Aussie miner fundraising effort for PH projects gets strong support

MANILA, Philippines—Australian firm RTG Mining Inc. said it had received “strong support” for its effort to raise funds meant for further exploration toward the eventual development of the Mabilo gold project in Camarines Norte.

The company said in a statement that it was raising A$15 million (about US$11.7 million) through a private placement that was oversubscribed.

This oversubscription “reflected the quality of the high-grade, near-term development opportunity at the Mabilo project and the strong exploration potential at both the Mabilo and Bunawan projects,” it added.

RTG was also referring to a gold-copper prospect in Agusan del Sur. Last year, the Mines and Geosciencies Bureau issued an exploration permit for Bunawan.

The company said the proceeds from the private placement were intended to cover expenses in securing permits as well as the development of the Mabilo project, as well as the exploration at the Bunawan project.

Justine Magee, president and chief executive of RTG, said the completion of the private placement would leave the company “well funded to progress the Mabilo project, including the development of the DSO (direct shipping ore) operations” when the necessary permits have been obtained.

The Mabilo project, with its near-surface deposit, is described as having a potential for direct shipping 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.

In May 2014, it was reported that samples from one of several holes drilled at Mabilo showed 2.1 grams of gold and 16.5 grams of silver per ton of material at just about four meters below surface.

The same sample also showed 50.55 percent iron and 2 percent copper.

Another hole gave samples from 166 meters with 1.29 grams of gold and 8.3 grams of silver as well as 1.3 percent copper and 32.5 percent iron.