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Listed Philex Mining Corp. said resources identified in Bumolo porphyry copper-gold deposit, which is adjacent to its Padcal mine in the northern province of Benguet, have potential to add to the Padcal mine life beyond 2022.
“Hopefully, identified resources in Bumolo could potentially add two more years to Padcal… it could extend from 2022 to 2024,” said Philex Chairman Manuel V. Pangilinan in a chance interview at the sidelines of the Philex Mining Corp.’s Annual Stockholder’s Meeting held at Marco Polo Hotel in Ortigas, Pasig City.
Pangilinan, however, stressed that the Bumolo project is still subject for further study.
The maiden resource of Bumolo is estimated at 21.7 million tons at a grade of 0.2 percent copper and 0.3 grams/ton (g/t) gold.
The estimate was based on drilling data and initial geological information interpreted by Philex geologists as of February.
The Bumolo porphyry copper-gold deposit is 1.5km to the east of the Padcal mine, which has been in active operation for 58 years.
Philex CEO and president Eulalio B. Austin, in a company statement earlier said, “The maiden inferred resource estimate for the Bumolo project confirms the potential we have been progressing with over the past year.”
“This resource result exceeds our expectations and we further look forward to the next two years of exploration around the Padcal mine,” he added.
Austin said the maiden inferred mineral resource represents the first phase of the ongoing resource definition drilling program to advance the project and provide additional ore to Padcal Mine.
The Bumolo deposit is only 1.5 kms to the east of the Sto. Tomas II deposit of the Padcal Mine, which has produced over 378 million tons of ore to date primarily using the underground block caving method.