Robust Resources (ASX: ROL) has acquired a potentially prospective portfolio of exploration asssets in the "ring of fire" in the Philippines.
The initial portfolio of three prospective gold – copper projects will be acquired via the purchase of JAMM Investment Consolidations Pty Limited and its subsidiary JAMMPL Exploration Phils. Inc.
Robust will acquire 100% of the shares in JAMM in exchange for the issue of 2.15 million new ordinary shares in the Company in stages:
- 650,000 Robust shares will be issued on completion of the transaction
- 1,000,000 Robust shares will be issued progressively as key operational milestones are achieved
- 500,000 Robust shares will be issued upon definition of a 1 million ounce Gold JORC-compliant resource (indicated or measured category).
The Philippines is often seen as under-explored for major epithermal gold-silver deposits and the related copper-molybdenum porphyry type deposits relative to Indonesia and Papua New Guinea.
The three existing projects cover 120 square kilometres, through legally binding agreements with the tenement owners. JAMM is also in discussion with other parties to acquire additional tenements, both near to existing properties and other areas.
Of the three current areas, the Ganymede Project on Bohol Island represents an early drilling opportunity. Notably, in the late 1990s Chase Minerals drilled 16 widely spaced scout holes and seven of these obtained encouraging intersections of gold mineralisation, including:
- 60m at 1.28 g/t Au from 55m downhole, including 10m at 3.79 g/t Au from 60m
- 5m at 2.06 g/t Au from 110m downhole
Due diligence by Robust directors independently confirmed the gold-bearing nature of the Ganymede Project. One rock-chip sample of quartz-chorite vein material assayed 5.2 g/t Au and quartz –carbonate vein spoil from an exploration pit assayed 2.2 g/t Au.
The initial focus of the work to be undertaken by Robust will be to rapidly bring the Ganymede project to drill-ready status. Concurrently, essential basic exploration work will be carried out on the Metis and Calisto projects in order to define potential drilling targets.
Romang Island in Indonesia is the Robust’s key priority with the project now entering the early stages of its development phase.
The company is on track to announce a maiden precious metal and base metal JORC-compliant resource for Romang in the second quarter of this financial year for Romang, and exploration is ongoing with seven diamond drill rigs currently on site.