REG - Metals Exploration - Dupax Tenement Granted, Survey & Drilling Underway

Metals ExplorationAnnouncement

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RNS Number : 1155U  Metals Exploration PLC  06 August 2025

6 August 2025

METALS EXPLORATION PLC

Dupax Exploration Tenement Granted, Geophysical Survey & Drilling Campaign
Underway

Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company") a
gold production, exploration, and development company with assets in the
Philippines and Nicaragua, is pleased to announce that it has been granted an
exploration licence over the Dupax project area ("Dupax") in Northern Luzon,
Philippines (Figure 1), where it has commenced an Induced Polarisation ("IP")
ground geophysics survey and will shortly commence a 2,500 metre drill
programme.

Highlights:

·  The newly granted tenement EP-000168 covers approximately 3,100 hectares
approximately 20 kilometres ("km") southwest of the Company's existing Runruno
ore processing facility in Runruno, Quezon, Nueva Vizcaya.

·     IP surveying is underway over strong rock chip and trench sampling
anomalies covering a 10km long geological belt containing the historical
high-grade Keon open pit operation.

·    Rock sampling shows mineralisation over a 10km strike with
historical rock sample grades of up to 15.47 grammes per tonne ("g/t") gold,
and 7% copper.

·      The IP survey has been commissioned to:

o  Help expedite the discovery of sulphide-rich mineralisation associated
with recently defined rock chip sampling anomalies; and to

o  Define deeper targets that may arise from mineralisation within the
geological sequence from which there has been production from the historical
Keon open pit operation.

·  A 2,500 metre drilling programme is to commence shortly, targeting
outcropping high-grade mineralisation.

·    Should exploration at Dupax discover an economic resource, the mined
ore could potentially extend ore processing operations at Runruno.

Darren Bowden, CEO of Metals Exploration, commented:

"With the grant of EP-000168, we now control 10km of contiguous tenure only
20km south of the Runruno Operation.

"It is exciting to have commenced IP surveying and drilling programmes over
the strong rock chip and trenching anomalies we delineated at the Dupax VMS
Project.

 "With high-grade production recorded previously from the historical Keon
open pit and anomalous results over 10km of strike, there is high potential to
discover an economic resource.

"The IP survey will be completed over the next few weeks. Drilling will
commence in parallel, and we intend to use the IP data to fine-tune target
locations of the maiden drilling programme.

"Because we already have a processing facility 20km away at Runruno, we have a
great opportunity to quickly unlock value from Dupax and hopefully extend the
ore processing operations at Runruno. This outcome would significantly enhance
the value of both the Runruno process plant and the Dupax exploration
project."

 

The Dupax licence area hosts an identified volcanic massive sulphide ("VMS")
exploration target that is only approximately 20km from the existing plant
infrastructure at Runruno. Should exploration at Dupax discover an economic
resource, the mined ore could potentially extend ore processing operations at
Runruno after ore feed from the Runruno FTAA tenement (Financial and Technical
Assistance Agreement) winds down. The potential ore feed from Dupax could
utilise the existing Runruno process plant infrastructure that would be
re-purposed to accommodate a different type of ore feed. Any Dupax ore would
likely be processed into a combination of a saleable mixed metal concentrate,
plus a gold doré bar. The re-purposing of the Runruno plant to accommodate
ore from Dupax would likely require a construction period of 6-9 months. A 5km
section of the access road to the Dupax project area, via the southern entry
to Runruno, is currently under construction and, once completed, will
facilitate haulage access should economic ore be identified.

Figure 1: Dupax tenement location (orange) in reference to the Runruno mine
site within the Runruno FTAA (red) which is operated by FCF Minerals.

 

 

Figure 2: Dupax Project geological map showing recent rock chip sample results
and trenching results.

 

Figure 3: Trenching results taken across a 5 metre outcropping zone of
mineralisation within the historical Keon open pit mine.

 

Results from Recent Mapping, Soil and Rock Chip Sampling

In June 2025, Metals Exploration undertook an intensive campaign comprising
rock chip sampling and detailed mapping across the Dupax tenement. The primary
objective of the field programme was to refine the geological understanding
and target development ahead of planned drilling, building on historical
mapping in the area.

Generally, gold and base metal mineralisation at Dupax is hosted within a
silica-clay-pyrite dominant alteration zone that is developed at the contact
between an andesite hanging-wall and felsic volcaniclastic footwall that has
been mapped over an area of at least 1,000 x 200 metres (Figures 2 and 4).

 

Figure 4: Dupax Project geological map showing recent rock chip and trench
sampling results, and planned drillhole collar locations.

 

The tenor of mineralisation is unusually high, with recent trench sampling
returning grades of up to 3.92g/t Au, 7.50% Cu and 24.74% Zn (Figure 3). This
zone is exposed in the historical Keon open pit and mapping has shown that the
alteration halo is well developed in the adjacent host rocks. This zone is a
priority target for drill testing in the upcoming drill programme.

Planned Drill-hole Programme

An 11-hole, ca. 2,500 metres initial drill programme will commence in parallel
with the IP geophysical survey at Dupax. The drill programme is focussed
around the historical Keon open pit area where mineralisation has been mapped
over 1,000 x 200 metres and additionally aims to test three other nearby zones
of mineralisation and alteration defined from recent mapping.

The Company will expand the programme should the initial programme produce
favourable outcomes. The drill programme will also be enhanced following
completion of the IP survey once geophysical modelling has been undertaken. It
is expected that this work will identify additional targets and there is
potential for extensional and repeat high-grade VMS structures throughout the
tenement.

The initial drill programme is anticipated to be a six to eight week campaign
with assays (to be processed at the Runruno laboratory) to be reported
progressively during the campaign.

.

Figure 5: Access track and drill pad construction has commenced at Dupax.

 

IP Survey

A geophysical contractor has been engaged to undertake an IP survey over the
Dupax Project which is being undertaken to help identify sulphide-rich
mineralisation below or adjacent to the strong multi-element (Au-Cu-Zn) rock
chip and trenching anomalies that the Company already identified.

Deeper targets arising from mineralisation that may not have an expression at
surface may also be defined.

The acquisition of IP data is expected to be completed by the end of July
2025. The data will then be processed and integrated with geological and
geochemistry data so that additional drill targets can be prioritised.

 

Figure 6: Planned Dupax IP survey map

 

The Company looks forward to updating shareholders as on the results of the IP
geophysical survey and exploration drilling once drill core assays become
available.

 

For further information, please contact or visit:

 Metals Exploration PLC
 Via BlytheRay                                 +44 (0) 207 138 3204

 Nominated & Financial Adviser:                STRAND HANSON LIMITED
 James Spinney, James Dance, Rob Patrick       +44 (0) 207 409 3494
 Joint Broker:                                 HANNAM & PARTNERS
 Matt Hasson, Franck Nganou                    +44 (0) 207 907 8500

 Joint Broker:                                 PANMURE LIBERIUM
 Scott Mathison, Amrit Mahbubani, Zak Wadud    +44 (0) 20 3100 2000

 Public Relations:                             BLYTHERAY
 Megan Ray, Said Izagaren                      +44 (0) 207 138 3204

 

Web:                www.metalsexploration.com
(http://www.metalsexploration.com)

X:                     @MTLexploration
(https://twitter.com/MTLexploration)

LinkedIn:           Metals Exploration
(https://www.linkedin.com/company/metals-exploration-plc)

 

 

 

 

 

Competent Person's Statement

 

Mr Maxwell Donald Tuesley, BSc (Hons) Economic Geology, a member of the
Australasian Institute of Mining and Metallurgy (No 111470  and employee of
the Company, has compiled, read and approved the technical disclosure in
relation to the projects in this regulatory announcement in accordance with
the AIM Rules - Note for Mining and Oil & Gas Companies.

 

Forward Looking Statements

 

Certain statements relating to the estimated or expected future production,
operating results, cash flows and costs and financial condition of Metals
Explorations, planned work at the Company's projects and the expected results
of such work contained herein are forward-looking statements which are based
on current expectations, estimates and projections about the potential returns
of the Group, industry and markets in which the Group operates in, the
Directors' beliefs and assumptions made by the Directors. Forward-looking
statements are statements that are not historical facts and are generally, but
not always, identified by words such as the following: "expects", "plans",
"anticipates", "forecasts", "believes", "intends", "estimates", "projects",
"assumes", "potential" or variations of such words and similar expressions.
Forward-looking statements also include reference to events or conditions that
will, would, may, could or should occur. Information concerning exploration
results and mineral reserve and resource estimates may also be deemed to be
forward-looking statements, as it constitutes a prediction of what might be
found to be present when and if a project is actually developed.

 

These statements are not guarantees of future performance or the ability to
identify and consummate investments and involve certain risks, uncertainties
and assumptions that are difficult to predict, qualify or quantify. Among the
factors that could cause actual results or projections to differ materially
include, without limitation: uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable terms;
changes in planned work resulting from logistical, technical or other factors;
the possibility that results of work will not fulfil projections/expectations
and realize the perceived potential of the Company's projects; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of environmental issues at the Company's
projects; the possibility of cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of
gold and other risks and uncertainties.

 

The Company expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward looking statements contained herein to
reflect any change in the Group's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statements are
based unless required to do so by applicable law or the AIM Rules.

 

 

 

 

 

 

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