METALLUM Ltd, formerly Mining Group Ltd, has scaled down activities at its Comval Copper-Gold Project in line with its new strategy to focus on the El Roble Copper Project in Chile given that project high-grade, near-term production potential. The company is undertaking care and maintenance at Comval, working with local communities to ensure ongoing support for any future activities by the company.
Late last year the company, through its 80%-owned Filipino subsidiary Argusan Metals Corp, submitted renewal documents to the Mines and Geosciences Bureau in the Philippines for the renewal for a further two years of an exploration permit covering Comval. The renewal process may take up to 12 months with the company maintaining its rights to explore the property as per the existing exploration permit conditions.
The company has retained its community relations personnel on site and continues to work with the local communities.
The Comval project is in the established copper and gold producing region of the Compostela Valley. It consists of two exploration permits covering an area of 4310 hectares, which are prospective for copper and gold.
A number of major copper and gold deposits occur within the same geological district, and the project has potential for large-scale copper gold porphyry mineralization and high-grade epithermal gold mineralization. It is within the East Mindanao Ridge, which is a world-class copper/gold province that hosts major deposits such as King-king (St Augustine - 5 billion pounds of copper and 10.3 million ounces of gold), Dilwalwal (Philippines Mining Development Corp - 10 million ounces of gold) and Co-O (Medusa Mining - 2.5 million ounces of gold).
During the second half of 2013 the company made a major strategic change by signing an agreement to purchase its first project in Chile, El Roble, which met the criteria of high-grade, near-surface mineralization with potential to achieve near-term cash flows by leveraging off the location of the project between three copper toll treatment plants, and generate near-term cash flows with a very low capital expenditure.
Mining Group listed on the ASX on July 1, 2011, but then changed its name to Metallum Limited on June 16, 2014. The company believes the new name better reflects it activities of acquiring and developing copper and gold projects around the world, with a focus on Chile.
Metallum also has interest in the Boorara and Teutonic projects in Western Australia. It has an option to acquire up to a 70% interest in both projects.