MetalsTech Limited: New high grade gold targets confirmed at Sturec
Highlights
- Regional mapping and rockchip sampling program has confirmed mineralisation intersected in historic drilling and identified exciting new drill targets at the 1.5Moz+ Sturec Gold Mine
- Rockchip results up to maximum values of 40.6g/t Au and 94.1g/t Ag
- Exploration focused on four main prospects outside the current Sturec Mineral Resource Estimate area (refer to MTC announcements dated 20 September 2021):
- Vratislav Prospect containing historic drill holes including:
- KG-V-7: 28.1m @ 6.3g/t Au & 8g/t Ag from 79.4m down hole using 0.3g/t Au cut-off;
- KG-V-6: 6.9m @ 2.5g/t Au from 111.6m down hole using 0.5g/t Au cut-off;
- 20 rockchip samples were taken from outcropping areas of which four were >2g/t Au and one >5g/t Au (6.4g/t Au & 50.7g/t Ag)
- Wolf Prospect containing historic drill holes including:
- KG-W-2: 10m @ 2.83g/t Au & 2.8g/t Ag from 58m down hole, 1g/t Au cut-off;
- AS134: 10m @ 2.05g/t Au & 58g/t Ag from 51m down hole, 0.3g/t Au cut-off;
- and 8m @ 2.35g/t Au & 11.0g/t Ag from 81.5m down hole, 1g/t Au cut-off;
- AS135: 5.5m @ 4.09g/t Au & 34.2g/t Ag from 30m down hole, 2g/t Au cut-off;
- AS136: 11m @ 4.17g/t Au & 19.8g/t Ag from 79m down hole, 1g/t Au cut-off;
- AS153: 8m @ 2.65g/t Au & 19.1g/t Ag from 60m down hole, 0.3g/t Au cut-off;
- and 5.8m @ 2.04g/t Au & 18.6g/t Ag from 95m down hole, 1g/t Au cut-off.
- Nineteen rockchip samples were taken from outcropping areas of which one was >2g/t Au and one >5g/t Au (40.6g/t Au & 57.5g/t Ag)
- Katerina Prospect containing historic drill holes including:
- KAT-7: 15.25m @ 6.77g/t Au & 3.8g/t Ag from 54m down hole, 0.3g/t Au cut-off;
- incl. 4.05m @ 24.7g/t Au & 10.7g/t Ag from 62.1m down hole, 1g/t Au cut-off;
- KAT-9: 17m @ 1.88g/t Au & 2.6g/t Ag from 267m down hole, 0.5g/t Au cut-off;
- incl. 11m @ 2.56g/t Au & 2.3g/t Ag from 267m down hole, 1g/t Au cut-off
- Eight rockchip samples were taken from outcropping areas of which four were >2g/t Au
- Volle Henne Prospect: Eight rockchip samples were taken from outcropping areas of which two were >1g/t Au and one >2g/t Au (3.53g/t Au & 12.6g/t Ag)
Cautionary Note: The above intersections are historic drill holes and further drilling needs to be completed to determine their significance including true thickness, angle to the mineralised zone relative to drill hole.
MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to inform stakeholders of assay results of the Mining Licence wide, mapping and rockchip exploration program completed at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec) during Q4 2021. The aim of this survey was to confirm historic high-grade drill intersections and identify drill ready targets outside of the existing Sturec Mineral Resource Estimate area (refer to MTC announcement dated 21 June 2021) for the purpose of executing further resource expansion drilling.
Commenting on the high grade target zones, MetalsTech Director, Gino D’Anna stated:
“Sturec boasts incredible prospectivity outside of the existing resource area and our recent exploration efforts combined with historic drilling results confirm that the Vratislav, Wolf and Katerina prospects are drill ready high grade targets. We are applying for the necessary permits to expand our drilling efforts to include these exciting regional targets which could be a source of significant growth to our gold and silver resource base.”
REGIONAL PROSPECTS
Vratislav Prospect
The Vratislav Prospect is located approximately 150 metres to the north and along strike of the Updated 2021 Sturec Mineral Resource Estimate area. This area has been drilled by previous exploration companies including Argosy Mining Corporation in 1996-1997 (2 Diamond core holes) and Tournigan Gold Corporation in 2004 (4 Diamond core holes).
Three major north-south veins have been identified at the Vratislav Prospect, which are all splays off the Schramen Vein (major structure in the Sturec Mineral Resource). The Schramen Vein is the eastern-most structure and the Schindler Vein the western-most splay, dipping back to the east at 40° to 50° and intersecting the Schramen Vein at depth. A second major vein, the Teich Vein, splays off the Schindler Vein in the Vratislav area. The Teich Vein is steeply dipping similar to the Schramen Vein in the Sturec Mineral Resource. The veins are surrounded by low-grade stockwork mineralization. From analysis of the historic drill results, it has been determined that a high-grade zone appears to be associated with the intersection between the Schindler and Teich veins. Further exploration drilling needs to be completed to understand the geometry of this high-grade mineralisation zone and whether or not it extents along strike/plunge.
This prospect was historically mined underground. Rockchip sample assay results combined with historic drill results, indicate that significant intervals of mineralisation that could be potentially economic remain and so further exploration drilling and underground mapping needs to be completed to understand the extent of the remaining mineralisation.
Wolf Prospect
The Wolf Prospect is located directly north of the Vratislav Prospect and along strike of the main mineralised veins. It is also 1.1 kilometres to the north and along strike of the Updated 2021 Sturec Mineral Resource Estimate area. This area was drilled by previous exploration companies including Argosy Mining Corporation in 1996-1997 (7 diamond core drill holes) and Tournigan Gold Corporation in 2004 (3 diamond core drill holes).
At Wolf, mineralisation has been intersected over 300m along strike and extends to about 100m depth. The mineralogy in this area is similar to Sturec, although considerably more silver-rich. The Wolf Prospect also contains a much larger amount of rhyolite dykes, which often intrude along the major, N-S trending structures and are variably overprinted by gold-silver mineralisation, especially where they run along the major structures that laterally contain the quartz vein mineralisation. As is the case at the Vratislav Zone, of particular interest in this area is the same intersection between the Schindler and Teich veins that produced the best drill result at the Vratislav Zone, which is interpreted to be below the current level of drilling.
A second sequence of veins at Wolf strike east-west, bisecting the rhyolite dike on the footwall of the Kirchberger Vein and projecting into andesite wallrock. Pits that exploited the veins in historic times become shallower to the west. Thin, sparse stockwork veins have also been observed within rhyolite.
This prospect was historically mined underground. Rockchip sample assay results combined with historic drill results, indicate that significant intervals of mineralisation that could be potentially economic remain and so further exploration drilling and underground mapping needs to be completed to understand the extent of the remaining mineralisation.
Katerina Prospect
The Katerina Prospect is located approximately 150 metres to the west but parallel to the Updated 2021 Sturec Mineral Resource Estimate area. This prospect was drilled by Argosy Mining Corporation in 1996-1997 (5 diamond core drill holes).
The Katarina Prospect has been observed to contain discrete, narrow (up to a few metres wide), quartz (±carbonate) veins. The veins strike in a north-northeast direction and appear to be near vertical or dipping steeply to the west. Geological mapping suggests that the vein system splays and weakens to the north and converging into larger structures in the south. Some diffuse stockwork mineralisation has been also been observed.
This prospect was historically mined underground. Rockchip sample assay results combined with historic drill results (refer to MTC announcement dated 20 September 2021), indicate that significant intervals of mineralisation that could be potentially economic remain and so further exploration drilling and underground mapping needs to be completed to understand the extent of the remaining mineralisation.
Volle Henne Prospect
The Volle Henne Prospect is located approximately 350m northwest of the Updated 2021 Sturec Mineral Resource Estimate area within a parallel structure. The Volle Henne Prospect is comprised of more than 30 veins with various directions and inclinations with in an area of approximately 250m x 250m. This prospect has not been the subject of historic drilling.
This prospect was historically mined underground from the Vaclav Adit. Rockchip sample assay results indicate that mineralisation of potentially economic grades remain and so further
ENDS
For further information, contact:
Gino D’Anna
Director
M +61 400 408 878
Nathan Ryan
Investor Relations
M +61 420 582 887
