GAMBANG

Royalco Resources and Vale International reported to have entered into an option agreement concerning Royalco’s Gambang tenement in the Philippines.

Five holes have been completed at Gambang testing three prospects – Herman’s Find, Eastern Breccia and Tokla. Porphyry copper mineralisation has been intersected in all four holes for which results of analysis have been received and the presence of porphyry copper systems has been confirmed at Herman’s Find and Eastern Breccia. The better results are 2 metres of 1.61 g/t Au from 112 metres in GDH-001 at Herman’s Find, 24 metres of 0.35% Cu from 374 metres in GDH-002 at Herman’s Find, 246 metres at 0.25% Cu from 138 metres in GDH-003 at Eastern Breccia and 30.2 metres at 0.51% Cu from 236 metres in GDH-004 at Eastern Breccia.

The first portion of Royalco’s Gambang exploration permit has been granted. Arrangements are now being finalised to have the drill rig at the Pao tenement moved to this region as a matter of priority. Initial prospects at Gambang include Herman’s Find, where historic channel sampling assays generated 42 metres at 2.35% copper and a further 45 metres of 2.82% copper.