Metals Exploration PLC
02 March 2005
INITIAL SAMPLING AT MASAPELID PROSPECT IDENTIFIES SIGNIFICANT GOLD AND SILVER
MINERALISATION
Metals Exploration is pleased to announce the first results since commencement
of field work at our Masapelid Project in Surigao del Norte Province,
Philippines.
11 rock chip samples were collected during a reconnaissance survey of the
historical Layong Vein mining area. The samples were submitted to an
independent, certified laboratory (Intertech Testing Laboratories) in Surigao
City, for multi-element analyses.
Table 1. Gold and Silver results - Rock-chip sampling - Masapelid Project,
Philippines
Sample Gold Silver Description of Rock Sample
Number (g/t) (g/t)
MSP001 0.12 0.1 altered diorite with minor quartz veinlets
MSP002 0.92 <0.1 altered andesite, slightly brecciated
MSP003 0.18 15.4 quartz vein
MSP004 0.04 0.1 altered andesitic volcanic
MSP005 1.37 3.7 altered andesitic volcanic with minor quartz
veinlets
MSP006 0.45 40 quartz vein
MSP007 0.35 32 altered andesitic volcanic with minor quartz
veinlets
MSP008 1.97 9.1 quartz vein
* MSP009 121 175 quartz vein
* MSP010 24 154 altered andesitic volcanic rock with quartz
veinlets
MSP011 2.20 6.6 altered andesitic volcanic rock with quartz
veinlets
* Of particular interest are the 'bonanza' style gold grades attained from
samples MSP009 and MSP010, which also contain high silver grades. This style
of mineralisation is typical of a low-sulphidation quartz-gold-silver
epithermal system.
Metals Exploration is highly encouraged by the initial results and follow up
work over the coming months is currently being planned and includes,
• Detailed mapping, trenching and sampling
• Possible re-opening and mapping of the old workings
• Regional reconnaissance mapping and sampling
• Drill target definition
• Drilling
• Geophysical surveys
Qualified Person
Gary Powell has been involved in gold exploration projects for over 20 years.
He has a Bachelor of Applied Science degree in geology, and is a member of the
Australasian Institute of Mining and Metallurgy ('AusIMM'). He has compiled,
read and approved the technical disclosure in this regulatory announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
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