More mineral deposits found at Mabilo mine

AUSTRALIAN firm Sierra Mining Ltd. said initial results of second-phase drilling at its Mabilo prospect in Camarines Norte hint that the area may contain more copper, gold, iron and silver than previously thought.

Sierra said in a statement that the results “substantially increase the extent of known mineralization” at Mabilo.

Results from one hole show that mineralization at 74 meters deep contain 2.64 percent copper and 43.22 percent iron as well as 3.56 grams of gold and 22.3 grams of silver per ton ofmaterial.

“The gold grade is significantly higher than recorded in any previous intersection of the magnetite skarn at Mabilo,” Sierra added.

The Mabilo project covers a 500-hectare area where mineralization of magnetite skarn—rocks that contain minable amounts of metallic minerals—has been identified.

Earlier, Sierra said its Philippine partner, Mt. Labo Exploration and Development Corp., was finalizing plans to start an exploration drilling program in Camarines Norte after the latter secured an exploration permit in July.

Mt. Labo obtained Exploration Permit No. 014-2013-V issued by the Mines and Geosciences Bureau for the Mabilo project at the Paracalemineral district.

Mt. Labo is said to have discovered late in 2012 two areas with high-grade mineralization of copper, gold and silver as a result of a drilling training program, which was done based on a ground survey that the previous owner of the Mabilo property conducted.