LISTED miner Lepanto Consolidated Mining Company said on Wednesday its copper-gold project next to its Victoria Gold Project in Mankayan, Benguet has started commercial operations.
Lepanto told the stock exchange that it had sold 1,048 dry metric tons copper-gold concentrate that will be shipped this week.
It said that since October 2015, its exploration team has completed 47,275 meters of underground drilling to evaluate the copper-gold project resources at the former enargite mining area.
Lepanto said the drilling discovered combined indicated and inferred resources of 7.746 metric tons (MT) at 0.896 percent copper and 1.974 grams per ton (g/t) gold.
Ongoing drilling has outlined an additional geologic resource of 7.29 MT at 1.69 percent copper and 2.02 g/t gold, it said.
“An increased drilling program will bring these areas into inferred and indicated categories,” it said.
“Lepanto will continue to produce gold dore from its Victoria Gold Project,” it added.
In mining, dore refers to unrefined gold.
Established in 1936, Lepanto Mining exports its gold output to Hong Kong, Canada, Peru, and China, among others. It has subsidiaries that are involved in hauling, diamond drilling services, and insurance.