Gold hopeful Red Mountain Mining is continuing to add high grade resource ounces at its Lobo prospect in the Philippines.
With a recently announced rock chip sample of 32.7 g/t gold and a new geological model now being pursued, there could be more to come.
The company recently added 37,000 ounces to its 45,000 ounce high grade Lobo resource, taking the entire Batangas Gold Project inventory to around 444,000 ounces.
Notable for the regular release of exceptionally high grade, near surface, results grading around an ounce to the tonne, Red Mountain Mining’s scoping study shows free cash of $40m being generated over an initial 4.5 years, just from existing resources.
