During 2011 Lindian Resources Limited (Lindian) acquired Bundok Resources Pty Ltd (Bundok), a step toward establishing the Company as a gold and copper miner in the Philippines.
The historic production from Lindian's flagship Masapelid Project together with past work by former explorers supports Lindian's new strategy of transforming the company into a credible mid-tier gold and copper miner in the Philippines. The Masapelid Project forms the cornerstone of this strategy. It is the aim of Lindian to develop a cash flow as soon as possible from the Masapelid Project.
Lindian, through its wholly owned Philippines subsidiary, Bundok Mineral Resources Corporation (BMRC) owns or has rights to acquire a portfolio of seven gold and porphyry copper-gold projects in the Philippines. The flagship project is the Masapelid Project located on Masapelid Island, 6km offshore from the coastal town of Placer, north-eastern Mindanao. The initial gold exploration target at Masapelid is 0.3 to 0.5 million ounces, based on a target gold resource of 1-2 million tonnes at 10 to 15g/t gold with further contribution to resources from drilling of the Sabang copper-gold porphyry which may see an exploration target of 1-2 million ounces realized contingent upon exploration success.
Previously, Western Mining Corporation (WMC) and Barrick Gold Corporation had conducted exploration at the Masapelid Gold Project which identified a number of epithermal gold targets. These targets are in part associated with underground gold mines that were active prior to World War II. The most significant of these being underground mines operated by the Km73 Mining Company which produced 20,666 tonnes of ore at an average grade of 14.62g/t gold.
Lindian, though BMRC, also has option agreements to acquire additional gold assets which include the Salacot, Abra, Exciban and Buena Aurora gold projects with relevant tenement owners. Copper-gold assets included in the package are the Del Gallego and Mt Balantingon projects. Del Gallego is currently 100% owned by Lindian Resources and Mt Balintingon is subject of an option to purchase agreement with the property owner.
Site designed by Andrew Haynes of Captured Pixels.