Quantcast
Latest Stories

Miner raising funds to test Batangas project

By

Mindoro Resources Ltd. is all set to drill three new holes for further tests on two areas in its flagship Batangas gold project, which previously yielded samples indicating high-grade gold veins.

Following these plans, the company also intends to drill additional holes to define the boundaries of the two new gold resources dubbed Pica and Japanese Tunnel.

Mindoro Resources, through its majority owned, Australia-based unit Red Mountain Mining Ltd., is raising up to $2.6 million to fund exploration activities in the Batangas project.

The exercise, announced last May 15, involves a rights issue concerning existing shareholders who want to provide the needed funds by subscribing to additional shares. Red Mountain is listed on the Australian Securities Exchange.

“We are looking forward to completing the current rights issue then commencing drilling to test these exciting, near-surface, high-grade gold targets,” Red Mountain managing director Jon Dugdale said in a statement.

Two of the five planned drill holes are for Pica, where previous results “included strong gold and silver grades associated with the multiple stacked veins.”

Samples from Pica at five meters below the surface indicated 4.28 grams of gold a ton of material and, at 22.4 meters deep, 15.75 grams of silver a ton.

Three planned drill holes are for the Japanese Tunnel, where previous results indicated 10.43 grams of gold a ton at 5 meters deep.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Mindoro Resources Ltd. , mining , test drilling



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Two Popes who would be saints
  • Anti-gay demo in Ethiopia cancelled
  • Obama launches measures to support solar energy in US
  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Sports

  • Duke freshman declares for NBA draft
  • Vietnam says it will not host Asian Games
  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • Lifestyle

  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Entertainment

  • Cannes film festival launches race for 2014 Palme d’Or
  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • A ‘time-travel’ production of ‘Les Miserable’ at Stanford
  • Filipina Maryknoll sister honored for years of service
  • Malaysia quarantines 64 villagers over MERS virus
  • Marketplace