Rns Out15 May 2024 09:32
Bluebird CEO Colin Patterson said, "Momentum is everything, so I am delighted to announce the next step in the advancement of the Batangas Gold Project in the Philippines. Work streams towards both the Declaration of Mining Project Feasibility and the Environmental Compliance Certificate, the two key outstanding compliance permissions for the Project to advance to the production decision, are now underway. As in the case of Gubong, where we recently announced our second free carry JV structure, the project development is being funded through a JV, with a local company who has in depth local mining experience. All the work streams including production of the mine plan based on an initial 10 year mine life and a full resource model to significantly scale the initial 82K oz Au, will allow us to fully understand the production potential of Lobo.
"Mining in the Philippines is being actively promoted and we feel that together with our two high grade South Korean projects we are in a great position to take advantage of the highly favourable long term gold price environment. With both Gubong and Lobo under JV, going forward and multiple work streams being implemented, we will be highly active on the news front and be able to communicate developments regularly which will be to the benefit of all stakeholders."
The Lobo licence covers 1,164-hectares. Multiple high grade target areas have been identified and include the South West Breccia ('SWB'), West Drift, Japanese Tunnel, historic Lobo copper mine, Camo, Acacia, Pica, Balisong and Ulupong prospects. Lobo has an initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 ounces of gold excluding silver credits based primarily on the South West Breccia ('SWB') area of the licence that can be mined in the first 18 months of any operation. There is an Indicated resource of 82,000 oz Au that is perceived as easily convertible.
Sign In
Follow the stocks
