Business
Runruno Update
Runruno Update.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n Metals Exploration PLC\n16 December 2005\n\n METALS EXPLORATION PLC\n\n FIRST DRILL HOLE ASSAY RESULTS RECEIVED FOR THE RUNRUNO PROJECT\n\n GOLD AND MOLYBDENUM RESULTS MEET EXPECTATIONS\n\n16 December 2005\n\nThe Board of Metals Exploration PLC ('the Company') is pleased to announce that\nresults have been received for the first drill hole (MXD1) of the current\ndiamond drilling programme being undertaken at its Runruno Project. MXD1\ncomprises a total combined intercept of 30 metres averaging 2.37 g/t gold, and\n377 g/t molybdenum. Today's gold price is US$505/oz and the molybdenum price is\nUS$30/lb. There are 454 grams to an imperial pound.\n\nThis first batch of results appears to vindicate the Company's belief that by\nfocusing on achieving good drill core recoveries (i.e. >90%), the gold assay\nresults should be better than those obtained during the 1969-1972 drilling\ncarried out by Fil-Am Resources Inc. ('Fil-Am'). As mentioned in previous news\nreleases, the drill core recoveries experienced during Fil-Am's drilling\ncampaigns in the 1970s were very poor, particularly within the interpreted zones\nof possibly higher grade gold mineralisation. In fact, the drill core recoveries\nand results show more similarities to those obtained by Greenwater Mining\nCorporation ('Greenwater'), a subsidiary of Placer Dome Exploration of Canada,\nfrom the two holes that they drilled into the mineralised zones in 2001-2002.\n\nDuring the drilling of the first hole (MXD1), a 1.6 metre section of drill core\nwas lost from within the hangingwall mineralisation. This means that this\nparticular interval was unable to return an assay result and subsequently the\nintersection width and average grade has possibly been downgraded to some\ndegree. The drilling company is re-drilling the hangingwall section of the\nmineralisation to recover this part of the zone for analysis. As the drilling\ncrews become more familiar with the drilling conditions, the loss of drill core,\nparticularly from within the mineralised zones, will be minimised.\n\nThe results are highly encouraging as this also vindicates the Company's belief\nthat the Runruno resource, as previously defined in the 1970s, could be upgraded\nto an average grade higher than 1.4 g/t Au as a result of focusing on achieving\ngood drill core recoveries.\n\nWithin MXD1 there is a combine...