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Philippine Metals Inc.
ProjectsTaurus
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Project Overview

The Taurus-Suhi Massive Sulphide Project is Philippine Metals initial property of merit for its planned listing on a recognized stock exchange. It is located within the municipalities of Alang-Alang, Santa Fe, Palo and Tacloban City within the Province of Leyte, Philippines. The mining tenement covers a range of low-lying mountains of up to 530 meters in elevation, which form an elongated ridge directly west and north of Tacloban. The property is 9,895 contiguous hectares and contains an ophiolite hosted massive copper sulphide belt with historic direct shipping production from six mines (Palo, Taurus-Kambalantong, Bacagay-Suhi, Caibaan, San Miguel-Boboa and Cabalawan).

The tenement area was explored by trenching, pitting and aditing from 1969 to 1970 by Minero Chemical Corporation and Taurus Minerals and Oils Corporation.

Several adits and open cuts expose abundant massive sulphide containing predominantly pyrite and chalcopyrite. The main trend of the steeply dipping mineralized zone is approximately 30 degrees west of north and the mineralization appears to be in excess of 30 meters wide where exposed. No drilling is known to have ever occurred on this property and the last exploration was done more than 40 years ago.

Structurally, the claim area is extensively faulted with major steeply dipping normal fault structures trending 30 degrees west of north and paralleling the Philippine Fault, which runs adjacent to and through the property. These structures are strongly mineralized with massive sulphide and sulphide breccia and have been traced for distances exceeding 18 kilometers. Intense shearing and brecciation are characteristic of the mineralized fault zones, which appear to be steeply dipping extensional breaks. The average breccia clast size is about half-fist size and creates an excellent mineralizing environment. Crosscutting fissure breaks trending approximately 90 degrees from the trend of the major structures are often filled with two- to three-meter massive chalcopyrite veins, which are present both within the major structures and in the surrounding rocks. Some of these structures in the area have been traced for up to 1.5 kilometers.

Prominent gossans occur above the sulphide areas and these are the main indicator of ore in the area. Previous operators have experienced that gossans ultimately lead to ore when trenched. Crosscutting structures trending around 60 degrees host higher grade fissure veins up to a few meters in width and up to 1.5 kilometers along the strike. The best targets for high-grade mineralization are the intersections of these fault structures. Initial work has shown that ore grade material is widespread but drill exploration is required.

The Exploration Permit (EP) for the Taurus property has been approved and an NI 43-101 report has been filed with SEDAR and the exchange. Philippine Metals will conduct a tenement scale geologic mapping program in conjunction with soil and rock sampling and trenching programs. The company plans to also conduct airborne magnetometer and electromagnetic surveys over the entire tenement, and definition drilling of previously mined areas and exploration drilling of new targets.

A regional stream sediment sampling was launched in the early part of August 2011 over the whole Taurus / Suhi exploration permit areas with the main objective of identifying the mineralization types as well as to delineate the mineralized zones within the area. Stream sediments represent the best composite of materials from the catchment basin and can be very useful in the recognition of geochemical or mineralogical anomalies that could lead to find a mineral deposit.

The whole exploration permit areas having a total area of 9,896 hectares will be covered by stream sediment sampling. Approximately 200 stream sediment samples, representing an average of 1 sample per 0.50 square kilometer, will be collected within the drainage basin of the Taurus / Suhi areas. The sediment samples will be taken at a depth of about 25 to 30 cm from the active streams, wet --sieved into minus 80 mesh size sediment fractions until about 300 grams of fine sediments were collected. The sieved sediment samples are dried and will be submitted to an internationally recognized laboratory. The collected samples will be analyzed for Au by Fire Assay and AAS Finish and using geochemical analysis by ICP on 17 elements as follows:Ag, Bi, Sn, Mo, Ba,As, Cu, Pb, Zn, Cd, Ni, Mn, Co, Cr, Fe, Sr, Ti.

The result of geochemical analysis will be statistically treated to determine the background and anomalous values.

Philippine Metals now owns 100 percent of both the Taurus and Suhi Projects.

On December 21, 2010, the Company announced that it had commenced a 1,440 line km airborne EM/Mag survey on its Taurus Project. The airborne survey was completed in early January 2011 and the Company has reviewed the final digitized output from the survey. The initial results of the survey highlighted some areas that may warrant further evaluation however did not reveal the results anticipated by the Company. The Company has now reviewed all the ground and airborne geophysical data as well as the ground sampling and mapping data. Currently work includes having field crews onsite doing mapping, trenching & sampling over historic mining sites and regional stream sediment sampling to cover entire 9,896 ha. Approximately 200 stream sediment samples are to be collected.

Corporate Strategy

The Company is in discussions with other groups regarding joint venture opportunities as the project does have potential for smaller tonnage high grade material that can be feed source to existing mills in the area.