High Grade Extension Discovered at Sturec Gold Mine

ID: 1561889
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(businesspress24) - Highlights

- UGA-03 intersected a thick continuous mineralized zone of 59m (at) 2.3 g/t Au & 9.4 g/t Ag from 225m (0.3g/t Au cut-off, downhole thickness) including:

o 31.61m (at) 3.76 g/t Au & 11 g/t Ag from 248m (0.5g/t Au cut-off)
o 24m (at) 4.74 g/t Au & 13.4 g/t Ag from 252m (1g/t Au cut-off)
o 15m (at) 6.70 g/t Au & 15.3 g/t Au from 252m (2g/t Au cut-off)
o 7m (at) 11.65 g/t Au & 24.7 g/t Ag from 252m (5g/t Au cut-off)

- UGA-03 was completed at 287.25m and the high grade intersection is believed to represent an extension of the Schramen Vein which was the main vein for historic production (~1.5Moz) and that which underpins the current 1,026,000 ounce JORC (2012) Mineral Resource at Sturec

- Mineralisation remains open down hole as the drill hole ended within the Schramen Vein and was only stopped due to drilling difficulties associated with intersecting an historic mining void

- UGA-03 intersected the mineralised zone approximately 40m down dip and 20m along strike from where STOR 3.11 intersected this mineralised structure

- The high grade results for UGA-03 potentially bode well for UGA-04 which was recently completed having reached its target depth of 140.90m and is due to be cut and sampled shortly - analysis of the drill core samples for UGA-04 are expected to be rush processed by the laboratory and the Company is hoping to provide shareholders with an update on UGA-04 in the next few days

- UGA-05 is currently underway and represents a step out from UGA-04

Commenting on the discovery, MetalsTech Chairman, Russell Moran stated:
Completion of UGA-01 and UGA-02 assisted us in orienting the dip and plunge of the Schramen Vein allowing us to better control and predict this target zone. The UGA-03 intersected the targeted Schramen Vein as we hoped being an extension of the main high grade zone at Sturec. The targeted Schramen Vein was key to the 1.5 million ounces of historic gold production, as well as our current 1 millon ounce existing mineral resource. We are excited to see what the UGA-04 delivers in the next few days, which is a planned step out of UGA-03. If we continue to hit grade as we move further along plunge in our step out and our geological thesis prevails, we may be looking at a potential resource upgrade sooner rather than later.

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to provide shareholders with an update on its diamond drilling program at the Companys 100%-owned Sturec Gold Mine, located in Slovakia (Sturec). To date the Companys maiden drilling program has consisted of four diamond drill holes from within the Andrej Adit, which were planned to test for extensions to the high-grade plunging zone within the existing Sturec Mineral Resource. UGA-01 and UGA-02 were pilot holes that enabled the success of drill hole UGA-03, which has intersected high grade gold mineralisation approximately 20m along strike and 40m down dip of STOR3.11, the closest historic drill hole in this area. The drill hole collar details are set out in Table 1 below.

The Company is now able to target this high-grade mineralisation zone with more confidence as we continue to step out and potentially grow our resource at Sturec.

Drill EastinNorthiRL Datum Azi Dip (EOH
hole g ng (m) ( °) Depth
name ( ( °TN) (m)
m) m)
UGA-01-435,8-1,230656 S-JTSK/ 017 -53 346.05
52 ,204 Krovak

UGA-0-435,8-1,230656 S-JTSK/ 022 -46 293.46
2 52 ,204 Krovak

UGA-03-435,8-1,230656 S-JTSK/ 007 -45 287.25
52 ,204 Krovak

UGA-04-435,8-1,230656 S-JTSK/ 297 -80 140.90
52 ,204 Krovak

Table 1: Drill Collar details

Drilling Assay Results: UGA-03

UGA-03 was completed at a depth of 287.25m with excellent core recovery (average 95%). UGA-03 intersected moderate quartz stockworks and associated alteration at 225m through to 266m. Then from 266m to 287.25m (EOH), UGA-03 intersected the Schramen Vein zone, which was the main focus of historic mining. At 285.52m to 286.25m, a historic mining void with some backfill (small adit) was intersected. Then at 287.25m another mining void was intersected and the drillers were unable to continue the hole. The mineralisation intersected by UGA-03 remains open down hole. Examples of the quartz vein structures and style of alteration within the mineralised zone intersected in UGA-03 are shown in Figure 1.

Assay results from UGA-03 are interpreted to show a continuous mineralised zone from 225m to 287.25m (EOH). Over this interval, the drill hole intersected 59m (at) 2.3g/t Au & 9.4g/t Ag from 225m using a 0.3g/t Au cut-off (downhole thickness); including 24m (at) 4.74g/t Au & 13.4g/t Ag from 252m using a 0.5g/t Au cut-off (downhole thickness) or 15m (at) 6.7g/t Au & 15.3g/t Au from 252m using a 2g/t Au cut-off (downhole thickness). A summary of the significant intersections from UGA-03 are shown in Table 2 below. The lower gold grade, larger intervals have been selected using a gold cut-off grade similar to the cut-off grade utilised for the Sturec Gold Project JORC 2012 Mineral Resource. While the higher gold grade, shorter intervals have been selected utilising incrementally increasing gold cut-off grades in order to demonstrate the mineralisation at a range of gold cut-off grades, which may utilised in the future if the mineralisation needs to be high graded in order to support feasibility studies.

Hole Width Au Ag From To (m) Cut-off (%)
(m) g/t g/t (m)

hole (Down (Down
depth) hole hole
depth) depth)

UGA-0359.00 (at) 2.279.4 225.00 284.00 0.3g/t Au
and max. 3m
including a

31.61 (at) 3.7611.0 248.00 279.61 0.5g/t Au
and max. 2m

24.00 (at) 4.7413.4 252.00 276.00 1g/t Au
and max. 3m

15.00 (at) 6.7015.3 252.00 267.00 2g/t Au
and max. 3m

7.00 (at) 11.624.7 260.00 267.00 5g/t Au
5 cut-off
nd max. 1m

Table 2: Significant intersections in UGA - 03

UGA-03 intersected the Schramen Vein Zone approximately 40m down dip and 20m along strike from where STOR3.11 intersected this mineralised structure. However, the drill hole was planned at an acute angle to the mineralised zone due to location of the underground drill site relative to the target zone. This meant that UGA-03 was drilled almost perpendicular to STOR 3.11.

UGA-03 passes close (within 5 metres) to the outside the mineral resource on its footwall margin at its southernmost extent. This is interpreted to indicate that the mineralisation bends to the west in this area. As UGA-03 is outside the current mineral resource there is a good potential that the mineral resource in this area will increase however, further drilling is necessary to confirm this potential.

Orientation Holes: UGA-01 and UGA-02

The first drill hole, UGA-01 was completed to a depth of 346.05m and the second hole, UGA-02 was completed at a depth of 293.46m, both with excellent core recovery (average > 95%).

Diamond drill holes UGA-01 and UGA-02 intersected multiple mineralised zones outside of the main Schramen Vein, however their purpose was primarily in orienting the Schramen Vein which was intersected in UGA-03 and is the target of future drill holes.

The best zones in UGA-01 included (downhole thicknesses): 10m (at) 1.47g/t Au & 9.7g/t Ag from 234m (using 0.5g/t Au cut-off); and 16m (at) 0.76g/t Au & 4.1g/t Ag from 206 (using 0.3g/t Au cut-off), including 6m (at) 1.32g/t Au & 6.3g/t Ag from 216m (using 0.5g/t Au cut-off).

The best zones in UGA-02 include (downhole thicknesses): 26m (at) 1.2g/t Au & 5.8g/t Ag from 111m (using 0.5g/t Au cut-off), including 7m (at) 1.6g/t Au & 4.3g/t Ag from 111m and 6m (at) 1.5g/t Au & 10.8g/t Ag from 124m (using 1g/t Au cut-off); and 15m (at) 1.16g/t Au & 3.5g/t Ag from 168m (using 0.5g/t Au cut-off), including 5m (at) 1.93g/t Au & 4.6g/t Ag from 171m(using 1g/t Au cut-off).

Drilling Update: UGA-04
Drilling of UGA-04 has recently been completed at 140.90m. Drill hole UGA-04 was planned to extend the mineralised zone from UGA-03 over 100m along strike to the south.

The Company looks forward to providing an update on UGA-04 in the next few days as core is due to be cut and sampled shortly. Analysis of the drill core samples for UGA-04 are expected to be rush processed by the laboratory and the Company is hoping to provide shareholders with an update on UGA-04 in the next few days.

UGA-05 is already underway.


For further information, contact:

Russell Moran
M +61 415 493 993
russell(at)metalstech.net ----

Nathan Ryan
Investor Relations
M +61 420 582 887

Gino DAnna
M +61 400 408 878

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Date: 10/30/2020 - 08:48
Language: English
News-ID 1561889
Character count: 11175
Firma: MetalsTech Limited
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Stadt: Wien


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