Wednesday, 25th April 2007 (2151 views)

Olympus Pacific Minerals has intersected a wide gold mineralised zone to a depth of 94 metres at its project in the Philippines.

This result was got from the firm's first hole at the Capcapo project which is located in the Abra province of northern Luzon in the Philippines.

The Capcapo prospect averages grades of 1.49 grams of gold per tonne and includes 3.66 grams of gold per tonne to a 27.74 metre depth. It also shows good grades for copper and gold.

Drilling at this site is ongoing and it has been noted so far as being immensely similar to the prolific Baguio-Mankayan gold and copper district which has already yielded 60 million ounces in historic production.

The work began in Capcapo in February of this year and already extensively altered breccia has been intersected with highly anomalous gold mineralisation found.

Roger Dahn, the vice president of exploration for the company, said: "We acquired this project due to the areas similar characteristics to the Baguio District.

"These results are confirming our belief that the area has camp scale potential."

 

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