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Friday, 31st July 2009 (770 views)

UK-based Avocet Mining has discovered significant gold resources in a mine owned by Mindoro Resources in the Philippines.

The precious metal was found in southern Luzon at the Batangas mine, which is undergoing a programme of due diligence through an agreement formed by Avocet and Mindoro last year, BusinessWorld reports.

"Results are largely as expected based on previous drilling, confirming continuity of near-surface low-grade gold-silver mineralisation," Mindoro Resources commented.

The results refer to the first seven drill holes completed at the mine, with those for the final seven drill holes yet to be announced. One of the first seven holes led to an intercept at one metre, where 46.46g of gold was found per metric ton.

Avocet has its main mining operations in Burkina Faso, Malaysia and Indonesia and last week announced that its first-quarter gold production rose by one per cent to 27,563 ounces compared with the previous three months.

The company aims to eventually reach 500,000 ounces of gold in terms of annual output.

Mindoro primarily operates in the Philippines and has other mines at Surigao and Pan De Acuzar in the country.

 

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