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Highlights
- Planning for Stage I diamond drilling program finalised at Sturec Gold Mine
- Proposed drill holes to focus on high grade mineralisation down dip / plunge of the existing high grade zones
- Target zone will test area adjacent to drill hole STOR 3.11 which intersected:
- 89.0m @ 6.9g/t Au and 23.6g/t Ag from 114m to 203m 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 using a 0.3g/t Au cut-off
- STOR 3.11 is included within the recently announced JORC 2012 Mineral Resource Estimate for Sturec Gold Mine and is situated 70 metres from the boundary
Commenting on the drilling strategy and target zone, MetalsTech Technical Advisor, Dr Quinton Hills stated:
“Chasing the potential for high grade mineralisation down plunge of drill hole STOR 3.11 is currently our best chance of expanding the existing resource at Sturec. This drill hole demonstrates outstanding exploration potential and has led us to a target zone that has not been previously been drilled nor has it been the subject of historical mining.
MetalsTech Limited (ASX: MTC | FRA.MT1) (the Company or MTC) is pleased to announce it has finalised the planning and design of its Stage I diamond drilling program for the Sturec Gold Mine located in Slovakia. The drilling strategy which is expected to consist of an initial drill program of approximately 3,000m will test a previously unexplored area adjacent and down dip / plunge of the existing mineral resource at Sturec. At the core of the geological thesis is the potential relevance of drill hole STOR 3.11, which intersected high grade mineralisation across a significant width.
STOR 3.11
STOR 3.11 was drilled by ARC Minerals Ltd in 2011 and intersected 89.0m @ 6.9g/t Au and 23.6g/t Ag from 114m to 203m 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 using a 0.3g/t Au cut-off. It was the last hole drilled on the project and eventhough the results confirmed that the high-grade zone with the Sturec Mineral Resource area continued to plunge towards the south, it was never followed up. STOR 3.11 is included within the recently announced JORC 2012 Mineral Resource Estimate for Sturec Gold Mine.
Drill Target Zone
While STOR 3.11 is included within the recently announced JORC 2012 Mineral Resource Estimate for Sturec Gold Mine, its close proximity to the boundary of the resource (70m) is interpreted to indicate there is excellent potential along plunge of this drill hole to locate further high-grade mineralisation outside the current Sturec Mineral Resource. Drill holes to test this interpretation have been planned and the Company is currently preparing the required documentation for the drill permit applications.
Re-commencement of Mining at Andrej Adit
A metallurgical sampling program for thiosulphate-based gold extraction technology test work is due to commence shortly using ore from the current mining operation at the Andrej Adit at Sturec.
The Company is currently engaged in discussions with a nearby gold producer to determine potential interim processing solutions, including toll treatment options for the production of a gold concentrate which could present a near term source of cash flow.
We look forward to updating stakeholders on both the mining activities at the Andrej Adit, metallurgical test work and receipt of the necessary drill permits in the near term.
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.
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