Indophil Resources NL - Philippines Exploration

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The Manat project is located in the Masara mineral district of SE Mindanao approximately 60km NE of the major growth centre and port city of Davao. This district hosts a number of significant epithermal gold and porphyry copper-gold deposits including the King King porphyry copper-gold deposit (398Mt @ 0.34% Cu and 0.52g/t Au). Indophil, through a farm in and joint venture arrangement with Aldevinco, a member of the Alcantara Group of Companies, is managing the exploration activity and earning to a 50% equity position after expenditure capped at $US2.25 million. The JV area comprises an approved Mineral Production Sharing Agreement (MPSA) of 15.47 sq km and a recent MPSA application of approximately 30 sq km. Exploration by Indophil to date has identified three sub-parallel NW trending mineralised structures within the Project area ( Figure 2 ). The focus of the Company's exploration activity has been on the central Magas structure where Indophil has discovered a mineralised epithermal vein system containing gold, silver, lead and zinc (the Magas Vein Zone - MVZ). This vein system has been the subject of a delineation and resource definition diamond drilling program comprising 30 diamond drillholes for 4990m over a strike length of 1.2km ( Figure 3 ). An inferred resource estimated for the MVZ to JORC reporting guidelines stands at 2.7Mt at 2.8g/t Au, 26g/t Ag, 0.85%Pb and 1.58% Zn. This resource contains an insitu 245,000ozs gold, 2.28Mozs silver, 22,500t lead and 42,000t zinc. A longitudinal section of the main vein ( Figure 4 ) shows two distinct shoots at the 20 gram.metres gold contour with the mineralised system open at depth and along strike to the north, potentially as far as the Katangbuan Prospect located some 2 km from the northernmost drill traverse. ( Figure 5 ) is a drill assay section through the southern ore shoot. Preliminary metallurgical studies conducted on MVZ mineralisation indicates that the ore is essentially refractory with maximum recoveries of 70% achieved by cyanidation after an ultra-fine grind.

Exploration by Indophil has also resulted in the discovery of a new porphyry copper-gold system to the immediate south of the MVZ in drillhole MNTD14 which intersected 227m at 0.19% Cu and 0.30g/t Au. This and other prospects associated with the other 2 vein trends ( Figure 1 ) remain essentially untested.