Friday, 23rd June 2006 (2477 views)

Philex Gold has revealed the progress it and joint venture partner FEC Resources have made in the geologic investigations in the Philippines.

Drilling on the 2,300-hectare Lascogon property, located in the south of the country at Surigao del Norte, began in 2005 and has already yielded positive results.

Diamond drilling at the Lascogon and Danao prospects revealed gold-baring jasperoid horizons, according to Philex.

The company plans to commence a programme of reverse circulation drilling of these areas as well as the Napo and Agas-as prospects in July.

Philex is also involved in investigations into potential copper resources close to the Lascogan property, intersections of which the firm believes could host gold mineralisation.

Philex is a Canadian company with extensive activities in the Philippines. The firm announced today that it expects net profit for this year to show a significant increase on last year owing to the price of metal, INQ7 network reports.

 

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