| Announcement Date: | 2022-02-14 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | JORC |
| Company name: | Metals Exploration Plc |
| Project name: | Runruno |
| Location: | Russia |
| Commodities: | Gold,Sulphur |
| Highlight: | Updated Mineral Resources and Reserves for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Metals Exploration plc (AIM: MTL) (“Metals Exploration”, the “Company” or the “Group”), a gold producer in the Philippines, today provides an updated Mineral Resource Estimate and Ore Reserves Statement at its Runruno gold project (“Runruno” or the “Project”) in the Philippines. Summary of Report In association with the Company’s review of its mining plan for the remaining life of mine (“LOM”), the Company commissioned Robin Rankin of GeoRes Consulting to verify the Company’s updated JORC compliant Mineral Resource Estimate (the “MRE”) for the Runruno project. The last MRE was independently compiled in 2011 by Mining Associates. At present, mining rates estimated in the new MRE indicates a mine life of at least five years with possible extensions through further drilling. Orebody domains and wireframes have been updated using information obtained from 49 new diamond drill holes and the compilation of a new structural geology model. Using updated univariate statistics and variography, a new Ordinary Kriged estimate was used to generate a 10 metres x 10 metres x 5 metres Block Model of the Mineral Resource. Table 1 below shows the breakdown of the 2021 MRE by resource category. |
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