MetalsTech Limited: Drilling Commences at the Sturec Gold Mine
Highlights
- Phase II Underground diamond drilling campaign from within the Andrej Adit at the Sturec Gold Mine has commenced from Drill Chamber 2, approximately 70m further south from Drill Chamber 1
- Drilling designed to increase extend the currently defined mineralisation zone further south and at depth
- Eight (8) diamond drill holes totalling approximately 1,500m have been designed with further drill holes to be planned as results are received
- The Phase II drilling campaign will build on the assay results from the southernmost drill holes from the Phase I drill program including (refer to MTC announcement dated 1 June 2021 titled “Metalstech Hits Record Intercept At Sturec Gold Mine”):
UGA-14 intersected a thick mineralized zone of 108m @ 2.22 g/t Au and 7.6 g/t Ag from 26m (0.3g/t Au cut-off, downhole thickness) including higher grade zones:- 63m @ 3.53 g/t Au and 9.6 g/t Ag from 71m (0.5g/t Au cut-off);
- Including 43m @ 4.88 g/t Au and 11.8 g/t Ag from 90m (0.5g/t Au cut-off);
- Including 26m @ 7.39g/t Au and 14.5 g/t Ag from 91m (1g/t Au cut-off);
- Including 10m @ 16.98g/t Au and 26.4 g/t Ag from 95m (2g/t Au cut-off);
UGA-13 intersected a thick mineralized zone of 19m @ 4.25 g/t Au and 3.7 g/t Ag from 152m (0.3g/t Au cut-off, downhole thickness) including multiple higher grade zones:- 5m @ 14.90 g/t Au and 6.1 g/t Ag from 157m (0.5g/t Au cut-off);
- 9m @ 3.77 g/t Au and 16.4 g/t Ag from 93m (0.5g/t Au cut-off)
Cautionary Note: These intersections are not a true thickness as the drill hole was drilled at an acute angle to the mineralised zone due to the location of the underground drill site relative to the target zone. Further drilling is necessary to better constrain the interpretation.
- Bara Consulting Limited has been engaged to complete a Scoping Study for the Sturec Gold Mine expected to be completed during Q4 of 2021
Commenting on the progress at Sturec, MetalsTech Chairman, Russell Moran stated:
“Phase I drilling yielded outstanding which led to a significant JORC resource upgrade to more than 1.5 million ounces of gold. This second underground drilling campaign will test the deposit’s growth potential both along strike and at depth. In addition to drilling, we have also initiated a regional exploration program outside of the core deposit area to follow up on a suite of high grade gold targets. The Sturec gold endowment has the potential to be world class and we look forward to providing shareholders with regular updates as we progress through this exploration campaign.”
MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to announce that the Phase II diamond drilling program has commenced at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec). The Phase II drill program is being undertaken from the recently completed Drill Chamber 2, which is situated 70m further south along the Andrej Adit from Drill Chamber 1, from where the Phase I drill program was completed.
The Phase II drilling program has been designed to continue to follow the currently defined, southernly trending/ plunging high-grade mineralisation further to the south. Drilling from Drill Chamber 2 into the currently defined high-grade mineralisation zone will also be completed with the aim of increasing the confidence of the geological interpretation.
Scoping Study Progress
The Company has recently engaged Bara Consulting Limited (UK) to complete the Scoping Study at the Sturec Gold Mine. The design basis of the scoping study is to demonstrate the future development of the project based on a bulk-tonnage underground gold mining operation. The production of a high-value gold concentrate will also be investigated which can then be sold to end users across Europe.
The Scoping Study is expected to be completed during Q4 of 2021.
Metallurgical Test Work Update
Feeding directly into the Scoping Study, the Company is also completing metallurgical testwork based on fresh drill core composites from the Phase I drilling program. The Company looks forward to updating shareholders in due course once the final results have been received.
ENDS
For further information, contact:
Russell Moran
Chairman
M +61 415 493 993
Nathan Ryan
Investor Relations
M +61 420 582 887
nathan.ryan@nwrcommunications.com.au
Gino D’Anna
Director
M +61 400 408 878
Caution Regarding Forward-Looking Information
This document contains forward-looking statements concerning MetalsTech. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of MetalsTech as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.