Metals Exploration gets approval to start drilling at Abra

28th Oct 2024 14:52

(Sharecast News) - Metals Exploration, a gold producer operating in the Philippines, announced on Monday that it has received final approval from authorities to start exploration drilling activities at its Abra tenements through its subsidiary Yamang Mineral Corporation (YMC).

The AIM-traded company said it had identified a drill-ready target at the Manikbel prospect, located at the southern end of the tenement area.

It said it had completed essential pre-exploration activities, including geochemical soil analysis, mapping, and airborne geophysics.

Operator training had also been finalised, and the firm's diamond drill rig had been mobilised to the Manikbel site.

Drilling was expected to begin within the next three weeks, once the necessary drill pads and pre-drilling preparations were complete.

Metals Exploration said it had also prepared a second diamond drill rig, which would be mobilised if mineralisation was confirmed and the decision was made to extend the drill programme.

The initial drilling programme would consist of four drill holes, with the aim of completing the phase by the end of the year.

Metals Exploration said the primary objective was to establish mineralisation and compile an initial resource estimate, targeted for completion by the third quarter of next year.

The firm said it had secured community agreements, ensuring local support for its operations.

Additionally, Metals Exploration announced the appointment of Max Tuesley as vice-president of exploration.

It said that with more than 30 years of experience in base metal exploration, Tuesley would lead its efforts in advancing the exploration programme at the Abra tenements.

"Our strategy is to grow Metals Exploration within the Philippines and ultimately the broader region, leveraging our established in-country knowledge, experience, and strong technical team," said chief executive officer Darren Bowden.

"Our team at Runruno has set the bar for high performance, locally-run and managed operations, and the Board is delighted to welcome Max Tuesley to the team.

"Max brings extensive exploration experience both in the Philippines and abroad and provides the management capability required to develop our exploration potential."

Bowden said the company was looking forward to working with Tuesley, and using his expertise to bring value to the portfolio.

"We are pleased that, with the assistance of the regulatory authorities, we can now take the next step in the development of the Abra tenement, with the Manikbel prospect being our focus in the short term."

At 1423 GMT, shares in Metals Exploration were down 1.26% at 6.28p.

Reporting by Josh White for Sharecast.com.