Metals Exploration Granted Dupax Exploration Licence, Commences Surveys and Drilling
Why we think this is neutral
This RNS announcement is about the grant of an exploration licence and the commencement of geophysical surveys and drilling at the Dupax project. While this is positive news for the company's exploration activities, it does not contain any of the mandatory news types that would warrant a stronger sentiment score.
Key Points
- Metals Exploration granted exploration licence over Dupax project area in the Philippines
- Commenced Induced Polarisation ground geophysics survey and 2,500 metre drilling programme
- Dupax project located 20km southwest of the company's existing Runruno ore processing facility
Summary
Metals Exploration plc (AIM: MTL) has been granted an exploration licence over the Dupax project area in Northern Luzon, Philippines, where it has commenced an Induced Polarisation ground geophysics survey and will shortly commence a 2,500 metre drill programme. The newly granted tenement covers approximately 3,100 hectares approximately 20 kilometres southwest of the company's existing Runruno ore processing facility. The company plans to use the IP survey data to identify targets for the initial 2,500 metre drilling programme.