Overview
- Community Plan Approval allows for groundwork including supplementary drilling to commence at the highly prospective Lobo project area.
- Demonstrates that the JV is proving successful, and the Project development plan adheres to the relevant protocols required by the new Philippine Government for mining development.
- Lobo has a JORC Compliant Ore Reserves of 171 000 t at 6.6 g/t for 36 000 oz Au, an 82 000 oz Au inferred resource plus multiple epithermal and high-grade targets identified over 14 km of identified mineralised structures.
- Grades include high-grade surface trench intersections of 8.35 m @ 18.4 g/t Au, 2.6 m @ 28.6 g/t Au and 3 m @ 22.2 g/t Au.
- The JV will now implement plans to commence a new drilling campaign to increase the resource and develop potential underground mine plan and work with its environmental consultancy for the application of the Environmental Compliance Certificate.
- JV structure provides Bluebird with a free carry to production decision in return for 60% of the project equity.
Bluebird CEO Colin Patterson said, “The approval of the Community Plan is a significant step forward in the development plans for an underground gold mine at Lobo in the Philippines. The JV partner recognised the potential of the Project, with this news highlighting the key role it has in advancing the permitting process and building community relations. The JV will now execute its plan to advance Lobo towards a production decision, where the potential for a high-grade underground mine is clear. The Philippine Government is highly supportive of responsible mining opportunities, which contribute to the economic development of the country, and with a well-trained local workforce, excellent infrastructure, we believe fast-tracking this exciting project is highly achievable.”
