Mindoro Resources Ltd. said it found high-grade gold at its Lobo mine in Batangas Province, the Philippines.
Drilling will continue at the region for another four-six weeks, said the Philippines-focused miner which deals with nickel, copper and gold.
The company, listed on the Toronto Venture Exchange, Australian Securities Exchange and Frankfurt Stock Exchange, has major nickel laterite resources in the Surigao District and Batangas Province, Philippines.
The Batangas Projects, which includes the Lobo and Archangel mining projects, are located within a well-mineralized copper-gold belt, the company said on its website.
Mindoro acquired the Lobo and Archangel Projects in October 2000 from Egerton Gold Phils Inc., a private company.