Philex Reports Significant Findings at Mine Prospect
“The Vista Alegre project comprises several mesothermal and epithermal gold prospects within a 3-km by 1-km gold belt that includes Nagtalay and the decommissioned Bulawan mine,” the company said. There are four drill rigs currently operating at the site and a fifth rig will be mobilized for deeper-hole drilling at the old Bulawan mine, according to the company.
“The results of drilling at Nagtalay indicated the occurrence of possible open-pittable deposits with the Vista Alegre Gold Belt, but we caution that in our opinion, it is too soon to say if this find will eventually become economic,” Philex Mining Chairman Walter Brown said in the statement. Brown described the drill hole as having intersected underground patterns “which are the typical geological characteristics of ore at the Bulawan deposit,” indicating the possibility of commercial quantities of the precious metal.