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Australian firm expects rise in gold mining activities

/ 01:48 AM January 10, 2013

Red Mountain Mining Ltd. of Australia expects an increase in drilling activities in the Philippines in the next few months after it unearthed a second high-grade gold system at its project site in Lobo, Batangas.

“Drilling will now continue unabated for the coming months as the company continues to focus on growing its gold resource inventory in Batangas,” Red Mountain executive chair Neil Warburton said in a statement Wednesday.

According to Red Mountain, the second diamond drill hole, which is located 50 kilometers south of Manila, yielded minerals with 5.83 grams per ton (g/t) of gold from a depth of 152.8 meters.


It also yielded minerals with 8.89 g/t gold downhole from the so-called “West Drift epithermal lode structure” at the Lobo site project.

The drilling activity is part of Red Mountain’s program at the West Drift. The mining firm, which is publicly listed in Australia, expects to find high-grade gold resources below the old Lobo copper mine.

“The first two holes drilled in this program confirm the interpretation of increasing gold grade with depth,” Warburton said.

The drilling program at the West Drift has been accelerated when an additional diamond drill rig was deployed this week.

“With the addition of the second drill rig and deeper drilling planned below 100 vertical meters from the surface, further gold intercepts are anticipated,” Warburton said.

TAGS: Australia, Batangas, Business, gold, Mining and quarrying, Philippines, Red Mountain Mining
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