THE country’s biggest gold producer Philex Mining Corp. on Monday announced “encouraging” results from its ongoing drilling at the Bumolo porphyry copper-gold project in Benguet.
Philex said the results could potentially further extend mining operations at the adjacent Padcal mine beyond 2022.
In a disclosure to the Philippine Stock Exchange, Philex said that the maiden inferred resource was estimated at 21.7 metric tons (MT) at 0.2 percent copper, and 0.3g per MT Au [gold]at 0.274 percent CuEq [copper equivalent]cut-off grade.
The Bumolo deposit lies within the MPSA 156-2000-CAR of Philex. MPSA refers to mineral production sharing agreement and CAR refers to the Cordillera Administrative Region.
Located in Baguio’s mineral district, the Bumolo deposit is only 1.5 kms to the east of the Sto. Tomas II deposit of the Padcal Mine, which has been in active operation for the past 58 years and has produced over 378 million tons of ore to date, primarily using the underground block caving method.
The maiden inferred mineral resource represents the first phase of the ongoing resource definition drilling program to advance the project and provide additional ore to Padcal
“Philex is pleased to announce the results of the company’s on-going near mine exploration to assess the possibilities of further extending the life of the Padcal Mine,” said Eulalio Austin Jr., Philex chief executive and president.
“The maiden Inferred Resource estimate for the Bumolo Project confirms the potential we have been progressing with over the past year. This resource result exceeds our expectations and we further look forward to the next two years of exploration around the Padcal mine,” Austin added.
The company, in an earlier engineering study conducted on the mineral resource estimates from the 800-600 meter level, said that it has identified an additional 20 million tons of ore reserves within the areas adjacent to Padcal.
The mineral reserves are seen extending Padcal’s mine life by two more years from 2020 to 2022.