Metals Exploration (LSE:MTL), the mine development and exploration company, has entered a series of agreements that grant it exclusive rights to explore, develop and operate the 440-hectare Batong Buhay porphyry copper-gold project in Kalinga Province, Northern Luzon.
The company said it has received approvals from the indigenous community via an Indigenous Peoples' Order and has support from the Philippine Mining Development Corporation, enabling exploration to begin immediately and a drill programme to be anticipated in H2 2026.
"Following extensive due diligence, it is the company's view that the Batong Buhay Project is one of the best, undeveloped advanced porphyry copper-gold targets in the Philippines," Darren Bowden, Chief Executive Officer, said.
Batong Buhay contains at least two porphyries, Dickson and Maalinao North.
The company highlighted historical surface drilling of 21 holes returned notable intercepts, including DDH-6A 160.93m at 0.92% Cu and 0.60 g/t Au, DDH-10 182.88m at 0.73% Cu and 0.36 g/t Au, and DDH-02 at Maalinao North 198.12m at 1.15% Cu and 0.10 g/t Au.
A historical, non-JORC resource at Dickson of 86.9 Mt at 0.60% Cu and 0.25 g/t Au is reported, with a reported high-grade core ~220m diameter averaging 1.43% Cu and 1.33 g/t Au.
Pre-drilling programmes will include a LiDAR survey, drone magnetic and radiometric surveys, detailed mapping, rock-chip sampling and regional soil geochemistry, with results to be modelled to design the drill programme and the MGB to finalise Exploration Permit EXPA-079.
The project vehicle, Faratuk Exploration and Mining Corporation, is 80% owned by a Metals Exploration subsidiary and 20% held free-carried by the Balatoc (Kalinga) Tribe, and financial terms include a 2% NSR royalty for the first ten years rising to 3% thereafter, a PHP50 million signing fee, annual PHP10 million commitment fee, BKTI 1% gross output royalty and a five-year exploration commitment of PHP1 billion.
