The Batangas Gold Project

A high grade exploration project in the Phillipines

Overview

The Batangas Gold Exploration Project in the Philippines is an 1,160-hectare licence with multiple targets. The priority is the development of an underground mining operation at the Lobo area of the licence. The mineral resources are associated with a linear, steeply dipping, epithermal lode with high grade ‘shoots’ of mineralisation that replicate Medusa Mining’s projects. The Board is looking to advance the project to a production decision as soon as practicable, in tandem with a local partner, now that the Philippines resource investment environment has improved and two year exploration licence extension granted as part of the 25-year Mineral Production Sharing Agreement (‘MPSA’) already granted.

Highlights

High grade underground system being targeted to develop in tandem with local partner

Philippines supportive of underground mining operations that will contribute to economic development of the country

Lobo target has an initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 ounces of gold excluding silver credits and 82,000 oz Au Inferred, based primarily on the South West Breccia (‘SWB’) area of the licences, which can be mined in the first 18 months of any operation

Additional areas include the SWB extension, where testing of the footwall lode produced results including 2.1m @14.4g/t Au and 3m @12.1g/t, West Drift, which already has an Indicated and Inferred resource of 350,000t @ 3 g/t

Immediate exploration upside for further high-grade gold discoveries, based on defined targets with high-grade surface trench intersections: e.g. 8.35m @ 18.4 g/t Au), 2.6m @ 28.6 g/t Au and 3m @ 22.2 g/t Au

Five additional high-grade targets within 15km at Signal, Camo, Pica and Ulupong

Rationale for Batangas

The Batangas is a high-grade exploration project that has a quantified resource that the Company believes is both exploitable and highly extendable.  With the change in governmental support of sustainable underground mining, there is distinct interest in such projects from local companies. To this end the Board is actively looking to rapidly advance the project crystallise value.

Batangas
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