Communicators
are winners!
News
![MetalsTech Limited](tl_files/logos/AU000000MTC4.gif)
Highlights
- Visible gold identified in UGA-10 at 135.00m to 135.10 downhole
- UGA-10 is positioned along plunge/strike to the south of UGA-05, which interesected 32m @ 4.62 g/t Au and 17.5 g/t Ag from 70m (as announced by MTC on 23 November 2020)
- Laboratory analysis of samples from UGA-10 will be “rush processed”
- UGA–11 is currently underway and is planned as a down dip step out of approximately 40 metres from UGA-04 along the hangingwall of the interpreted mineralised zone and approximately 80m along the footwall margin
- Lab assays for UGA-07, UGA-08 and UGA-09 expected soon
19 January 2021 - 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 135 to 135.1m was identified within quartz filled vein/ stockwork/ breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within strongly argillic altered andesite host rock from approximately 108 to 164.5m down hole (*not true thickness) in the drill core from hole UGA-10.
The gold between 135 and 135.1m is present as up to 0.5mm sized, disseminated blebs grouped together in 1-5mm wide accumulations (nests) on the rim of an approximately 10cm wide quartz-pyrite veinlet and is visually estimated to be at trace levels.
The drill hole collar details for UGA-06 and UGA-07 is set out in Table 1 below.
Drill hole name | Easting (m) | Northing (m) | RL (m) | Datum | Azi (°TN) | Dip (°) | Depth (m) |
UGA-10 | -435,852 | -1,230,204 | 656 | S-JTSK/ Krovak | 195 | -50 | 164.5m EOH |
UGA-11 | -435,852 | -1,230,204 | 656 | S-JTSK/ Krovak | 340 | -85 |
|
Table 1: Drill Collar details
Note: With respect to any visible gold or visual indications observed in UGA-10, it must be cautioned that visual observations and estimates are uncertain in nature and should not be taken as a substitute for appropriate laboratory analysis. Laboratory assay results will be reported when they are received and interpreted.
UGA-10
Drilling of UGA-10 has recently been completed to a depth of 164.50m. Drill hole UGA-10 was planned to intersect the mineralised zone between along plunge/strike to the south of UGA-05. In detail, UGA-10 is situated: approximately 5 metres along plunge/strike to the south from UGA-05 along the hangingwall of the interpreted mineralised zone; and approximately 25 metres along plunge/strike to the north from UGA-05 on along the footwall of the interpreted mineralised zone. As announced by MTC on the 23 November 2020, UGA-05 interesected 32m @ 4.62 g/t Au and 17.5 g/t Ag from 70m (0.3g/t Au cut-off, downhole thickness).
UGA-10 intersected approximately 56.5m (*not true thickness) of quartz filled vein / stockwork / breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within strongly argillic altered andesite host rock from approximately 108 to 164.5m down hole. The Company looks forward to providing an update on UGA-10 in the next few weeks as the core has been sampled and dispatched to the lab for “rush assay”.
Note: The 56.5m thick zone of quartz filled vein/ stockwork/ breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) observed in UGA-10 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.
UGA-11
Drilling of UGA-11 is underway. UGA-11 is planned to intersect the interpreted mineralised zone down dip approximately 30 metres from UGA-04 along the hangingwall of the interpreted mineralised zone and approximately 70m along the footwall margin. UGA-04 intersected 90m @ 3.88 g/t Au and 13.9 g/t Ag (as announced by MTC on 16 November 2020).
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
Background: Sturec Gold Mine
The Sturec Gold Mine is located in central Slovakia between the town of Kremnica and the village of LuÄky, 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.
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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
Newsletter...
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.