Metals Exploration Regulatory News (MTL)

22 Dec 2009 07:00



METALS EXPLORATION PLC

RUNRUNO STEP-OUT DRILLING UPDATE

Metals Exploration Plc ("Metals Ex" or the "Company"), the Pacific Rim natural resources exploration and development company, today announces the assay results for three holes drilled outside the current resource boundary of its 1.5 million ounces of gold and 25.4 million pounds of molybdenum Runruno gold-molybdenum project on the island of Luzon in the northern Philippines.

Overview:

Three diamond drill-holes drilled 700m south east of the most southerly known mineralisation of the Runruno gold-molybdenum deposit

Gold and high grade molybdenum mineralised intersections identified

Style of mineralisation directly analogous to the Runruno deposit

Mineralisation closely related to a north striking fault structure running parallel 300m to 400m east of the Mallilibeg fault which is directly related to the Runruno deposit

This fault structure has been traced to continue over 2,000m north of the three holes reported

Further drilling to test this zone to be completed in 2010

Detail

Three diamond drill-holes drilled from a common collar 700m south east of the most southerly known mineralisation in the Runruno gold and molybdenum deposit are interpreted to have successfully identified a discrete zone of potential gold and molybdenum mineralisation parallel but 300m to 400m to the east of the Runruno deposit.

The holes intersected a broad flat westerly dipping zone of alteration hosting anomalous gold and high grade molybdenum mineralisation in discrete lenses. Sample intersections include:

The style of mineralisation is directly analogous to the main Runruno deposit.

The mineralisation is further analogous to the Runruno deposit in that it is closely related to a north striking fault structure which parallels the Mallilibeg fault which is directly associated with the Runruno deposit.

The fault structure has now been traced in excess of 2,000m north of the holes, parallel to the Mallilibeg fault, leading to the possibility that Runruno style mineralisation might be repeated along the fault.  

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.

The drill hole results are shown in the table below:

* local Runruno Grid (approx)

Jonathan Beardsworth, Managing Director, 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."

Approval 

Ian Holzberger, a Director of the Company, who has been involved in the mining industry for more than 35 years, is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists, has compiled, read and approved the technical disclosure in this regulatory announcement.

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