Metals Exploration PLC (AIM: MTL) announced the results of an investigation into its, 100% owned, Runruno gold-molybdenum deposit by Dr. Eric Jensen PhD, a recognised expert on alkaline intrusive-associated gold mineralisation.
Dr Jensen concluded that the Runruno deposit in the Philippines, which has a resource of 2.1 million ounces of gold, is noteworthy for its shared characteristics with other alkaline epithermal deposits, including the Cripple Creek deposit in Colorado.
Dr Jensen included the following in his report:
“Significant potential for additional discoveries of mineralization seems obvious, as multiple zones of alteration have yet to be evaluated, several areas of current small-scale mining activities have not yet been drill tested, drilling has not been conducted at depths greater than 180 meters in most areas,
and the 'feeder zones' for the flat-lying zones of mineralization that constitute the existing resource have yet to be identified.”
Jonathan Beardsworth, Chief Executive of Metals Ex, said:
“This announcement highlights the significant additional potential at Runruno, and should be viewed in conjunction with our press release, dated 4th March 2008, which announced that 775,000 ounces of the resource of 2.1 million ounces already established at Runruno now reports to the Indicated category. We are further confident in the potential of this exciting well-mineralised system.”