Metals Exploration (AIM: MTL) an exploration and development company Pacific Rim assets announced an updated JORC-compliant resource statement for the company controlled gold-molybdenum deposit, Runruno, in the Philippines.
The indicated resources increased from 409,000oz to 775,000 ounces, gold grade was uplifted from 2.27 grams per tonne to 2.41 grams per tonne. The total JORC-compliant Indicated & Inferred Mineral Resource is now estimated 27.0 million tonnes of ore containing 2.095 million ounces of gold and 36.690 million pounds of molybdenum.
Jonathan Beardsworth, Chief Executive of Metals Exploration, said:
“'The near doubling of the ounces reporting to the Indicated category is extremely good news. This, combined with the improved gold grade and the increase in certainty of the resource estimation, underpins the Company's recently announced commissioning of a detailed scoping study into the technical and economic aspects of the Runruno gold-moly project.”