Lindian Resources Ltd. of Australia said in two reports posted on its website that it has discovered copper mineralization within its flagship Masapelid island project in Surigao del Norte.
Copper, silver, and gold were traced in variably mineralized rock drilled at the Layab deposit on the east coast of Masapelid, the company report said.
The company said it will conduct follow-up work to assess the discovery site’s full potential.
Lindian managing director Steve Leithead called it a “tremendous result” and expressed management support for the ongoing exploration focus on the Masapelid project.
Drilling for the Masapelid project started in June 2011. Lindian said it aims to announce an initial resource within a year or sometime June 2012.
The company’s objective is to rapidly advance the project to mining studies “within 24 months.”
In another report, Leithead said that Lindian, through its Philippine subsidiary Bundok Mineral Resources Corp., reached agreements with local firms on the extension of options to acquire a number of mining assets in Luzon and in Bicol.
Those agreements have now been extended to Feb. 12, 2014, the company said.