Capcapo Gold Field - Northern Philippines
The Philippines are exceptionally well endowed in metal deposits, particularly in copper-gold. The Capcapo property is located just to the north of the prolific Baguio-Mankayan Gold District, which has a combined production, current reserves and resources in excess of 60 million ounces of gold. The project area exhibits many analogous features to those productive deposits to the south, but has remained relatively under explored.
Due Diligence DrillingNew Joint Venture Agreement
In November 2006, the company signed an agreement with Abra Mining and Industrial Corporation to acquire an option to earn 60% interest in the Capcapo property, subject to the Philippine foreign ownership laws, upon completing specified expenditures on the property. In June of 2007, Olympus successfully completed its due diligence drilling with exceptional results.
Field work is expected to resume once the new joint venture agreement is signed with Abra Mining and Industrial Corporation and work is completed with NCIP (National Commission of Indigenous Peoples), a government agency that formulates and implements policies, plans and programs for the recognition, promotion and protection of the rights of the indigenous peoples.
Due Diligence Drilling Shows Evidence of Significant Copper-Gold System
In June of 2007, Olympus successfully completed its due diligence drilling with exceptional results.
Geology Highlights
- Potentially large, relatively unexplored project, analogous to productive deposits within the nearby Baguio Mining District
- Ore-grade Au-Cu mineralization outcropping at surface
- Drilling indicates grades increase with increasing depth
- Potential for large-scale deposit amenable to early development
- Other prospective zones in adjacent areas
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