t silver.
Seven intersections between 41 metres and 361 metres exceeded a nominal 0,2% copper cut-off, aggregating 162 metres at a weighted average grade of 0,32% copper, 0,26 g/t gold and 1,5 g/t silver. The hole terminated in mineralisation, at the practical limit of the rig capacity.
The Perth-based explorer is sole funding the current diamond-drilling programme at the Madja prospect, located seven kilometres south of its 1,1-million ounce high-grade Siana gold deposit. The prospect was identified last year as one of two very significant copper-gold and copper targets in the southern portion of the Siana property, located in close proximity to Anglo American’s multi-million ounce Boyongan Copper-Gold deposit.
Red 5’s MD, Greg Edwards, said the grades encountered in the hole were considered very encouraging and confirmed the presence of a significant copper porphyry system.
"A number of international mining majors have made unsolicited expressions of interest to participate in future exploration in this area," Edwards said. "Each has signed a combined confidentiality and share trading restriction agreement."
"In light of this outstanding result, we have decided to commit to a second hole using a more powerful rig and may allocate funds to drill at least two additional deep diamond holes," he added.
Porphyry copper-gold deposits provide over 50% of the world’s copper, typically from large bulk tonnage deposits (100-million tons to several-billion tons) at average grades of 0,5% copper, 0,38 g/t gold and 1,7 g/t silver.
They have long mine lives when economic and are therefore generally sought after as priority targets by the major copper producers.
Edwards said interpretation of the lithological data by Red 5 was that the mineralisation encountered at Madja is peripheral to a higher-grade core zone.
"Given the discovery chronology of the nearby Boyongan copper-gold porphyry system, which yielded results of 15 metres at 0,18% copper and 204 metres at 0,38% copper and 0,05 g/t gold in its early discovery phase, we believe that the grades we have announced are very promising," he added.