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MetalsTech Limited 20.04.2021

MetalsTech Limited: Visible Gold Identified in UGA-16 Drill Core

 

Highlights

 

-          Visible gold has been identified in UGA-16 during core cutting and sampling at 41.4m downhole

-          UGA–16 was completed to a depth of 183.3m and is an infill drill hole situated between UGA-03, which intersected 59m @ 2.3 g/t Au & 9.4 g/t Ag from 225m; and UGA-06, which interesected 70m @ 3.43 g/t Au and 14.7 g/t Ag from 33m

-          Assay results for UGA-08, UGA-11, UGA-13 and UGA-14 are expected to be received shortly

-          Now that drilling at UGA-16 has been finished the Company will move the drill rig along strike to the new drill site within the Andrej Adit to continue drilling

-          Planning and engineering completed to enable the Company to construct additional exploration roadways, including an extension to the main Adrej Adit and an additional exploration roadway to the eastthis will enable multiple drill rig access and capability and enable an enlarged exploration campaign to be completed

 

MetalsTech Limited (ASX: MTC) (MTC or the Company) 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). During detailed geological logging and sampling, visible gold at 41.4m was identified within quartz filled vein/stockwork/ breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within variably argillic altered andesite host rock from approximately 0m to 157.6m down hole (*not true thickness) in the drill core from hole UGA-16.

 

The visible gold at 41.4m is present as less than 1mm sized, disseminated blebs that locally form up to 1.5cm wide nests within a ~5cm wide, drusy, fine grained, white to grey chalcedonic quartz-pyrite filled vein/stockwork zone and is visually estimated to be at trace levels.

 

The drill hole collar details for UGA-16 is set out in Table 1 below.

 

Drill hole name

Easting (m)

Northing (m)

RL (m)

Datum

Azimuth (°TN)

Dip (°)

EOH

Depth (m)

UGA-16

-435,852

-1,230,204

656

S-JTSK/ Krovak

000/360

-60

183.3

 

 

 

 

 

 

 

Table 1: Drill Collar details

 

UGA-16

 

UGA–16 was completed to a depth of 183.3m. UGA-16 was positioned as an infill drill hole situated between UGA-03, which intersected 59m @ 2.3 g/t Au & 9.4 g/t Ag from 225m; and UGA-06, which interesected 70m @ 3.43 g/t Au and 14.7 g/t Ag from 33m.

 

UGA-16 intersected approximately 157.6m (*not true thickness) of variably argillic altered andesite host rock containing varying amounts of quartz filled vein / stockwork / breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) from approximately 0 to 157.6m down hole. The Company looks forward to providing an update on UGA-16 in the next few weeks as the core has already been sampled and dispatched to the lab.

 

Note: The 157.6m thick zone of variably argillic altered andesite host rock containing varying amounts of quartz filled vein / stockwork / breccia, variably rich in fine to very fine grained sulphides (mainly pyrite) observed in UGA-16 is a geological observation of non-economic minerals that are possibly associated with gold. However, this is not a visual estimate as there is no way to visually estimate the gold content of this potentially mineralised zone. Laboratory assay results will be reported when they are received and interpreted.

 

 

ENDS

 

 

For further information, contact:

 

Russell Moran

Chairman

M +61 415 493 993

russell@metalstech.net

 

Nathan Ryan

Investor Relations

M +61 420 582 887

nathan.ryan@nwrcommunications.com.au

 

Gino D’Anna

Director

M +61 400 408 878

gino@metalstech.net

 

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.

 

Background: Sturec Gold Mine

 

The Sturec Gold Mine is located in central Slovakia between the town of Kremnica and the village of Lučky, 17km west of central Slovakia's largest city, Banská Bystrica, and 150km northeast of the capital, Bratislava.

 

Sturec is a low sulphidation epithermal system and contains a total Mineral Resource of 21.2Mt @ 1.50 g/t Au and 11.6 g/t Ag (1.59g/t AuEq) using a 0.4g/t Au cut-off and within an optimised open pit, containing 1,026,000 ounces of gold and 7,944,000 ounces of silver (1,086,000 ounces of gold equivalent) in accordance with JORC (2012). An additional 388,000 tonnes at 3.45 g/t Au and 21.6 g/t Ag (3.60g/t AuEq) outside the optimised open pit contains an additional 43,000 ounces of gold and 270,000 ounces of silver (45,000 ounces of gold equivalent), reported in accordance with JORC (2012).

 

Mineral Resource Estimate – Sturec Gold Mine

Sturec Mineral Resource Estimate

Resource Estimate above 0.40 g/t Au cut-off and within an optimised open pit shell

Resource Category

Tonnes (kt)

Density (t/m3)

Au (g/t)

Ag (g/t)

AuEq1 (g/t)

Au (koz)

Ag (koz)

AuEq1

(koz)

Measured

3,000

2.17

1.69

13.5

1.79

161

1291

171

Indicated

11,200

2.24

1.79

14.9

1.90

643

5373

685

Measured + Indicated

14,200

2.23

1.77

14.6

1.87

804

6664

856

Inferred

7,000

2.33

0.97

5.6

1.01

222

1280

230

TOTAL

21,200

2.26

1.50

11.6

1.59

1026

7944

1086

Resource Estimate above 2.85 g/t Au cut-off: outside optimised open pit shell

Resource Category

Tonnes (kt)

Density (t/m3)

Au (g/t)

Ag (g/t)

AuEq1 (g/t)

Au (koz)

Ag (koz)

AuEq1 (koz)

Measured

-

-

-

-

-

-

-

-

Indicated

114

2.28

3.39

25.6

3.57

12

94

13

Measured + Indicated

114

2.28

3.39

25.6

3.57

12

94

13

Inferred

274

2.34

3.47

19.9

3.61

31

176

32

TOTAL

388

2.34

3.45

21.6

3.60

43

270

45

 AuEq g/t = ((Au g/t grade*Met. Rec.*Au price/g) + (Ag g/t grade*Met. Rec.*Ag price/g)) / (Met. Rec.*Au price/g)

Long term Forecast Gold and Silver Price USD/oz (source: World Bank, JP Morgan): $1,500 and $20 respectively.

Gold And silver recovery from the 2014 Thiosulphate metallurgical test work: 90.5% and 48.9% respectively.

It is the Company’s opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.

 

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