The volume of indicated resources at the Mabilo copper-gold asset in Camarines Sur was raised by 52 percent, boosting prospects for a planned direct ore shipping operation.
According to RTG Mining Inc., the estimate of minerals underground, based on samples tested, was now 169,800 tons of copper and 577,600 ounces of gold.
The Australian firm said in its latest update it had undertaken extensive drilling and prepared regulatory reports that indicate an opportunity for a “high-grade” project.
Also, RTG said it had done an extensive study of the market, showing “strong offtake opportunities for the proposed products.
“(We have) completed a Philippine-compliant feasibility study on the proposed direct shipping operation or DSO to fast-track-permitting for proposed operations,” the company said.
“(We are also) nearing completion of a definitive feasibility study for both Stage 1 —the proposed DSO —and Stage 2, a plant to produce a number of high grade concentrate products,” it added.
The Mabilo project, with its near-surface deposit, is described as having a potential for direct shipping of ores in the early years of operation.
Mabilo covers a 500-hectare area where several mineralization of magnetite skarn—rocks that contain mineable amounts of metallic minerals—has been identified.