Metals Exploration plc has identified a potential exploration target, which it previously relinquished, that could extend the life of ore processing at Runruno in the Philippines.
PERMITS
The company said that the gold mine’s processing plant could be redesigned to take any ore from the site, called Dupax, to process into a saleable mixed metal concentrate.
An application was submitted for Dupax in 2023 by Woggle Corporation of which the company owns 40% and the staff pension plan of its wholly owned subsidiary FCF Minerals Corporation holds 60%.
Metals noted that Philippine law allowed foreign companies to own 100% of mining ore processing in contrast to 40% ownership of exploration licences.
Dupax covers 3,101.11 hectares and lies 20km southwest of the Runruno mine site in Quezon, Nueva Vizcaya.
The area has a volcanogenic massive sulphide target at surface, with historic rock sample grades of up to 15.47 g/t gold and 7% copper.
Metals added that the target size was potentially 10 to 20 million tonnes, based on internal estimates.
Mapping indicates that the main outcrop extends for approximately 1,000m by 100m wide, with a drill-ready target.
The company is also in final talks to secure environmental and forestry permits for exploration.
Chief executive Darren Bowden said that Dupax needed minimal drilling to bring the resource ready for operation.
“Following a recent review of the prospect, which included taking fresh rock samples, we are optimistic about the potential that it presents.
“There is an old mined area on the tenement that allows us to assess the scale of the previous operation and to advance our understanding of the target’s potential.
“It is too early to say how long it could possibly extend ore processing operations at the Runruno process plant, but I am confident that it has the potential to provide an extension, even if it is only for a few years.”