Cadan Resources has provided a detailed update on drilling at Bayag Bayag site at Comval copper-gold project in Philippines. The Comval Project is maintained and operated by Philco Mining Company, which also holds exploration permits for Comval properties.
Cadan Resources holds a 20% free carried interest in Philco Mining Company and also holds 6.2% of issued capital from Mining Group. Mining Group holds 80% interest in Philco Mining Company.
Geological, historical, geophysical and geochemical data was reviewed after which various new targets have been identified. The first hole that was drilled at the Bayag Bayag target, BCPDH00001, had intercepts 44.00m at 0.64% copper from 39.00 m and also includes 28.00 m at 0.88 copper from 55.00m. A 700-m long skarn alteration system including outcropping gossans was indicated through surface mapping. The mineralogy and scale has indicated the possible presence of a large porphyry system.
A total of three holes have already been drilled at the Bayag Bayag target and an additional three are currently being drilled. Mining Group has planned a total of eight holes as part of the initial drilling program at Bayag Bayag for testing the overall strike extent of mineralisation. A detailed ground magnetic survey will also be conducted to refine the exploration model further. All drill holes have been drilled with HQ size core and the geological samples have been tested by Macphar Laboratories.
Source: http://www.cadanresources.com