Metals Ex measured Runruno gold/moly resource upped, but total falls

Although the measured gold/moly resource figure has been increased sharply at the Runruno exploration project in the Philippines, the total resource has fallen due to previously inferred tonnage not being supported by infill drilling.

LONDON - 

Metals Exploration PLC (AIM: MTL) upgraded its measured resource estimate at its Runruno gold-molybdenum project in the Philippines, saying the latest resource statement reflects a ‘strong conversion rate' into the Measured and Indicated resource categories from the previous resource statement.

Trading was also restored on AIM this morning after the company was temporarily suspended on Tuesday, pending this morning's announcement. This morning's statement also noted that an executive director of Metals Exploration, Gary Powell, has resigned from the board and left the company.

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.

In the resource update, the exploration company said the Measured ounces more than doubled to contained 560,000oz of gold. According to the JORC-compliant estimate, the combined Measured and Indicated resource containing 850,000oz of gold now comprises 57% of the total resource, representing a 19% increase from the previous statement.

Overall the total JORC-compliant Measured, Indicated and Inferred Mineral Resource is now estimated to contain 1.5 million ounces (Moz) of gold and 25.4 million pounds (Mlbs) 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 that the reduction was due to previously inferred tonnage not being supported by recent drilling.

Metals Exploration managing director Jonathan Beardsworth commented on the latest update on Runruno: "Work has confirmed that the core of the deposit is robust and, while the reduction in total resource ounces ... is disappointing, we are pleased at the healthy rate of conversion into Measured and Indicated categories ... The parameters of the Feasibility Study are being reworked to reflect the revised resource, while step-out drilling and exploration continues around the rest of the volcanogenic complex with a view to identifying further resources".

Published courtesy of Proactive Investors - www.proactiveinvestors.co.uk

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