Surigao Peninsula area of Northern Mindanao
The Company holds exploration projects in the Surigao Peninsula area of Northern Mindanao, including Paco, Mayag (under application)and Manhulayan. This area has been historically a prolific producer of gold and copper. The recent large Red 5 Sianna gold and Anglo/Philex Gold copper/gold Boyongon discoveries are close to Climax’s properties. Both are potential mine developments.

Paco Project, Copper-gold
Climax Interest 100%

Data review and processing of geophysical data has highlighted a number of areas which might host porphyry-epithermal bodies with similar regional structural controls to the nearby Anglo-American/Philex discoveries of Boyongan and Bayugo (219 million tonnes grading 0.51% Cu and 0.74g/t Au). Previous reconnaissance drilling failed to penetrate through the overlying quarternary cover to the targets. Further targeting of basement paleohighs by systematic gravity and IP geophysics is required to better direct future drilling.

Mayag Project, Copper-gold
Under application

Reconnaissance over this area, which lies adjacent to Paco and on a similar Boyongan like structure, has highlighted walk-up outcropping porphyry targets.

Manhulayan, Surigao Peninsula, Northern Mindanao; Gold-copper, gold areas
Climax interest: 100%.

Exploration was reactivated at Manhulayan. Work included grid based soil-saprolite samples to define and enlarge both known and new drill untested gold anomalies. Systematic grid soil auger sampling by Climax outlined at least 5 areas of gold anomalism of 100 to 7,320 parts per billion gold at surface. Two of the anomalies are open to the south while three (dimensions of 700 x 400 metres, 400 x 400 metres and 200 x 50 metres) warrant early drill testing. Mineralisation comprises quartz-basemetal-gold (pyrite) veinlet swarms in north-south and north-west trending zones that coincide with the margin of an underlying high resistivity corridor. Potential exists for open pittable vein stockworks or high grade underground gold shoots.