MetalsTech Hits Record Intercept at Sturec Gold Mine

-          70m @ 9.23 g/t Au and 7.8 g/t Ag

-          including bonanza 1m @ 584 g/t Au and 333.0 g/t Ag

1 June 2021

Commenting on the drill program results, MetalsTech Chairman, Russell Moran stated:

“Our first diamond drilling campaign at Sturec has been nothing short of outstanding. We have hit visible gold in 9 out of 16 holes with bonanza hits in 11 out of 16 holes. We continue to hit thick high grade gold intersections as we step out from the existing 1Moz+ resource. We are eagerly awaiting what we hope will be a significant upgrade to the resource model over the next few weeks and look forward to updating stakeholders on this. Our recent $18 million deal signed with Lithium Royalty Corp, including a $6m cash payment to MetalsTech provides us with an opportunity to be more aggressive with our resource expansion drilling, which we will restart later this month. We could not ask for a better macro environment for the gold sector and we believe the timing for our planned scoping study later this year will be perfect. Your company is at the start of an exciting journey in 2021.”

Highlights

-          New record bonanza result of 1m @ 584g/t Au & 333g/t Ag from 41m down hole in last hole (UGA-16) of the Phase I drill program at the flagship Sturec Gold Mine in Slovakia

-          UGA-16 intersected 70m @ 9.23 g/t Au and 7.8 g/t Ag from 40m (0.5g/t Au cut-off, downhole thickness) within a broader zone of 126m @ 5.31 g/t Au and 7.3 g/t Ag from 1m (0.3 g/t Au cut-off, downhole thickness) and included high grade zones:

• 1m @ 584g/t Au & 333g/t Ag from 41m; and
• 2m @ 13.94g/t Au & 14.9g/t Ag from 106m (1g/t Au cut-off);

-          UGA-15 intersected 124m @ 1.47 g/t Au and 11.6 g/t Ag from 3m (0.3g/t Au cut-off, downhole thickness) including:

• 14m @ 2.70 g/t Au and 27.5 g/t Ag from 17m (1g/t Au cut-off);
• 3m @ 3.75 g/t Au and 9.5 g/t Ag from 52m (0.5g/t Au cut-off);
• 7m @ 7.97 g/t Au and 25.3 g/t Ag from 64m (1g/t Au cut-off); and
• 9m @ 3.77 g/t Au and 16.4 g/t Ag from 93m (0.5g/t Au cut-off);

-          UGA-14 intersected 108m @ 2.22 g/t Au and 7.6 g/t Ag from 26m (0.3g/t Au cut-off, downhole thickness) including:

• 63m @ 3.53 g/t Au and 9.6 g/t Ag from 71m (0.5g/t Au cut-off), including:
  • 42m @ 4.98 g/t Au and 11.9 g/t Ag from 91m (1g/t Au cut-off); and
  • 10m @ 16.98g/t Au and 26.4 g/t Ag from 95m (2g/t Au cut-off);

-          UGA-13 intersected 19m @ 4.25 g/t Au and 3.7 g/t Ag from 152m (0.3g/t Au cut-off, downhole thickness) including:

• 5m @ 14.90 g/t Au and 6.1 g/t Ag from 157m (0.5g/t Au cut-off); and

-          UGA-11 intersected 111m @ 0.96 g/t Au and 5.4 g/t Ag from 15m (0.2g/t Au cut-off, downhole thickness) including:

• 19m @ 4.23 g/t Au and 17.2 g/t Ag from 107m (1g/t Au cut-off), including:
  • 6m @ 8.39 g/t Au and 21.0 g/t Ag from 117m (3g/t Au cut-off);

-          UGA-08 intersected 137m @ 0.6 g/t Au and 1.2 g/t Ag from 0m (0.2g/t Au cut-off, downhole thickness), including:

• 15m @ 1.21 g/t Au and 13.0 g/t Ag from 0m (0.5g/t Au cut-off);
• 5m @ 1.22 g/t Au and 13.0 g/t Ag from 32m (0.5g/t Au cut-off);
• 5m @ 4.48g/t Au and 5.2 g/t Ag from 87m (0.3g/t Au cut-off);
• 5m @ 1.06g/t Au and 4.5 g/t Ag from 126m (0.3g/t Au cut-off); and
• 2m @ 1.22g/t Au and 2.7 g/t Ag from 135m (0.3g/t Au cut-off).

Cautionary Note: The above intersections (UGA-08, UGA-11, UGA-13, UGA-14, UGA-15 and UGA-16) are not a true thickness as the drill holes were drilled at an angle to the mineralised zone due to the location of the underground drill site relative to the target zone. Further drilling and 3D modelling is necessary to better constrain the interpretation.

NEAR TERM CATALYSTS

-          Significant resource upgrade of the existing Mineral Resource expected this month

-          Drilling to re-commence mid-June 2021

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to provide stakeholders with an update on its diamond drilling program at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec).  To date the Company has completed sixteen (16) diamond drill holes (Phase I) as part of the Company’s maiden underground drilling program from within the Andrej Adit. This signifies the end of the Phase I drilling program, with all assay results now received and analysed. This Phase I drill program has been designed to test for southern extensions to the high-grade plunging mineralisation zone outside the existing 1Moz+ Sturec Mineral Resource (see MTC Announcement dated 8 April 2020 “JORC 2012 Mineral Resource Estimate for Sturec Gold Mine”).

With the completion of the Phase I drilling program and receipt of all assay results, the Company will now focus on updating the current Sturec Mineral Resource with a view to announcing a significant resource upgrade during the current quarter.

These results will also be utilised in an updated underground mining study, which will directly feed into an underground scoping study. The Company is also completing an additional series of metallurgical testwork based on fresh drill core composites from the Phase I drilling program.

In addition, the Company is currently completing construction for the second drill chamber site with Phase II drilling to commence during mid-June 2021.  

The drill hole collar details are set out in Table 1 below.

Table 1: Drill Collar details

Discussion of Results

UGA-16

Drilling of UGA-16 was completed to a depth of 183.30m. UGA-16 was positioned above UGA-06, which intersected 70m @ 3.43 g/t Au and 14.7 g/t Ag from 33m (as announced by MTC on the 23 November 2020); and below UGA-12, which intersected 81m @ 1.90 g/t Au and 10.3 g/t Ag from 17m, including 35m @ 3.73 g/t Au and 11.6 g/t Ag from 63m (as announced by MTC on the 23 March 2021).

UGA-16 intersected 126m of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within argillic altered andesite host rock from approximately 1m to 127m down hole (*not true thickness).

Assay results from UGA-16 are interpreted to show a relatively continuous mineralised zone from 1m to 127m using a 0.3g/t Au cut-off). A summary of the significant intersections from UGA-16 are shown in Table 2 below.

UGA-15

Drilling of UGA-15 was completed to a depth of 134.40m. UGA-15 was positioned above UGA-12 which intersected 81m @ 1.90 g/t Au and 10.3 g/t Ag from 17m, including 35m @ 3.73 g/t Au and 11.6 g/t Ag from 63m (as announced by MTC on the 23 March 2021).

UGA-15 intersected 124m of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within argillic altered andesite host rock from approximately 3m to 127m down hole (*not true thickness).

Assay results from UGA-15 are interpreted to show a continuous mineralised zone from 3m to 127m using a 0.3g/t Au cut-off. A summary of the significant intersections from UGA-15 are shown in Table 2 below. In conjunction with UGA-12, this intersection has greatly increased thickness of the known mineralisation zone between UGA-06 and the extents of the current Sturec Mineral Resoure.

UGA-14

Drilling of UGA-14 was completed to a depth of 165.50m. UGA-14 was positioned above UGA-05, which intersected 32m @ 4.62 g/t Au and 17.5 g/t Ag from 70m (as announced by MTC on the 23 November 2020); and UGA-10, which intersected 60m @ 1.03 g/t Au and 5.2 g/t Ag from 83m (as announced by MTC on the 23 March 2021).

UGA-14 intersected multiple zones of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within argillic altered andesite host rock from approximately 26m to 134m down hole (*not true thickness).

Assay results from UGA-14 are interpreted to show a continuous mineralised zone from 26m to 134m using a 0.3g/t Au cut-off. A summary of the significant intersections from UGA-14 are shown in Table 2 below. This intersection has significantly increased the thickness of the known mineralisation zone above UGA-10 and UGA-05.

UGA-13

Drilling of UGA-13 was completed to a depth of 288.04m. UGA-13 was positioned drill further along strike/plunge from UGA-05, which intersected 32m @ 4.62 g/t Au and 17.5 g/t Ag from 70m (as announced by MTC on the 23 November 2020); and UGA-10, which intersected 60m @ 1.03 g/t Au and 5.2 g/t Ag from 83m (as announced by MTC on the 23 March 2021).

In detail, UGA-13 was planned to intersect the interpreted mineralised zone down dip approximately 25 metres from UGA-10 along the hangingwall of the interpreted mineralised zone and approximately 70m along the footwall margin.

UGA-13 intersected 19m of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within strongly argillic altered andesite host rock from approximately 152m to 171m down hole (*not true thickness).

UGA-11

Drilling of UGA-11 was completed to a depth of 250.80m. UGA-11 was positioned between UGA-04, which intersected 90m @ 3.88 g/t Au and 13.9 g/t Ag (as announced by MTC on the 16 November 2020) and UGA-06, which intersected 70m @ 3.43 g/t Au and 14.7 g/t Ag from 33m (as announced by MTC on the 8 December 2020).

UGA-11 intersected 111m of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within argillic altered andesite host rock from approximately 15m to 126m down hole (*not true thickness).

A summary of the significant intersections from UGA-11 are shown in Table 2 below.

UGA-08

Drilling of UGA-08 was completed to a depth of 151.10m. UGA-08 was positioned below UGA-04, which intersected 90m @ 3.88 g/t Au and 13.9 g/t Ag.

UGA-08 intersected 137m of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within strongly argillic altered andesite host rock from approximately 0m to 137m down hole (*not true thickness).

A summary of the significant intersections from UGA-08 are shown in Table 2 below.

Table 2: Significant intersections in UGA-16, UGA-15, UGA- 14, UGA-13, UGA-11 and UGA-08

ENDS

For further information, contact:

Russell Moran

Chairman

M +61 415 493 993

[email protected]

Nathan Ryan

Investor Relations

M +61 420 582 887

[email protected]

Gino D’Anna

Director

M +61 400 408 878

[email protected]

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.

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Quinton Hills Ph.D., M.Sc., B.Sc. Dr Hills is the technical advisor of MetalsTech Limited and is a member of the Australasian Institute of Mining and Metallurgy (No. 991225). Dr Hills has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Hills consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in the report to which this statement is attached that relates to Mineral Resources for the Sturec Gold Deposit is based on information compiled by Mr Chris Grove, who is a Member of The Australasian Institute of Mining and Metallurgy (No. 310106).  Mr Grove is a full-time employee of Measured Group Pty Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Grove consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.