Philippine Metals Inc. ("Philippine Metals" or the "Company") (TSX
VENTURE: PHI)(FRANKFURT: PM7) is pleased to announce that it has
completed a ground geophysical induced polarization (IP) survey
over the Kambalantong-Malayahay corridor (see news release dated
June 7, 2010) on the Taurus Project. Elliott Geophysics
International Pty. Ltd. ("Elliot Geophysics") based in Cannington,
Australia who conducted the ground survey was tasked to complete
further data analysis and 3D modeling.
Philippine Metals has now received the results from Elliot
Geophysics. The modeling and pseudo sections indicate several
anomalous areas of interest untested in the subsurface and sited
within the Kambalantong-Malayahay corridor:
1. The Buen Suerte zone:
The 3D modeling of the IP geophysics shows a globular 400 m wide
(on NW direction) by 300 m long (on NE direction) chargeability
body (greater than 20 mSec), which correlates with an outcropping
gossaniferrous-disseminated sulphide bearing zone traversed by
moderately spaced, sub-parallel to ladder shape, from 0.3 m to as
wide as 14 m, massive sulphide bearing structures trending 330
degree with steep to moderately gentle east dips. These potentially
ore-bearing structures, as currently disclosed, are open at depth.
The Buen Suerte zone is the location of several historic
underground production tunnels mined near surface for a few tens of
meters with the potential ore-shoots left open at depth.
2. The Malayahay zone:
The Malayahay zone is represented by a metal factor anomaly of
at least 700 m long by 150 m wide using a metal factor of greater
than 150 mSec/ohm-m. Metal factor anomalies represent high
chargeability zones with attendant resistivity lows. Unlike Buen
Suerte, the structural fabric of the greater than 2.0% Cu bearing
cross structures in Malayahay has yet to be determined, thus drill
holes will be inclined both on the 50 degree and 230 degree
azimuths as it is expected that the mineralization will be a
combination of west dipping 330 degree trends, and north dipping 90
degree trends representing both feeders to the massive sulphides
(stockwork stringer zones) and the massive sulphide mineralization
itself. The Malayahay zone is represented on surface by an
extensive NNW (330 degrees) trending gossaniferrous body (from L900
extending across L1600 in Malayahay) that was disclosed by several
trenches, test pits, development tunnels and adits sited, mapped
and sampled within the area. Assay and XRF results of the samples
show elevated copper content.
Drill Progam
A drill program designed to test these anomalies has now been
initiated using Indodrill Philippines Inc. ("Indodrill") out of
Clark Airforce Base, Philippines. Indodrill has now mobilized to
the Taurus Project area and has begun drilling.
Drilling in the identified areas within the
Kambalantong-Malayahay corridor will initially require ten drill
holes totaling 1,550 m with a further seven contingent holes
totaling 1,200 m (2,750 m total).
Two other recently identified work areas, which have been the
subject of extensive mapping and sampling, include the Salvacion
Project area located immediately southeast of
Kambalantong-Malayahay, and the Suhi Area where a historical
inventory from two strike and dip persistent veins was quoted to
have a non NI 43-101 compliant inferred resource inventory of 2.02
million tonnes with a grade of 2% - 3% Cu (Zerda, 1974(1)).
Two priority drill holes are planned in Salvacion area for 100 m
and 80 m respectively, while for the Suhi Area, an initial
high-priority drill hole of 125 m and a contingent drill hole of
130 m are also planned to be drilled.
Overall the drilling program consists of:
------------------------------------------------------------
Status Number of Holes Meters
------------------------------------------------------------
Priority Drill Holes 13 1,855
------------------------------------------------------------
Contingent Holes 8 1,330
------------------------------------------------------------
Total 21 3,185
------------------------------------------------------------
Philippine Metals' current exploration activity is initially
focusing on one of several corridors of copper occurrences within
the 9,895 hectare Taurus Project. The Company is still finalizing
the logistics of a region-wide airborne geophysical survey over the
entire Taurus Project and anticipates that several additional
targets will be identified for further exploration and
drilling.
The Taurus Project is located in central Philippines on the
island of Leyte. The project consolidates for the first time a
large ophiolitic copper province, which comprises the eastern
portion of Leyte. Philippine Metals is testing this historically
prolific copper area for the first time using modern exploration
techniques. Leyte is the location of one of East Asia's largest
copper smelters, the PASAR copper smelter, located on the west side
of the island.
"This is an exciting time for Philippine Metals," stated Feisal
Somji, CEO of Philippine Metals, "as we are now initiating our
first drilling program in the Philippines. The geophysical survey
results reveals several chargeability and total metal factor
anomalies, which strongly correlates with both the surface mapping,
trenching and sampling conducted recently by the Company, and the
historical underground workings in the two targeted mining areas.
The Company will now test these anomalies and, if successful, has
the capital to expand the drilling program."
Malitao Update
The Exploration Permit Application ("EPA") process for the
Malitao Project is still ongoing. The Company has been advised that
a formal objection to the EPA has been filed during the permitting
process. Under the provisions of an EPA as defined in the
Philippines Mining Act, any person (including companies) has the
ability to file an objection to an EPA. The filing of an objection
is facilitated under the normal course of an EPA process whereby a
person can claim to have overlapping rights to an area, which is
handled through a dispute mechanism comprising the Panel of
Arbitrators of the regional Mines and Geosciences Bureau (the
"Panel"). The basis of the objection has been previously ruled upon
by the Panel in a separate objection last year and at that time the
Panel rejected the objection. Philippine Metals believes that this
latest objection filed on the Malitao EPA is without merit. The
Company is confident that the EPA will be granted in favor of
Philippine Metals upon completion of the review by the Panel. The
Company will provide a further update when it is formally advised
of the timing of the Panel's review.
Investor Relations Update
Philippine Metals wishes to announce that on September 15, 2010
it entered into an investor relations agreement with Marc Andrews
of San Francisco, California (the "Agreement").
Mr. Andrews possesses an extensive background in the investment
industry, which includes investor relations and corporate
communications consultant positions for public and private
companies in the energy and mining sectors. Mr. Andrews will
leverage his knowledge of and experience with the US investment
community and market to enhance Philippine Metals' investor
awareness, share liquidity, brand and story.
The Agreement has a term of 12-months with a 30-day termination
clause after the initial six months, pursuant to which Mr. Andrews
will provide investor relations services to the Company including
the development of investor relations strategies relating to
advertising programs and investor awareness and fostering broker
and analyst interest in Philippine Metals' activities. As
compensation for his services, Mr. Andrews will receive a retainer
fee of USD$4,000 per month, reimbursement for related expenses and
70,000 options to purchase common shares in the capital of
Philippine Metals pursuant to the terms of Philippine Metals' stock
option plan with an exercise price of CAD$0.45 per common
share.
Background information concerning the Taurus Project set out in
this news release has been summarized from, and is qualified in its
entirety by a report on the Taurus Project dated October 22, 2009
(the "Technical Report"). The Technical Report was prepared in
accordance with NI 43-101 and a copy is available under the
Company's SEDAR profile at www.sedar.com.
(1) Zerda, Rafael R. 1974: Report on the Verification and
Geological Appraisal of the Leyte Base Metal Copper Claims at
Barrio Suhi, Tacloban City in connection with their application for
licensing and Listing in the Securities Exchange Commission. Report
for the Director, thru the Chief geologist, Bureau of Mines,
Manila. Internal report submitted to the Director of Mines,
Manila.
William Dynes P Geol, is the qualified person, as defined in NI
43-101, whom has reviewed and verified the scientific and technical
disclosures contained in this press release.
About Philippine Metals Inc.
Philippine Metals Inc. is focused on the exploration, discovery
and development of highly prospective copper and copper-gold
deposits in the Philippines. Based on the region's geological
environment, the company's management team recognizes the country's
potential for hosting large, world-class deposits of copper and
copper-gold.
The Company's initial projects, Taurus, Malitao and Dilong, are
examples of management's ability to source quality, highly
prospective targets. The management team combines strong financial
capabilities with world-class experience in mineral exploration,
discovery and mine development.
ON BEHALF OF THE BOARD OF PHILIPPINE METALS INC.
Feisal Somji, Chief Executive Officer
This news release contains forward-looking information including
but not limited to comments regarding the timing and content of
upcoming work programs, geological interpretations and potential
mineral recovery. Forward-looking information includes disclosure
regarding possible future events, conditions or results of
operations that is based on assumptions about future economic
conditions and courses of action, and therefore, involves inherent
risks and uncertainties. When used in this news release. The words
"estimated", "plan", "anticipated", "expected", "intend", believe",
and similar expressions are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievement
expressed or implied by such forward-looking statements. For any
forward-looking information given, management has assumed that the
analytical results it has received are reliable, and has applied
geological interpretation methodologies which are consistent with
industry standards. Although management has a reasonable basis for
the conclusions drawn, there can be no assurance that
forward-looking statements will prove to be accurate and actual
results may differ materially from those currently anticipated in
such statements. Forward-looking statements included in this news
release are made as of the date of this press release and the
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Philippine Metals Inc. Marshall Farris President &
Director 604.684.4743 ext. 222 403.398.0693 (FAX)
marshall@philippinemetals.com www.philippinemetals.com Ascenta
Capital Partners Inc. Jamie Mathers Investor Relations 604.684.4743
ext. 236 or 866.684.4209 Jamie@ascentacapital.com
Philippine Metals (TSXV:PHI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Philippine Metals (TSXV:PHI)
Historical Stock Chart
From Oct 2023 to Oct 2024