Communicators

Highlights

-          UGA-02 completed at a depth of 293.46m with excellent core recovery averaging > 95% with samples to be sent to the laboratory for gold and multi-element assay

-          UGA-03 currently underway and planning to intersect the Schramen Vein (main focus of historic mining) at ~150m down hole, where it is interpreted to bend to the west and thicken

-          Current drill program designed to intersect and define the target zone at between 60-80m along strike/plunge from STOR 3.11 which intersected:

• 89.0m @ 6.9g/t Au and 23.6g/t Ag from 114m to 203m down hole (~65m true thickness) using a 3g/t Au cut-off
  • within a broader intersection of
• 137.3m @ 4.6g/t Au and 16.5g/t Ag from 67.7m to 205m down hole (~100m true thickness) using a 0.3g/t Au cut-off

CAUTIONARY NOTE: The mineralisation intersection quoted above is from a historic drill hole and there is no certainty that mineralisation will continue to the area intersected by the current drilling.

-          Proposed exploration roadway development at the Andrej Adit designed to:

• facilitate faster drilling by providing access for multiple drill rigs
• allow optimise orientation for infill drilling over target zone
• provide vital infrstructure for future underground gold mining
• accelerate resource expansion efforts

Commenting on the drilling and proposed development activities, MetalsTech Chairman, Russell Moran stated:

“Our geos both on the ground and back here in Australia are doing an excellent job as we look to chase our high grade target down plunge. The proposed roadway developments will allow us to hit our target zone from multiple angles with multiple rigs and accelerate resource expansion efforts. They will double as vital infrastructure for future gold production from underground mining.”

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to provide shareholders with an update on its diamond drilling program at the Company’s 100%-owned Sturec Gold Mine, located in Slovakia (Sturec).

Drilling Update

The first hole of MTC’s diamond drilling program, UGA-01 was completed to a depth of 346.05m with excellent core recovery (average > 95%). The collar details of the holes from the current drill program are shown in Table 1. To date, the Company has sent 161 samples (including 6 QA/QC samples) from UGA-01 to the laboratory with a further 106 samples (including 13 QA/QC samples) from UGA-01 currently being prepared, which will be sent to the laboratory shortly. Therefore, a total of 267 samples will be submitted from UGA-01 which will enable accurate characterisation of the mineralisation within the hole across the various vein sets which were intersected.

The second hole, UGA-02 was completed at a depth of 293.46m, also with excellent core recovery (average > 95%). Sampling of UGA-02 is nearly completed and the Company will be sending those samples to the laboratory for gold and multi-element assay shortly. To date, the Company has prepared a total of 145 samples, including 16 QA/QC samples.

Drilling of UGA-03 in currently underway.

Table 1: Drill Collar details

Current Drill Program Planning

The current diamond drill program has been designed to test a previously unexplored area along strike/plunge to the south of the existing JORC (2012) Mineral Resource at Sturec. The area targeted so far is interpreted to be approximately 60-80m along plunge from STOR 3.11, which intersected 89.0m @ 6.9g/t Au and 23.6g/t Ag from 114m to 203m down hole (~65m true thickness) using a 3g/t Au cut-off within a broader intersection of 137.3m @ 4.6g/t Au and 16.5g/t Ag from 67.7m to 205m down hole (~100m true thickness) using a 0.3g/t Au cut-off.

Refer to ASX Announcement dated 21 April 2020 and titled “MetalsTech Targets High Grade Gold Zone”.

Diamond drill holes UGA-01 and UGA-02 were designed to intersect the mineralised vein sets that sit outside of the main Schramen Vein in an attempt to capture those mineralised zones for inclusion in the updated mineral resource. The Company has been successful in intersecting a significant number of veins outside the current JORC (2012) Mineral Resource, and located in areas that are outside of the historical mining areas, therefore being previous unexplored areas.

This is important as it has highlighted the potential for grade and size of the surrounding vein sets outside of the main Schramen Vein, providing the Company with further encouragement that Sturec boasts significant exploration upside, beyond the current strike/plunge extensions that are being targeted through this current drilling campaign.

The Company has now changed the orientation of the drilling with UGA-03 designed to intersect the Schramen Vein (main focus of historic mining) at ~150m down hole, where it is interpreted to bend to the west and thicken. This area is approximately 60m along the Schramen Vein from where STOR3.11 intersected this mineralised structure. The interpreted thickening of the Schramen Vein is important for the Company as these “kinking” structures can be indicative of a potential accumulation of gold mineralisation, which if successful, will greatly increase the size of the resource in this area. 

Infill Drill Program Planning

In order to facilitate faster drilling from multiple orientations and to facilitate infill drilling into the previously unexplored area along strike/plunge to the south of the existing JORC (2012) Mineral Resource at Sturec (subject to drilling success), the Company is planning to extend the current Andrej Adit (Figure 3) with a series of additional underground roadway developments off the main Andrej Adit roadway, where diamond drilling is currently based.

The planned underground roadway developments within the Andrej Adit will initially include up to three exploration adits (trending east-west) into the hangingwall, and if successful, the Company will add additional east-west trending underground roadways, as well as extend the main Andrej adit itself, which will allow for multiple drill rigs to be in operation simultaneously, thereby accelerating drilling and allowing the Company to drill the interpreted extensions to the mineralisation at an angle closer to perpendicular.

These additional extensions and exploration roadway developments from within the Andrej Adit will also support future mining activities and provide additional sites from which the Company will be able to access fresh ore for more advanced metallurgical studies, including additional gravity and flotation studies, to support an underground gold mining scoping study.

Opening access within the Andrej Adit will provide the Company with a low-cost opportunity to scale up the exploration at Sturec as the Company progresses towards the delineation of a potentially high-grade economic underground gold mine.

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.

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.

ASX Listing Rules Compliance

In preparing this announcement dated 15 September 2020, the Company has relied on the announcements previously made by the Company. The Company confirms that it is not aware of any new information or data that materially affects those announcements previously made, or that would materially affect the Company from relying on those announcements for the purpose of this announcement dated 15 September 2020.