MetalsTech Limited: Visible Gold Identified in UGA-07 and UGA-12 Drill Core

ID: 1565139
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- Visible gold has been identified in UGA-07 at 68.8m downhole following a re-sampling program completed as a result of further investigation and analysis of drill core assay results
o UGA-07 represents a down dip step out of approximately 20 metres from UGA-06, which interesected 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 50m along the footwall of the mineralised zone
- Visible gold has been identified in UGA-12 at between 95.10 to 95.20m downhole during core cutting
o UGA-12 is positioned along plunge/strike to the north of UGA-06 by approximately 30 metres along the footwall of the mineralised zone
- Laboratory analysis of samples from UGA-12 will be rush processed
- Assay results for UGA-07, UGA-08 and UGA-09 have been delayed due to the need to sample further intervals
- Assay results for UGA-10, UGA-11 and UGA-12 are expected to be received shortly
- UGA-13 is currently underway and is planned as an along plunge/strike extension drill hole
- The Company will be drilling an additional 3-4 drill holes from the current drill site before moving the drill rig along strike to continue drilling
- Planning and engineering in final stages to enable the Company to construct additional exploration roadways, including an extension to the main Adrej Adit and an additional exploration roadway to the west - this will enable multiple drill rig access and capability and enable an enlarged exploration campaign to be completed


MetalsTech Limited (ASX: MTC) (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, visible gold at 95.1 to 95.2m 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 17m to 102m down hole (*not true thickness) in the drill core from hole UGA-12.



The gold is present as less than 0.5mm sized, disseminated blebs within a drusy, fine grained, white to grey chalcedonic quartz vein between 95.1m to 95.20m quartz-pyrite veinlet and is visually estimated to be at trace levels.

In conjunction with the visible gold observed in UGA-12, visible gold was also identified in UGA-07 at 68.8m following a re-sampling program completed as a result of further investigation and analysis of drill core assay results.. The gold is also present as less than 0.5mm sized, disseminated blebs within a thin 3-4cm wide zone of drusy, fine grained, white chalcedonic quartz-pyrite veinlet and is visually estimated to be at trace levels.

The drill hole collar details for UGA-12 and UGA-13 is set out in Table 1 below.
Drill EastinNorthinRL Datum Azi Dip (Depth
hole g g (m ( °) (m)
name ( ( ) °TN)
m) m)
UGA-12 -435,8-1,230,656S-JTSK/ 350 -50 106.00m
52 204 Krovak EOH

UGA-13 -435,8-1,230,656S-JTSK/ 185 -30
52 204 Krovak

Table 1: Drill Collar details

UGA-12
Drilling of UGA-12 has recently been completed to a depth of 106m. Drill hole UGA-12 was planned to intersect the mineralised zone along plunge/strike to the north of UGA-06. In detail, UGA-12 is situated: approximately 5 metres along plunge/strike to the north from UGA-06 along the hangingwall of the interpreted mineralised zone; and approximately 25 metres along plunge/strike to the north from UGA-06 on the footwall of the interpreted mineralised zone. UGA-06 interesected 70m (at) 3.43 g/t Au and 14.7 g/t Ag from 33m (0.3g/t Au cut-off, downhole thickness).

UGA-12 intersected approximately 85m (*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 17 to 102m down hole. The Company looks forward to providing an update on UGA-12 in the next few weeks as the core has been sampled and dispatched to the lab for rush assay.

UGA-13
Drilling of UGA-13 is currently underway. UGA-13 is planned to intersect the interpreted mineralised zone along the plunge to the south of UGA-05. UGA-05 interesected 32m (at) 4.62 g/t Au and 17.5 g/t Ag from 70m (0.3g/t Au cut-off, downhole thickness).

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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Date: 03/01/2021 - 04:31
Language: English
News-ID 1565139
Character count: 8905
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Firma: MetalsTech Limited
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