CGA Mining (ASX: CGX, TSX: CGA) has agreed to acquire 100% of the interests of Bloomsbury Holdings Limited in the companies owning a direct and indirect interest in the highly prospective Pajo MPSA.
Pajo MPSA is positioned immediately to the north of the Colorado Pit, which is part of CGA's gold producing Masbate Gold Project in the Philippines.
Exploration activities at Pajo MPSA have already commenced with the first hole returning 85 metres at 0.85g/t gold, including 14 metres at 1.26g/t gold from the surface.
The company said the entire hole was mineralised and was drilled to intersect the central - northern end of the mineralised zone from the eastern side of the hill.
The initial Pajo exploration program consists of 3000 metres of reverse circulation drilling and 4850 metres of diamond core drilling, targeting the central 500 metre strike of the main mineralised zone.
The Pajo program is part of the total CGA exploration program of US$20 million for financial year 2012, which will include 172,000 metres of drilling on the Masbate tenements.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/19860/cga-mining-increases-gold-exploration-exposure-in-the-philippines-19860.html
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