Business
Resource Update - Runruno
Resource Update - Runruno.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n Metals Exploration PLC\n11 May 2006\n\n\n METALS EXPLORATION PLC\n RUNRUNO PROJECT - PRELIMINARY JORC-COMPLIANT INFERRED MINERAL RESOURCE ESTIMATE OF \n 23 MILLION TONNES AT 2.3G/T GOLD AND 0.07% MOLYBDENUM, CONTAINING \n 1.7 MILLION OUNCES GOLD AND 34 MILLION POUNDS MOLYBDENUM\n\n11 May 2006\n\nThe Board of Metals Exploration PLC ('the Company') is pleased to announce that\na preliminary resource estimate has just been completed for the Runruno gold-\nmolybdenum deposit.\n\nThe results of the Company's first 17 diamond drill holes have been combined\ntogether with those for the two drillholes of Greenwater to calculate a JORC\ncompliant Inferred Mineral Resource totalling an estimated 23 million tonnes at\nan average grade of 2.3 g/t gold and 0.07% molybdenum for a total contained 1.7\nmillion ounces of gold and 34 million pounds (15.4kt) of molybdenum.\n\nThe resource estimate is classified as an Inferred Mineral Resource as defined\nby the JORC Code, the Australasian Code for Reporting of Identified Mineral\nResources and Ore Reserves.\n\nThe Company intends to commence a desk-top study into the economics of the\nRunruno deposit given that it believes that there is potential to significantly\nincrease the resource to more than 3 million ounces of contained gold and 50\nmillion pounds of contained molybdenum.\n\nRUNRUNO PROJECT\n\nResource Estimate\n\nA preliminary resource estimate has just been completed using the assay data\ncollected from the Company's drilling program (drillholes MXD01-MXD17) and two\nof the Greenwater diamond drillholes completed in 2000-01 (RUD-001 & RUD-004).\n\nThe resource estimate was carried out using the results of Greenwater's bulk\ndensity measurements which averaged 2.5 tonnes per cubic metre. A lower cut-off\ngrade of 0.7g/t Au and no upper cut-off grade was applied to the gold assays. As\nthe gold analysis is being carried out by screen fire assay technique and that\nthere are no extraordinarily high gold assays, it was deemed not necessary to\napply an upper cut-off grade to the gold assays. No lower or upper cut-off\ngrades were applied to the molybdenum assays. The resource estimate is contained\nwithin a surface area measuring 1,100 metres x 500 metres.\n\nDrilling Programme\n\nSince November 2005, the Company has drilled 25 diamond drill holes and is\nawaiting the results for hole...