MetalsTech Limited: Continuous High Grade Mineralisation Intersected at Sturec Gold Mine
(firmenpresse) - ** 70m (at) 3.43 g/t Au and 14.7 g/t Ag **
* Bonanza grades up to 77.7 g/t Au *
8 December 2020
Highlights
- UGA-06 intersected a thick, continuous mineralized zone of 70m (at) 3.43 g/t Au and 14.7 g/t Ag from 33m (0.3g/t Au cut-off, downhole thickness) including multiple high grade zones:
- 4m (at) 6.62 g/t Au and 22.1 g/t Ag from 36m (2g/t Au cut-off);
- 8m (at) 8.55 g/t Au and 22.5 g/t Ag from 56m (2g/t Au cut-off);
- 5m (at) 4.81 g/t Au and 36.4 g/t Ag from 75m (2g/t Au cut-off);
- 4m (at) 22.81 g/t Au and 37.4 g/t Ag from 98m (2g/t Au cut-off); and
- 1m (at) 77.7 g/t Au and 120.0 g/t Ag from 98m
- UGA-06 is positioned between UGA-04, which intersected 90m (at) 3.88 g/t Au and 13.9 g/t Ag (as announced by MTC on the 16 November 2020) and the current Sturec Mineral Resource
- The assay results of UGA-04, UGA-05 and now UGA-06 presents strong evidence that the high grade mineralisation continues from the current Sturec Mineral Resource >150m along strike to the south
- UGA-07 has been completed to a depth of 130.00m and represents 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
- UGA-08 is currently underway
Commenting on the results for UGA-06, MetalsTech Chairman, Russell Moran stated:
We have continued to hit thick continuous zones of high grade gold mineralisation as we continue to step out from the existing one million ounce resource at Sturec. We have demonstrated excellent growth potential along strike where the mineralisation continues to be open in all directions. The next set of holes has been designed to test the down dip extension which will provide us a better understanding of just how quickly this resource could scale up.
MetalsTech Limited (ASX: MTC) (the Company or MTC) 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). To date the Company has completed seven diamond drill holes as part of the Companys maiden underground drilling program from within the Andrej Adit. The current drilling program has been designed to test for southern extensions to the high-grade plunging mineralisation zone within the existing Sturec Mineral Resource.
Drilling Assay Results from UGA-06
Drilling of UGA-06 was completed to a depth of 116.50m. UGA-06 was positioned between UGA-04, which intersected 90m (at) 3.88 g/t Au and 13.9 g/t Ag (as announced by MTC on the 16 November 2020) and the current Sturec Mineral Resource; to confirm the continuity of the interpreted mineralised zone between UGA-04 and the current Sturec Mineral Resource bounday.
In detail, UGA-06 is situated approximately 10 metres along strike to the north from UGA-04 and 20 metres down dip 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 along the footwall of the interpreted mineralised zone.
UGA-06 intersected 71.5m of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within strongly argillic altered andesite host rock from approximately 33m to 104.5m down hole (*not true thickness).
Assay results from UGA-06 are interpreted to show a continuous mineralised zone from 33m to 103m using a 0.3g/t Au cut-off. A summary of the significant intersections from UGA-06 are shown in Table 2 below.
Hole Width Au g/tAg g/tFrom To Cut-off (%) and
(m) (m) (m) dilution
(Do
wn
hole
depth
)
(Down (Down
hole hole
depth depth
) )
UGA-0670.00 (at) 3.43 14.7 33.00 103.000.3g/t Au cut-off and
max. 6m internal
dilution
including
4.00 (at) 6.62 22.1 36.00 40.00 2g/t Au cut-off and no
internal
dilution
and
8.00 (at) 8.55 22.5 56.00 64.00 2g/t Au cut-off and 1m
internal
dilution
and
5.00 (at) 4.81 36.4 75.00 80.00 2g/t Au cut-off and 3m
internal
dilution
and
4.00 (at) 22.81 37.4 98.00 102.002g/t Au cut-off and no
internal
dilution
including
1.00 (at) 77.7 120.0 98.00 99.00
Table 2: Significant intersections in UGA - 06
Drilling Update: UGA-07
Drilling of UGA-07 was completed to a depth of 130.00m. UGA-07 was planned to intersect the interpreted mineralised zone down dip approximately 30 metres from UGA-06 (which intersected 70m (at) 3.43 g/t Au and 14.7 g/t Ag from 33m) along the hangingwall of the interpreted mineralised zone and approximately 70m along the footwall margin.
UGA-08
Drilling of UGA-08 is currently underway. UGA-08 was planned to intersect the interpreted mineralised zone down dip approximately 30 metres from UGA-04 (which intersected 90m (at) 3.88 g/t Au and 13.9 g/t Ag, as announced by MTC on the 16 November 2020) along the hangingwall of the interpreted mineralised zone and approximately 70 metres 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.
Background: Sturec Gold Mine
The Sturec Gold Mine is located in central Slovakia between the town of Kremnica and the village of Luky, 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 (at) 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 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: 08.12.2020 - 06:49 Uhr
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