RTG reports high-grade find in Bicol

MANILA, Philippines - Australian miner RTG Mining Inc. has announced the discovery of more highly mineralized deposits in its Mabilo project in Camarines Norte.

The company said further high grade copper, gold and iron intercepts were found in both the north and south mineralized zones of the prospect under exploration.

RTG Mining said grilling targeted at the south mineralized zone of the exploration area indicates 7.91 percent copper and 2.26 gram per ton of gold at 64.20 meters deep.

 “The hole is the best downhole intercept drilled at the Mabilo project to date,” said the company in a recent disclosure to the Toronto Stock Exchange.

RTG Mining is composed of the management team that partnered with B2B Gold – for CGA Mining Limited – for the development and operation of the Masbate Gold Mine.

In June, RTG Mining merged with Sierra Mining Limited – another Australian mining firm – which has a stake in the Mabilo project among other Philippine mineral holdings. Sierra Mining, in turn, partnered with local firm Mt. Labo Exploration and Development Corp. for the development of the Mabilo prospect.

The project proponents hold an exploration permit for 498 hectares in the Mabilo prospect in Camarines Norte and are applying for another permit for  the determination of mineral reserves in another 2,820 hectares.

The present exploration area is relatively flat and is easily accessible by a 15-kilometer road constructed from the highway at the nearby town of Labo.

RTG Mining’s merger with Sierra Mining will give it access to the latter’s other projects in the Philippines which include the Bunawan project in Agusan del Sur.

The Bunawan exploration project, seen to contain high grade gold, is located next to the high grade Co-O mine owned by Medusa Mining Limited.