Multiple Occurrences of Visible Gold Identified in UGA-06 Drill Core
(firmenpresse) - 18 November 2020
Highlights
- Multiple occurrences of visible gold identified in UGA-06 at:
o 40.5m downhole
o 61.9 to 62.4m downhole
o 98.0 to 100.0m downhole
- Laboratory analysis of samples from UGA-05 and UGA-06 rush processed - assay results expected soon
- UGA-06 is positioned between UGA-03 and UGA-04
- UGA-07 is currently underway and is planned as a down dip step out of approximately 30 metres from UGA-06 along the hangingwall of the interpreted mineralised zone and approximately 70m along the footwall margin
MetalsTech Limited (ASX: MTC | FRA:MT1) (MTC or the Company) is pleased to provide stakeholders with an update on its diamond drilling program at the Companys 100%-owned Sturec Gold Mine, located in Slovakia (Sturec). During detailed geological logging and sampling, multiple occurrences of visible gold at 40.5m, 61.9-62.4m and 98-100m were 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 36.5m to 104.5m down hole (*not true thickness) in the drill core from hole UGA-06.
The gold at 40.5m is present as up to 1mm sized, disseminated blebs on the rim of an approximately 3cm wide quartz-pyrite veinlet and is visually estimated to be at trace levels.
The gold between 61.9-62.4m is present as up to 0.5mm sized, disseminated blebs associated with pyrite in banded to drusy, fine grained, white, grey to dark grey chalcedonic quartz and is visually estimated to be at trace levels.
Traces of visible gold were also identified between 98-100m downhole in UGA-06. The gold is present as less than 1mm sized, disseminated blebs and is associated with disseminated pyrite and is associated with banded to drusy, fine grained, white, grey to dark grey chalcedonic quartz.
The drill hole collar details for UGA-06 and UGA-07 is set out in Table 1 below.
Drill EastinNorthinRL Datum Azi Dip (Depth
hole g g (m ( °) (m)
name ( ( ) °TN)
m) m)
UGA-06 -435,8-1,230,656S-JTSK/ 344 -60 116.50
52 204 Krovak EOH
UGA-07 -435,8-1,230,656S-JTSK/ 355 -70
52 204 Krovak
Table 1: Drill Collar details
Note: With respect to any visible gold or visual indications observed in UGA-06, 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-06
Drilling of UGA-06 has recently been completed to a depth of 116.50m. Drill hole UGA-06 was planned to intersect the mineralised zone between UGA-03 and UGA-04 (Figure 7 and 8). In detail, UGA-06 is situated: approximately 10 metres along strike to the north from UGA-04 and 20 metres down dip on along the hangingwall of the interpreted mineralised zone; and approximately 50 metres along strike to the north from UGA-04 and 20 metres down dip on along the footwall of the interpreted mineralised zone. As announced by MTC on the 16 November 2020, UGA-04 interesected 90m (at) 3.88 g/t Au and 13.9 g/t Ag from 0m (0.3g/t Au cut-off, downhole thickness).
UGA-06 intersected approximately 68m (*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 36.5m to 104.5m down hole (Figure 9 and 10).The Company looks forward to providing an update on UGA-06 in the next few weeks as the core has been sampled and dispatched to the lab for rush assay.
Note: The 68m thick zone of quartz filled vein/ stockwork/ breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) observed in UGA-06 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-07
Drilling of UGA-07 is underway. UGA-07 is planned to intersect the interpreted mineralised zone down dip approximately 30 metres from UGA-06 along the hangingwall of the interpreted mineralised zone and approximately 70m along the footwall margin.
ENDS
For further information, contact:
Russell Moran
Chairman
M +61 415 493 993
russell(at)metalstech.net
Nathan Ryan
Investor Relations
M +61 420 582 887
nathan.ryan(at)nwrcommunications.com.au
Gino DAnna
Director
M +61 400 408 878
gino(at)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 Companys 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 companys 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.
Sturec Mineral Resource Estimate
Resource Estimate above 0.40 g/t Au cut-off and within an
optimised open pit shell
Resource TonnesDensitAu Ag AuEq1 Au (koAg (koAuEq1
Category (kt) y (g/t (g/t(g/t) z z
(t/m ) ) ) )
3)
(koz)
Measured 3,0002.17 1.69 13.5 1.79 161 1291 171
Indicated 11,202.24 1.79 14.9 1.90 643 5373 685
0
Measured 14,202.23 1.77 14.6 1.87 804 6664 856
+ 0
Indicated
Inferred 7,0002.33 0.97 5.6 1.01 222 1280 230
TOTAL 21,202.26 1.50 11.6 1.59 1026 7944 1086
0
Resource Estimate above 2.85 g/t Au cut-off: outside
optimised open pit
shell
Resource TonnesDensitAu Ag AuEq1 Au (koAg (koAuEq1
Category (kt) y (g/t (g/t(g/t) z z (
(t/m ) ) ) ) koz)
3)
Measured - - - - - - - -
Indicated 114 2.28 3.39 25.6 3.57 12 94 13
Measured 114 2.28 3.39 25.6 3.57 12 94 13
+
Indicated
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 Companys 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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Datum: 18.11.2020 - 04:47 Uhr
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