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Mining Group Limited(ASX:MNE)Continuous High Grade Gold Zone Confirmed at Taub Prospect, Philippines  Join our daily free Newsletter

MENAFN - ABN Newswire - 02/12/2012

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(MENAFN - ABN Newswire)

Mining Group Limited (ASX:MNE) is pleased to announce further positive results from the high grade gold bearing vein system at the Taub prospect at the Comval Project in the Philippines. Taub is a newly discovered gold prospect approximately 7.5km north of the Tagpura copper deposit (Figure 1). In addition, a gold mineralised structural zone at Ugpo has been identified within highly sheared volcanics.

Mining Group Managing Director Mr Zeff Reeves, said: "Taub is clearly a high quality drill target with the latest results from trench CCPCH00003 demonstrating the continuity of the mineralised system over a 300m strike length with exceptional surface gold and silver grades."

"These results not only show the zone is continuous but highlight the high grade nature of Taub. We are aiming to commence RC drilling within the next few months to follow up these exciting results."

"We've also been carrying out similar work at Ugpo 1.5 kilometres to the west where four trenches have been installed with results indicating the presence of another strike extensive gold bearing zone."

"We need to carry out further work at Ugpo to better understand the controls on mineralisation prior to committing to drilling testing," added Mr Reeves.

Mining Group has undertaken a systematic trenching, mapping and sampling programat Taub, approximately 7km north of the historic Tagpura open pit mine (Figure 1 below). The purpose of this work is to delineate the strike extent and grade continuity of previously identified quartz veins from historic rock chip sampling and the existence of small artisanal workings.

To date the work has identified a 200m wide structural corridor at Taub that has gold mineralisation identified over 300m along strike and open in all directions. Ongoing trenching and sampling work will continue to further extend the zone and provide information for drill targeting.

TAUB TRENCHING AND ROCK CHIP SAMPLING

Mining Group has now received results for trench CCPCH00003, 200m north of trench CCPCH00001 with a previously reported intercept of 4.00m @ 17.75 g/t Au (announcement 2nd November 2012). High grade gold mineralisation has now been identified in multiple east-northeast striking quartz veins ranging in thickness from 10cm to over 1m and striking over a 300m length, and open in both directions. The veins dip moderately (45 DEG) to the north west and occur within a number of sub-parallel mineralised structures associated with shearing and faulting.

Trench CCPCH00003 has returned a best interval of 14.00m @ 11.38g/t Au and 18.06 g/t Ag (Figure 2) from within a quartz vein and the associated wall rock alteration zone of the volcanic host rock. An individual rock chip result from the same trench within a pyrite bearing quartz vein returned 57.30g/t Au and 122.90 g/t Ag.

Results remain outstanding for trench CCPCH00004 and an additional trench CCPCH00009 is currently being installed 25m west of CCPCH00001 to further extend and delineate the high grade vein set in trench CCPCH00001. Significant results are presented in Table 1.

Ugpo Gold Prospect

In addition to this ongoing surface sampling activity at Taub, Mining Group has also identified a similar structural corridor, artisanal workings and outcropping quartz veins at Ugpo and has undertaken trenching and systematic sampling of accessible adits. This work has so far delineated a gold bearing shear zone within altered andesitic volcanic over a 400m strike length which is open both to the north and south (Figure 3).

To date assays have been received for three of the four trenches installed at Ugpo with best results to date being from trench CCPCH00006 which returned 2.30m @ 2.28g/t Au and 5.18g/t Ag from 54.70m. Results from trench CCPCH00007 remain outstanding. Significant results are presented in Table 2 and all surface assays for Ugpo are presented in Appendix 1.

All samples from Taub and Ugpo were collected continuously along the trenches and where channel samples were taken in adits as nominally 1.00m or 2.00m samples. All samples were geologically described and each channel was geologically mapped. All samples were sent to Macphar Laboratories in Manila for analysis. Au was assayed using fire assay and an atomic absorption finish and Cu, Ag and Mo were assayed using a 4 acid digest and an ICPOES finish. Standard reference material check samples were submitted every 20 samples and a blank check submitted every 50 samples for QA/QC purposes.

View the complete Mining Group announcement including Tables and Figures at the link below:
http://media.abnnewswire.net/media/en/docs/74331-ASX-MNE-616941.pdf

 






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