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.
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.