Philex Mining Corporation, one of the oldest and largest gold and copper producers in the Southeast Asia, has found additional mineable reserves in its Padcal Mine that will extend its mine life by three more years.
In a disclosure to the Philippine Stock Exchange, the firm said it has successfully identified additional mineable reserves in its Padcal Mine that are feasible for mining up to December 31, 2027.
This comes after the completion of confirmatory drillings on the ore body, technical studies on the mining methodology and Tailings Storage Facility (TSF) No. 3.
The updated remaining mineable reserves as of end October 2022 are estimated to be 42 M=million tons with an average gold and copper grades of 0.22 grams per ton (g/t) and 0.17 percent, respectively.
The total recoverable gold is estimated to be 233,000 ounces while the total recoverable Copper is estimated to be 127.4 million pounds.
The new estimate includes remaining reserves from the previously declared mineable reserves as of December 31,2021 aggregating to 29.4 Million tonnes with an average gold and copper grades of 0.23 g/t and 0.18 percent, respectively.
The latest mineable reserves estimate was prepared by Engineers Julius A. Bayogan, Benedict B. Gapongli, and Ricardo S. Dolipas II, are Competent Persons under the definition of the Philippine Mineral Reporting Code (PMRC).
As of October 31, 2022, Padcal Mine has an estimated mineral resource of about 230.4 million tons with an average grade of 0.29 g/t and 0.18 percent for Gold and Copper, respectively.
The latest mineral resource estimate was prepared by Mr. Noel C. Oliveros, an accredited Competent Person for Exploration and Mineral Resource Estimation under the definition of the PMRC. He is a Professional Geologist.
The new extension of the life of Padcal Mine from December 31, 2024 to December 31, 2027 will provide the continuous employment of 1,838 Padcal employees as well as sustain the necessary assistance given to the social development of the host and neighboring communities.
The extension of the Padcal Mine life to December 31, 2027 will also allow a smooth transition to the start of the commercial operation of the Silangan project estimated to commence in early 2025 in response to the global demand for green metals and the government’s call for mineral resources development to be a driver for national growth and economic recovery.