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Market: AIM
Sector: Gold Mining
Epic: MTL
News: Latest news
Web Site: Metals Exploration
Other Articles: 26-01-201022-12-200922-12-2009

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Metals Exploration

Metals Exploration

Metals Exploration is a natural resources exploration and development company operating in the Pacific Rim, with particular focus on the Philippines.

The Company’s principle asset is the Runruno gold-molybdenum project on the island of Luzon in the northern Philippines. The Company acquired the project in February 2005 and holds an 85% interest with an exclusive option over the remaining 15%.

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Tuesday, December 22, 2009

Metals Exploration step-out drilling potentially expands Runruno gold-molybdenum deposit, Philippine

Metals Exploration PLC (AIM: MTL) said step-out diamond drilling at the Runruno gold-molybdenum project on the island of Luzon in the northern Philippines has encountered mineralisation whose style is directly analogous to the main Runruno deposit.

Three holes were drilled 700 metres south east of the most southerly known mineralisation of the Runruno deposit, Sample intersections include 6.3 metres at 0.50 grammes per tonne gold and 1,285 parts per million molybdenum from hole TUD001; 8.0 metres at 0.23 g/t Au and 1,478 ppm Mo from hole TUD002 and 6.0 metres at 0.23 g/t Au and 271 ppm Mo from hole TUD003.

The company believes the drilling has successfully identified a discrete zone of potential gold and molybdenum mineralisation parallel but 300 to 400 metres to the east of the Runruno deposit.  

Drilling to further test the potential of this “exciting zone” will be undertaken in the New Year with one diamond drill rig being dedicated to the task, Metals Exploration said.

Managing director Jonathan Beardsworth commented: "With the in-fill drilling required for the feasibility study nearing completion we have been able to free up resources for step out drilling, and it is pleasing that we have so quickly identified a possible repeat of Runruno style mineralisation 300m to 400m east of the main Runruno deposit, and potentially running parallel some 2,000m to the north. This will become a high priority target through next year."

In November, Metals Exploration PLC (AIM: MTL) upgraded its measured resource estimate at Runruno.  Measured ounces more than doubled to contained 560,000 ouncesof gold. According to the JORC-compliant estimate, the combined Measured and Indicated resource containing 850,000oz of gold now comprises 57 percent of the total resource, representing a 19 percent increase from the previous statement.

Overall the total JORC-compliant Measured, Indicated and Inferred Mineral Resource is thus currently estimated to contain 1.5 million ounces of gold and 25.4 million pounds of molybdenum. The updated resource of 1.5 Moz represents a reduction of 0.5 Moz in total resource from the previous update. Metals Exploration said in November that the reduction was due to previously inferred tonnage not being supported by recent drilling.

The Philippine president in October signed a Financial and Technical Assistance Agreement (FTAA) for the Runruno project, thus upgrading the project from its previous exploration permit status.

The FTAA sets up a partnership between Metals Exploration and the Philippine government, designed to allow the company 100 percent ownership of the project, while developing the mineral resource in an environmentally and socially responsible manner.  The agreement ensures security of title for 25 years with an option to extend for a further 25 years. It provides Metals Exploration with a tax holiday for up to 5 years following commencement of production until it has recovered its pre-operating expenses and investment.

In order to qualify to construct a mining and processing operation under an FTAA, a development investment of at least US$50 million is required.

Metals Exploration's primary objective is to discover and develop high value mineral resources within the Southeast Asia - Pacific region with particular emphasis on the Philippines. The Runruno project is the company’s primary exploration project, the property is located approximately 200 miles north of Manila.

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