Results from drilling activities in the prospective Bunawan gold project in Agusan del Sur suggest a major find, RTG Mining Inc. said.
In a statement, the Australian firm said samples from nine meters below the surface had shown high-grade mineralization with 2 grams of gold per ton of material.
“The results of this (drilling) program further confirm the presence of vein systems that are similar geologically to the nearby Co-O vein system,” RTG Mining said.
Operated by Philsaga Mining Corp., the Co-O mine in Agusan del Sur produced 108,578 ounces of gold in the fiscal year that ended June 30, 2016, just past the target output of 108,000 ounces.
“The discovery of a favorably mineralized [material] that is geologically similar to the nearby high-grade artisanal mining area also adds to the increased mineral potential of the property,” it said.
“With the various geological conditions identified, the region has the potential to see another major gold discovery,” it added.
In late 2014, RTG Mining said it had started ground work on the Bunawan gold-copper prospect after the Department of Environment and Natural Resources (DENR) approved its exploration permit.
RTG Mining’s announcement came at the same time that Red5 Ltd., also based in Australia, reported that its Philippine affiliate Greenstone Resource Corp. had suspended operations at the Siana gold project in Surigao del Norte.