Biliran Epithermal Gold Project

The Biliran Gold-Sulphur Project covers a large area of the island of Biliran, accessible by road from Leyte. The project consists of two EPA's covering 12,418 hectares ( 124 sq. km).

The Biliran Project was acquired for the gold potential. From a geologist's point of view, it has remarkable similarities to Lihir.

Biliran Island consists geologically of numerous volcanic centers overprinted on each other. A prominent fumarole field is centered within the project area. It is contained within an eastward facing caldera, on an island approximately 125 kilometers west of the lip of the Pacific trench scarp. An area of greater than 2 square kilometers is covered by pervasive advanced argillic spongy silica alteration which is variably impregnated with sulphur. The area contains an abundance of fumaroles which are currently depositing the sulphur. The siliceous cap is underlain by argillic alteration consisting of gougy pyritic clay. Historic geothermal holes drilled in the area were never assayed, but drill logs show extensive areas of quartz-adularia-calcite-pyrite veining below this zone.

Previous and recent sampling has shown that gold is present in the system, and grades of several grams Au/T can be seen in historic samples from the area.

The company is assessing the viability of the sulphur deposit. Previous historic, but unconfirmed data shows a resource of 20 million Mt grading approximately 10% sulphur. No distinction is made between native sulphur and pyritic sulphide.

The Biliran Project has advanced to the stage where all of the mandatory requirements for the issuance of the EP, including securing NCIP clearance for the area, are completed. The EP is awaiting forwarding to the central office for approval.

Biliran stands as a semi-virgin gold target, drilled but never assayed, with a multi million ounce potential based on the Lihir analogy.