Exploration upside

Potential for Runruno mine expansion

2020 saw the first time since production commenced that Metals Exploration management had funds available to undertake exploration works on the Runruno license with the view to potential expansion of the Runruno resource and also generate additional exploration targets. Runruno license is an area with clear resource expansion and exploration potential on a number of fronts:
  • Mount Tumatawa prospect: The prospect located on the south west end of Metals Exploration’s exploration license and represents a large multi element (Au/Ag/Cu) geochemical anomaly and a strong geophysical signature. Following an intensive mapping over the prospect, drill targets have been identified with first drilling to take place in 2021 with two holes totalling 1,100 metres. Geochemical signature suggests that this is a relatively deep target.
  • Kori Kura prospect: A prospect similar to Mount Tumawata, but at an earlier stage of study. A soil sampling program over Kuri Kara is currently taking place to identify drill targets. Geochemical sampling is currently taking place.
  • Malilibeg South: This area contains the inferred resource from historical drilling. The geometry of the resource is not suitable for open pit mining and the focus of future drilling is to search for higher gold grades at depth that may be suitable for underground mining.

In addition, the Runruno license contains further targets identified through geophysics. There is a possibility be a porphyry related origin to the Runruno mineralization with possible un-mineralized epithermal with strong magnetic anomalies identified at depth.