Red Mountain adds gold resource at Batangas
PERTH (miningweekly.com) – ASX-listed explorer Red Mountain Mining has increased the gold resource at its Lobo prospect, within the Batangas gold project, in the Philippines, by 82%.
The Lobo prospect was now estimated to host an indicated and inferred resource of 604 000 t, at an average grade of 4.2 g/t gold for 82 000 oz of gold. This was a 37 000 oz increase over the previous resource estimate, and incorporated new drilling and trenching data.
“We are very pleased with this significant resource increase at Lobo, in line with our strategy of finding more high-grade ounces at Lobo to extend the planned mine life,” said Red Mountain MD Jon Dugdale.
The Batangas project, which included the Archangel prospect, now had an inferred and indicated resource of 6.19-million tonnes at an average grade of 2.2 g/t gold for 444 000 oz of gold.
Dugdale noted that the key to success for the project was the high grade of the initial planned production, and the potential to pay back initial capital relatively quickly, while generating high-margin cash flow from day one.
“The latest resource upgrade is the first new step in extending the high margin mine life and our exploration teams continue to discover new prospects with the objective of identifying drilling targets for our future resource upgrades,” Dugdale said.
Red Mountain was hoping to complete a definitive feasibility study on the Batangas project by December this year, after a scoping study revealed that the project could recover some 90 000 oz of gold over a four-and-a-half-year mine life.
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