|
Tuesday, October 18, 2005
SMI reaffirms high-grade copper deposits in Tampakan project
AN Australian executive of a mining venture in Tampakan, South Cotabato has confirmed anew that copper and gold deposits in the area are world class in quantity and quality.
Tony Robbins, managing director of Indophil Resources NL, said that drill hole results as of last week revealed "exciting mineralization and copper grades."
"These results reshape our knowledge of the high grade zone at the Tampakan deposit. This new drilling is exciting because it increases the size and footprint of the resource and reinforces the world class status of this copper-gold deposit," noted Robbins.
The Australian-owned Indophil owns 40 percent of Sagittarius Mines Inc. (SMI), which owns the mining rights over the area that straddles the towns of Tampakan in South Cotabato, Columbio in Sultan Kudarat, and Kiblawan in Davao del Sur.
Robbins said that while tests from all six drill holes continued "to define mineralization, some of the results clearly indicated extension of the higher grade mineralization to the southwest, with potential to expand the known resource beyond the area previously defined."
The latest set of diamond drill hole results includes 257 meters at 1.54 percent copper and 0.53 grams per ton gold (1.85 percent copper equivalent grade), Robbins added.
"In terms of copper grade, the results are among the best drill hole results Indophil have seen from a single drill hole within the Tampakan copper-gold project," Robbins revealed.
A total of 148 diamond drill holes have been completed at Tampakan, with four currently being drilled, Robbins added.
SMI is now winding up its exploration project and is expected to go full blast it its mining operations in 2007, at the earliest.
"Using this new information, we expect to deliver a revised interim resource estimate for the project before the end of this calendar year - ahead of the pre-feasibility study resource estimate that is due in March 2006," the Australian mining executive said.
(October 17, 2005 issue)
Write letter to the editor. Click here.
Join the Sun.Star message board. Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
|
