Underground development of Cadan Resources’ T’Boli Gold-Silver Project in southern Mindanao is continuing.
Lateral driving on the Centre Vein Lode structure has proceeded 28 metres west and 19 metres east from the access decline. Installation of three phase power to allow upgrading of the mine pumping and ventilation systems is advanced.
Assay results from the initial 14 metres of driving have returned 9.9 grams/tonne gold over the 2.99 metre width of the development headings. Values over a narrower stoping width adjacent to the hanging wall structure will be proportionately higher.
The west Central Vein face is 10 metres short of a diamond drill intersection of 24.1 grams/tonne gold over 1 metre. At a point 10 metres past this intersection a north crosscut will be initiated to intersect the North Vein B Lode structure adjacent to a diamond drill intercept of 15.3 grams/tonne over one metre.
Development of both lode structures will then be contemporaneous.
Sampling from shallow surface workings indicate that gold values continue for a further 300 metres to the west. A third parallel structure (North Vein A) 50 metres to the south, also shows surface gold values extending 300 metres to the west.
The results achieved support the NI 43-101 compliant technical report on the T’Boli operation that has upgraded the historic inferred mineral resource to both indicated and inferred categories, for gold only, and outlined the potentially significant, additional gold-silver mineralization.
The resource contains 886,000 indicated tonnes @ 8.6 grams/tonne gold and 434,000 inferred tonnes @ 8.6 grams/tonne.
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