TIDMBMV
RNS Number : 7869C
Bluebird Merchant Ventures Limited
15 June 2023
Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE /
Sector: Mining
15 June 2023
Bluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')
Receives Local Community Approval to Advance Batangas Gold
Project
Bluebird Merchant Ventures Ltd, a gold company primarily focused
on bringing historic mines back into production, is pleased to
announce that it has received the Certificate of Approval from the
Mines and Geosciences Bureau (MGB) for its Two-Year Community
Development Plan at its Batangas Gold Project ('Batangas' or 'the
Project') in the Philippines. This represents a significant step
forward and underlines the importance of the Company's local
development partner in navigating the regulatory environment to
allow the key project area at Batangas, the Lobo underground mine,
to be advanced to a production decision. Importantly the Company
already has two 25 year Mineral Production Sharing Agreements
("MPSA") covering the Lobo Project area.
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 tons 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 14km of
identified mineralised structures.
-- Grades include high-grade surface trench intersections of
8.35m @ 18.4 g/t Au, 2.6m @ 28.6 g/t Au and 3m @ 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."
Details
The highly prospective Batangas Gold Exploration Project in the
Philippines is being advanced within a joint venture with a
Philippine company, which has decades of experience in mining (see
RNS dated 7 February 2023). The JV covers the entire Batangas
Project area, which has a current JORC compliant resource of
440,000 ounces, including a maiden ore reserve of 128,000 ounces
(including silver credits).
The current focus of the JV and the two-year Community
Development Plan is the Lobo underground mining operation. The
Project has an initial Probable JORC Compliant Ore Reserves of
171,000 tons at 6.6 g/t for 36,000 ounces of gold excluding silver
credits based primarily on the South West Breccia ('SWB') area of
the licence that can be mined in the first 18 months of any
operation. There is an Indicated resource of 82,000 oz au that is
perceived as easily convertible. Additionally, the Lobo licence
area has multiple epithermal and high-grade targets already
identified for resource expansion with 14km of identified
mineralised structures with grades including high-grade surface
trench intersections yielded 8.35m @ 18.4 g/t Au, 2.6m @ 28.6 g/t
Au and 3m @ 22.2 g/t Au. The Lobo underground mining operation is
similar to Medusa Mining's Philippine project.
Accordingly, a drill programme is being planned at Lobo and
discussions are underway with drilling contractors. Furthermore,
the Company's environmental consultancy is undertaking groundwork
for the application of the Environmental Compliance Certificate,
which is a key step towards obtaining a Mineral Production Sharing
Agreement ('MPSA') with the Philippine National Government.
The granting of the Community Plan Approval is a significant
step in the development plans for Batangas. The Administration of
President Ferdinand R. Marcos, Jr. is focussing on improving mining
standards in country. The Company's local JV partner understand the
regulatory framework and is working closely with Bluebird to ensure
that all Environmental, Social and Governance standards are adhered
to, and the Project is developed for the benefit of all
stakeholders.
**ENDS**
For further information please visit https://bluebirdmv.com or
contact:
Colin Patterson Bluebird Merchant Ventures Ltd Email: colin@bluebirdmv.com
Nick Emmerson SI Capital Tel: 01483413500
About Bluebird
Bluebird Merchant Ventures Ltd (BMV.L) is a London listed South
Korea-focused resources company centred on bringing historically
producing gold mines back into production. The Company, led by a
team of proven mine rehabilitation experts, currently has two 100%
owned licensed high grade narrow vein mining projects, the Kochang
Gold and Silver Project ('Kochang') and the Gubong Gold Project
('Gubong'), which each have a defined route to low cost/ low capex
production with a cumulative target of producing 100,000 oz + Au
per annum.
The management team has invested cUS$2 million personally into
the Company and believe, following analysis of historic production
and exploration data, as well as extensive sampling, geological,
geophysical, and engineering studies, there is potential for in
excess of 1.5 million oz of mineable gold in its Korean projects
alone.
Kochang is an epithermal vein deposit with parallel vertical ore
bodies covering 8.3 sq km that reportedly produced 110,000 oz of
gold and 5.9 million oz of silver between 1961 and 1975. Consisting
of a gold and silver mine, there are currently four main veins and
a number of parallel subsidiary veins vein which have been
identified, as well as a newly identified cross-cutting vein.
Historic drilling indicates the veins continue to depth below the
current 150m mine and mapping shows the veins on surface providing
potential above and below the old workings. The veins extend to the
NE providing a strike length of 2.5km with 600m between the two
mines not exploited. There is potential to expand operations to the
southwest/northeast and to depth, as well as exploit the already
mined areas. The total resource potential is between 550,000 and
700,000 tonnes, with a range of grades between 5.2 g/t to 6.6 g/t
gold, and 27.3 g/t to 34.8 g/t silver. Following the granting of a
Mountain Use permit, there is an estimated 6-to-9-month development
time to trial mining.
Gubong, which was historically the second largest gold mine in
South Korea has 9 granted tenements covering c.25 sq km. Gubong is
moderately dipping with 9 veins extending 500m below surface and
known to extend at least a further 250m. However, the production
opportunity for Bluebird prior to looking at deepening the mine is
the 25 levels already developed with all the remnants and unmined
areas left by the original miners. The 25 levels extend over 120km
in total length which indicates the size of the opportunity. The
Korea Resources Corporation ('KORES') estimated 2.34M tonnes at
some 7.3g/t Au garnered from 57 drill holes over 17,715.3 metres.
With additional sampling, mapping, pit modelling and grade
analysis, plus the fact that Gubong is an orogenic deposit, which
typically have a depth of 2km compared to the current depth of
500m, the Board believe it has a geological potential of 1 million
+ oz Au in-situ, plus an estimated additional 300,000 oz Au from
satellite ore bodies.
Additionally, the Company has the highly prospective Batangas
Gold Exploration Project in the Philippines, where it has an
agreement with a Philippine company, whose owners have decades of
experience in mining, to develop the Project. The JV covers the
entire Batangas Project area, which has a current JORC compliant
resource of 440,000 ounces, including a maiden ore reserve of
128,000 ounces (including silver credits). Exploration expenditure
to the tune of c.$20m has already been invested. Work is focused on
completing Exploration and Environmental Work Programmes initially
targeting the high-grade Lobo area, although there is excellent
exploration potential across the licence with high-grade targets
already identified and 14km of identified mineralised structures.
The staged agreement is based on the JV partner achieving defined
development goals and provides Bluebird with a free carry on the
development of Batangas with a view to advancing to
construction.
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END
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