Comval Copper Gold Project
In January 2012 Metallum acquired 80% ownership of the Comval Copper Gold project from Canadian listed Cadan Resources. Total consideration paid to Cadan to date is $3 million cash and 2.6 million shares. Cadan will be free carried until agreed minimum expenditure commitments are met on the Comval Project
The Comval Project is located in the established copper and gold producing region of the Compostela Valley on the Philippine island of Mindanao. A number of major copper and gold deposits occur within the region and the Project is prospective for copper and gold deposits associated with porphyry systems. Comval is located close to a number of major deposits such as Co-O (Medusa) (2.5 million oz. Au) and King-king (St Augustine) (5 billion lb Cu, 10.3 million oz. Au). Dilwalwal (Philippines Mining Development Corp) (10.2Mt @ 9.6g/t) is located just 15km to the north on the same structure (Figure 1).
Figure 1 - Location Map for the Comval Project showing major deposits in the region
The Comval Project is also close to existing infrastructure with sealed road access and is only 80kms from Davao (the Provincial capital) and 70km from an existing port.
The Philippines offers an attractive environment for mining development and investment, with the Philippine Government committed to providing a competitive investment climate and adequate protection of the rights and privileges of mining investors. The Philippines is also proximal to countries which have a high demand for metals, such as Japan, Korea and China, as well as having a highly available and skilled workforce across all disciplines required to develop and operate commercial scale operations.
The Comval Project consists of two exploration permits, EP-00001-XI (EP1) and EP-00002-09-XI (EP2), covering an area of 4310 hectares, which are prospective for copper and gold.
Copper and gold mineralisation was first discovered within the project area during the 1960's and commercial mining for copper was carried out at the Tagpura deposit during the late 1970's and early 1980's.
Numerous identified bodies of copper and gold mineralisation occur as carbonate replacement "skarn" style, as copper-gold porphyry style and epithermal style gold mineralisation. The three historic targets of Tagpura, Maangob and Kalamatan were identified by Cadan and more recently Metallum has identified Bayag Bayag (copper skarn), Tagpura North (copper skarn and epithermal gold) and Taub (gold) as high priority targets. Metallum has calculated a maiden JORC compliant resource from the historic drilling carried out by Cadan at Tagpura, Maangob and Kalamatan and this forms a resource base from which Metallum can add to further advance the project to a potentially commercial scale.
Metallum is currently carrying in the process of identifying the highest potential targets using extensive magnetic surveying, geological mapping and sampling, trenching and initial drilling before more extensive drilling to upgrade the most prospective deposits to add additional Resources that would underpin a commercial operation.
Figure 2 - Tenement map showing main targets and prospects at the Comval Project. EP-00001-XI and EP-00002-XI.
Figure 3 - Deposit and prospect locations at the Comval Project EP-00002-XI.
When Metallum acquired the project it undertook a major relogging and re-assyaing excercise on over 15,000m of drill cire and RC samples from hsitroical drilling conducted at Tagpura, Maangob and Kalamatan. Following this work a maiden JORC compliant inferred resource was calculated at the three deposits.
Current JORC compliant inferred resources at Comval are:
||Tonnes||Cu (%)||Au (ppm)||Cu (t)||Au (oz)|
Table 1 - Tagpura, Maangob and Kalamatan Inferred Mineral Resource Estimate > 0.3% Copper
||Tonnes||Cu (%)||Au (ppm)||Cu (t)||Au (oz)|
Table 2 - Tagpura, Maangob and Kalamatan Inferred Mineral Resource Estimate > 0.4% Copper
Metallum has also identifed High Grade gold potential on its northern lease EP 1 (Figure 4).
- Targets recently identified from historic data and delinated by trenching
- Extensive kilometer scale footprint along strike at Ugpo and Taub
- Structurally controlled high grade gold vein systems
Figure 4 – Gold Targets at EP-00001-XI
- Mined commercially in the early 80s
- 3.95mt Resource @ 0.84%Cu, 0.30g/t Au remaining in Tagpura East
- Indicative strip ratio of 2.4:1
- Much of the waste will be at grades of 0.35%Cu
- Estimated that approximately 3 - 4mt mined historically in early 80s
- 2mt Resource @ 0.44%Cu near surface in Tagpura West
Figure 5 – Tagpura East section Looking North
Tagpura North – New Discovery
Tagpura North is approximately 750m northwest of the Tagpura open pit mine (Figure 6). Tagpura North has been identified from detailed mapping and systematic sampling used in conjunction with high resolution ground magnetics. This work has delineated a mineralised zones with similar sized footprints to the historic Tagpura East orebody occurring within a down faulted structural block giving potential for greater vertical extent than Tagpura East and significantly exhibiting considerably higher gold grades.
Extensive outcrops of gold rich copper/magnetite skarn interfingered with diorite intrusive have been mapped and systematically sampled and a prospective zone with a strike length of 500m and width of 300m has been delineated which is open to the north east.
- High copper and gold at surface (up to 3.58% Cu and 12.52 g/t Au)*
- Channel sampling returns gold dominant zone of 36.00m @ 4.84 g/t Au including 8.00m at 11.56 g/t Au
- Gold rich skarns identified in first pass drilling (NCPDH00002 12.20m @ 2.19g/t Au, 3.56 g/t Ag and 0.33% Cu from 19.00m).
- Large footprint and over 400m potential vertical extent– high tonnage potential
- Further underpins potential for Comval Project to host numerous copper and gold ore bodies
Figure 6 - Tagpura North rock chip sample highlights showing anomalous target zone in comparison to the Tagpura ore bodies
Bayag Bayag – New Discovery
- Over 700m strike length of highly magnetic skarns
- Initial drilling intercepted economic mineralisation with best results of 44.00m @ 0.64% Cu
- Porphyry potential identified with porphyry feeder mineralisation in hole BCPDH00006 5m @ 0.44% Cu, 0.15 g/t Au and 2m @ 1.38% Cu, 0.64 g/t Au and large magnetic anomaly.
- Follow up drilling is required on skarn and porphyry targets when priorities allow
Figure 7 - Section showing BCPDH000006 and porphyry feeders
Maangob and Kapanawan
Maangob is 1.1km North West of Tagpura it contains a JORC compliant resource of 2mt @ 0.52%Cu near surface.
Kapanawan has widespread outcropping skarns and mineralised diorite.
- Porphyry style mineralisation with potential for large tonnage Cu/Au deposit
- Best Mineralised diorite intercept of 63.00m @ 0.51% Cu and 0.33 g/t Au from surface in hole TAG00062
- Initial resource demonstrates potential with deeply oxidised copper mineralisation
- Sequential leach assays returned +80% recovery from top 100m.
- Follow up drilling is required when priorities allow
Figure 8 – Kalamatan Porphyry Target Section A-A’
Taub – New Discovery
- New high grade quartz vein system over 300m strike length identified.
- Trench samples returning up to 52.45 g/t Au and 169.70 g/t Ag including 4.00m @ 17.75 g/t Au and 51.45 g/t Ag from CCPCH00001
- Best trench results include CCPCH00003, 14.00m @ 11.38g/t Au
Metallum has undertaken a systematic trenching, mapping and sampling program at Taub, approximately 7km north of the historic Tagpura open pit mine (Figure 9). 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.
Significant gold mineralisation has been identified in multiple east-northeast striking quartz veins ranging in thickness from 10cm to over 1m. The veins dip moderately (45°) to the north west and occur within a number of sub-parallel mineralised structures associated with shearing and faulting.
Figure 9 - Taub prospect geology map, trench and adit locations display assay results for gold above 1.00g/t
Ugpo – New Discovery
- Identified similar structural corridor, artisanal workings and outcropping quartz veins
- Currently undertaking systematic trench samplings across the target
- Structurally controlled high grade gold epithermal vein system
- Significant historic artisanal mining activities
- Grades up to 45.16g/t from rock chip sampling in adits