PHILIPPINES - Philippine Metals completes survey at Leyte projects

A geochemical survey of stream sediment collected from Philippine Metals’ Taurus and Suhi concessions on Leyte Island has identified seven new target areas. The survey area took in about 85% of the licence area within the Malitao and Dilong projects, with 226 samples collected.

Statistical and spatial analyses of the results has confirmed five of the new targets are prospective for volcanogenic massive sulphide occurrences, one hosts anomalous gold values and another has anomalous lead-zinc values. The geochemical data is now being integrated into the existing geophysical data sets to plan detailed ground follow-up exploration.

The 972 hectare Malitao project is in the rugged northern Luzon district and is predominantly a copper-gold massive sulphide prospect. Further exploration and development of Malitao is on hold as Philippine Metals waits for a ruling by the Mines Adjudication Board (MAB), as it considers an adverse claim by an objecting party.

The company’s president Marshall Farris says, “We continue to believe the adverse claim is without merit and we are confident that the ruling made by the panel of arbitrators in July 2011, in favour of Philippine Metals, will be upheld by the MAB.”

Meantime, the company continues to work with the Mines and Geosciences Bureau (MGB) to overturn the cancellation of the Dilong EPA last year. The cancellation occurred under the MGB policy to revoke permits not being used. Philippine Metals has filed an objection and is awaiting action by the bureau, after offering evidence demonstrating its active advancement of the permit application and compliance with government requirements.

Dilong is about 285km north of Manila hosting a reported reserve of 40 million tonnes with average grades of 0.5% copper and up to 0.5 grams/tonne gold.

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