Philex Reports Significant Findings at Mine Prospect

Philex Mining Corp. reported during April that it had discovered “significant intercepts” during tests for gold at one of its prospective mine sites on Negros Island, Philippines. In a disclosure to the Philippine Stock Exchange, Philex Gold Inc. said the drill hole made in the Nagtalay prospect was “one of several gold prospects” being drilled in its Vista Alegre project in Negros. Philex Gold is listed on the Toronto Stock Exchange and is 81% owned by Philex Mining, one of the largest Philippine mining companies.

“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.

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