PHILEX Mining Corp. on Friday said it is likely to extend anew Padcal’s mine life after the discovery of additional mineral resources at the copper-gold project site in Benguet.
In a statement, Philex president Eulalio Austin, Jr. declared that based on the evaluation of Padcal mine’s additional reserves of 110.9 million metric tons, the life of the mine could be extended beyond the target of December 2020.
“The Padcal mine’s measured and indicated resources at 800-600 meter levels is expected to augment the mineable inventory of the company and may likely extend the mine’s life beyond 2020,” Austin said.
As the mineral resources estimated for the 800-600ML are part of the Sto. Tomas II ore body, which is currently being mined, Austin said that the estimated resources have a reasonable prospect for economic extraction.
“We look forward to the next two years of exploration within the vicinity of the Padcal Mine to further identify additional resources and increase the company’s current mineral inventory,” he added.
Currently, Philex operates in the 908-782ML of the Sto. Tomas II ore body.
If approved, it would be the second time that the company will extend the life of its Benguet operations.
To recall, Padcal was supposed to halt operations by September 2017, but this was stretched by another three years after Philex located about 80.8 million MT of mineral reserves.
At present, Philex is conducting extensive exploration within and outside the Padcal mine to extend the mine’s life beyond 2020.
Drilling operations are being conducted in three target sites adjacent to the main Padcal mine as part of a five-year plan to maximize revenues from its tenements. The drilling results from the ongoing exploration are expected to be finalized next year.
Philex is currently mining just five percent of its 14,000-hectare mining tenement in Benguet, making it possible that further mineralization with higher ore grades can exist within the contract area.
Besides Padcal, Philex also operates the Silangan project, which is the company’s next big prospective mine. The Silangan project is located in Surigao del Norte in northern Mindanao. It combines the development of the Boyongan and Bayugo deposits, which are comprised of gold, copper, and silver.