MetalsTech Limited: 1.54 Million Ounce Gold Mineral Resource Defined at Sturec
(firmenpresse) - Highlights
- Updated JORC (2012) Mineral Resource Estimate for Sturec including MTCs 2020-2021 drilling results:
o 38.5Mt (at) 1.23 g/t Au and 8.8 g/t Ag, containing 1.522Moz of gold and 10.93Moz of silver using a 0.26g/t Au cut-off and within an optimised open pit shell:
CutoffTonnesAu Ag ContainContaine
Grade ( Grade Gradeed d
Kton) (g/t) (g/t) Gold Silver
( (
Koz) Koz)
0.26 38,5001.23 8.8 1,522 10,930
0.5 28,7351.51 10.59 1,394 9,786
1 16,1642.13 14.29 1,107 7,428
2 6,103 3.27 19.55 641 3,837
3 2,472 4.56 22.03 362 1,751
4 1,103 5.97 23.82 212 845
5 634 7.10 25.32 145 516
o 148kt (at) 3.55 g/t Au and 12.6 g/t Ag containing 17koz of gold and 60koz of silver using a 2.00g/t Au cut-off (outside the optimised open pit shell) on an underground mining basis
- The Mineral Resource includes a higher grade subset of 6.25Mt (at) 3.27 g/t Au and 19.4 g/t Ag containing 658Koz of gold and 3.89Moz of silver using a cut-off grade of 2 g/t Au
- 44% increase on the previous Mineral Resource estimate for Sturec
- 93% of the Mineral Resource is in the Measured + Indicated categories
- Recent drilling by MTC which intersected a southerly plunging, high-grade mineralisation zone has significantly contributed to the increase in the size and confidence of the Mineral Resource
- Deposit is still open to the north and south along strike, as well as down-dip, indicating there is significant exploration upside and drilling will begin again in July 2021
- The Company is investigating the potential of a high grade and low impact bulk underground mining operation at Sturec focusing on the higher grade tonnes within the Mineral Resource and intends to commence a scoping study later this year
- Sturec mine has historically produced over 1.5Moz of gold and 6.7Moz of silver (refer to ASX Announcement dated 20 November 2019 and titled MetalsTech Signs Option to Acquire the Sturec Gold Mine)
Commenting on the Mineral Resource, MetalsTech Chairman Mr Russell Moran stated:
Sturec is proving to be a very generous ore body with tremendous resource growth potential. At over 1.5 million ounces of gold we are well on our way to proving up a world class gold deposit. We will deploy drilling equipment in the coming weeks as we look to further grow the resource base with step out drilling, as well as exploring some higher risk, high impact discovery drilling of some exciting targets regionally and at depth. This drilling will feed into a further resource update later in the year as well as a a maiden scoping study.
MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to announce it has completed an update to the existing JORC (2012) Mineral Resource on the Sturec Gold Project in Slovakia (Mineral Resource) to include the new high-grade, southerly plunging mineralisation zone targeted by our recently completed drill program. The Mineral Resource has been reported in accordance with JORC (2012) guidelines as 38.5Mt (at) 1.23 g/t Au and 8.8 g/t Ag (1.30g/t AuEq
), containing 1.522Moz of gold and 10.93Moz of silver (1.611Moz of gold equivalent) using a 0.26g/t Au cut-off within an optimised open pit shell; as well as 148kt (at) 3.55 g/t Au and 12.6 g/t Ag (3.64g/t AuEq1), containing 17koz of gold and 60koz of silver (18koz of gold equivalent) outside the optimised open pit shell on an underground mining basis.
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. It is covered by the Kremnica Mining Territory for 9.47 km2. Well paved roads and a network of old mining and forestry tracks service the project and there is an operating rail line to the town of Kremnica. High voltage power lines pass through the margins of the mining lease, and connection to the national grid is possible. A network of historic water storage impounds from the historic mining of the area would ensure adequate water supply.
Gold mining commenced at Sturec in the 8th century and historic production reportedly totals ~46,000kg (~1.5Moz) of gold and ~208,000kg (~6.7Moz) of silver. Production was mostly from underground mine workings but also some small open pits. Refer to ASX Announcement dated 20 November 2019 and titled MetalsTech Signs Option to Acquire the Sturec Gold Mine.
The Slovak Geological Survey carried out extensive exploration in the Sturec area from 1981 to 1987, including extensive adit and cross-cut development within the Sturec zone. The State-owned company, Rudne Bane, subsequently operated an open-pit mine at Sturec from 1987 to 1992 and produced 50,028t of ore averaging 1.54g/t Au. Further core and RC drilling was undertaken by Argosy Mining Corporation and Tournigan Gold Corporation (120 holes totalling 25,000m), before Ortac Resources acquiring the project in 2009.
Mineralisation and Exploration Potential
The Sturec deposit occurs in the southern part of the central First Vein System. It is continuously mineralised for 1,600m along a north-south strike, is typically 100 to 150m wide, generally dips steeply to the east and extends to a known depth of at least 300m. The deposit is composed of massive to sheeted quartz veins and is classified as a low-sulphidation epithermal Ag-Au deposit and is open to extension both at depth and along strike to the north and the south.
In the northern part of the deposit, a northeast-striking quartz vein system that joins with the main north-south striking vein system (Schramen Vein). This vein system projects southwest away from the Schramen Vein where it outcrops approximately 100m to the west. It then bends to the south and strikes parallel to the Schramen Vein. This vein system dips 40° to 55° east, re-joining with the Schramen Vein at depth.
Zones of stockwork gold mineralisation occur between the two principal veins and appear to plunge to the south. This plunging zone contains some of the highest-grade mineralisation within the deposit and is still open towards the south.
Numerous targets have been identified in addition to the existing Mineral Resource, which has the potential to increase provide resource expansion opportunities. These include the Vratislav and Wolf targets, which are located 1km and 2km, respectively, north along the continuation of the Kremnica vein structure and a large area of strongly clay and silica altered rhyolite, referred to as South Ridge, located south of the deposit, which is considered to be prospective for several styles of epithermal gold mineralisation.
Mineral Resource Estimation
The Company commissioned Measured Group Pty Ltd to prepare an updated Mineral Resource estimate for the Sturec Gold Mine under the guidelines of the JORC Code (2012). The Mineral Resource estimate was calculated using geological data supplied to Measured Group by the Company including channel sampling from adits, diamond drilling (from surface and underground), reverse circulation (RC) surface drilling and trenches. The available geological data includes all sample location details, drill hole surveys, drilling details, lithological data, density data and assay results. The geological data used to support the 2021 Mineral Resource estimate contains 245 drill holes for a total of 57,089m. The details of all the drill holes used are given in Appendix A and B. The geological data supplied by the Company is the primary source for all such information and was used by the Competent Person to estimate mineral resources. The Competent Person undertook consistency checks between the database and original data sources, as well as routine internal checks of the data validity including spot checks and the use of validation tools. No material inconsistencies were identified, and the data was deemed satisfactory for mineral resource estimation purposes.
Documentation of the sample processing, QA/QC protocols and analytical procedures used for all the drilling phases (except the very oldest pre-1995) is excellent and the Competent Person concludes it is of a sufficient quantity and quality to support a Mineral Resource estimate under the guidelines of the JORC Code (2012).
The significant body of technical data relating to the Sturec Gold Mine that is the basis for this 2021 updated Mineral Resource estimate has been critically examined and validated multiple times by various independent mining consultant groups. The sample processing, QA/QC protocols, analytical procedures and the data has been analysed/reviewed in:
1. 1997 as part of a Mineral Resource estimate calculated by Western Services Engineering Inc;
2. 2004 as part of a Mineral Resource estimate by Smith and Kirkham;
3. 2006 as part of a Mineral Resource estimate by Beacon Hill;
4. 2009 as part of the Saint Barbara NI 43-101 compliant mineral resource estimate;
5. 2012 as a part of the Sturec Deposit Resource Estimate (JORC 2004) by Snowden Mining Consultants;
6. 2013 as part of a Prefeasibility Study (JORC 2004) by SRK Consulting; and
7. 2021 as part of a JORC 2012 Mineral Resource estimate calculated by Measured Group Pty Ltd.
No significant issues with the data or the adequacy of the sampling techniques, QA/QC protocols, analytical procedures were identified during any of these studies.
Drill holes are typically oriented east-west and were generally drilled inclined to the west. The drill spacing is inconsistent over many areas of the deposit. Drill spacing over the central part of the deposit ranges from 25m to 50m north-south. Surface trenches follow open-pit contours, and underground adit sampling followed underground workings, typically running north-east to south-west and north to south.
No compositing of sample intervals was undertaken in the field. Samples were composited to 1m lengths within the mineralisation envelopes for resource modelling. Data spacing was considered sufficient for estimation of Au and Ag grades by ordinary kriging and by indicator kriging for classification as Measured, Indicated or Inferred Mineral Resources according to the JORC Code.
Statistical analysis was undertaken on the composited drill hole file to assess the appropriateness of the domaining process and as such, no additional domaining was undertaken. Domains 10 and 11 showed mixed populations of data with a high degree of skewness, and therefore Snowden utilised multiple indicator kriging (MIK) as the interpolation technique within these domains. All other domains were interpolated using ordinary kriging (OK). Top cuts were applied to both Au and Ag in all six domains before the grade estimation process. Top cut values were determined at the point where the histogram distribution began to breakdown.
Two block model prototypes were generated. A primary prototype with larger parent block sizes was used for OK grade interpolation. Selection of block size was based on a kriging neighbourhood analysis. OK was undertaken for Domains 0, 1, 20, and 30. A prototype using smaller parent block sizes was generated for the MIK grade interpolation for Domains 10 and 11. The block model was regularised using the larger parent cell size after grade estimation before reporting. The final models were validated using statistical and visual comparisons, and sectional validation plots.
Most assays were taken over lengths of less than 1.0m with the mode occurring at 0.8m to 1.0m. A composting length of 1.0m was used for this resource estimate.
Mineralisation was modelled as three-dimensional blocks of parent size 5m X 25m X 10m with sub-celling allowed to 0.1m X 0.1m X 0.1m. The 25m length of the parent block equates to about half the cross-section spacing on which drilling was concentrated.
No assumptions were made regarding the modelling of selective mining units.
No assumptions were made about the correlation between variables.
Validation of the block model was made by:
- checking that drill holes used for the estimation plotted in expected positions
- checking that flagged domains intersections lay within, and corresponded with, domain wireframes
- ensuring whether statistical analyses indicated that grade cutting was required
- checking that the volumes of the wireframes of domains matched the volumes of blocks of domains in the block model
- checking plots of the grades in the block model against plots of drill holes
Mineral Resource Statement
The Mineral Resource Statement for the Sturec Gold Project reports the Mineral Resource with potential for open pit mining and underground mining separately. The mineralised material that has been interpreted to have reasonable prospects of eventual economic extraction by open-pit methods was defined as the mineralised material that has a cut-off grade above 0.26 g/t Au within an optimised open pit shell, created in June 2021 by Optimal Mining Solutions. The assumptions used to model the optimised open pit shell and their justifications are shown in Table 1. The mineralised material that lies outside the optimised open pit shell and is interpreted to have reasonable prospects of eventual economic extraction by underground mining methods was estimated using a cut-off grade exceeding 2.0 g/t Au.
Using these criteria, the Mineral Resource estimate for Sturec is reported as 38.5Mt (at) 1.23 g/t Au and 8.8 g/t Ag (1.30g/t AuEq
) within an optimised open pit shell using a 0.26g/t Au cut-off, containing 1.522Moz of gold and 10.93Moz of silver (1.611Moz of gold equivalent) in accordance with JORC (2012); as well as 148kt (at) 3.55 g/t Au and 12.6 g/t Ag (3.64g/t AuEq1) outside the optimised open pit shell using a 2.0g/t Au cut-off on an underground mining basis, containing 17koz of gold and 60koz of silver (18koz of gold equivalent), reported in accordance with JORC (2012).
The breakdown of the Mineral Resource per Resource Category is detailed in Table 2.
Table 1: Optimised open pit shell parameters.
Item Units Value Justification
Mining Cost US$/t 2.06 Provided by Optimal Mining
mined Solutions and benchmarked
against their recent
experience of mining costs in
Europe
Incremental $/t/10m0.05 Provided by Optimal Mining
cost of Solutions and benchmarked
mining against their recent
experience of mining costs in
Europe
Mining % 2 Industry Standard assumption fo
Dilution r open
pit
Mining % 98 Industry Standard assumption
Recovery for open
pit
Gold price US$ 1785 Bank of America Long Term
per price
oz forecast
Silver priceUS$ 27 Consensus Long Term price
per forecast
oz
Recovery Au % 90.5 Based on Thiosulphate Leaching
(Thiosulpha metallurgical testwork
te) results from 2014 (range 88%
-
94%).
Recovery Ag % 48.9 Based on Thiosulphate Leaching
(Thiosulpha metallurgical testwork
te) results from 2014 (range 41%
-
57%).
Processing US$/t 11.46 Based on Thiosulphate Leaching
cost milled metallurgical testwork
(Thiosulpha results and cost estimates
te) from 2014. Escalated 16% to
2021 equivalent
costs.
Overland $/t 2.84 Based on plans to transport
conveyor milled ore to a more suitable
and location for the Thiosulphate
crushing Leaching and Electrowinning
and escalated to 16% to 2021
equivalent
costs.
General and $/t 3.47 Based on previous costs
Administrat milled estimates from 2013 and
ion escalated to 16% to 2021
equivalent
costs.
Tailings $/t 5.01 Based on previous costs
milled estimates from 2013 and
escalated to 16% to 2021
equivalent
costs.
Closure $/t 1.87 Based on previous costs
cost milled estimates from 2013 and
provisions escalated to 16% to 2021
equivalent
costs.
Overall Degree 48 Based on geotechnical and
slope groundwater modelling of host
angle rock units.
Royalty % 1.43 (Mining Cost/Total Cost)*Revenu
Calculation e*3%
Table 2: Mineral Resource Estimate - Sturec Gold Project
Updated Sturec Mineral Resource Estimate
Resource Estimate above 0.26 g/t Au cut-off and
within an optimised open pit
shell
ResourcTonnesAu Ag AuEq (Au (koAg (koAuEq (
e (kt) (g/t) (g/t)g/t) z z koz
Catego 1 ) ) )
ry
Measure15,3401.43 12.04 1.53 704 5,940 752
d
Indicat18,4381.20 6.74 1.25 709 3,995 742
ed
Measure33,7781.30 9.15 1.38 1413 9,935 1494
d +
Indica
ted
Inferre4,717 0.72 6.56 0.77 109 995 117
d
TOTAL 38,4951.23 8.83 1.30 1,522 10,9301,611
Resource Estimate above 2 g/t Au cut-off:
outside optimised open pit
shell
ResourcTonnesAu Ag AuEq (Au (koAg (koAuEq (
e (kt) (g/t) (g/t)g/t) z z koz
Catego 1 ) ) )
ry
Measure30 2.90 21.18 3.08 3 21 3
d
Indicat114 3.75 10.5 3.81 14 38 14
ed
Measure144 3.57 12.74 3.66 17 59 17
d +
Indica
ted
Inferre4 2.73 8.0 2.80 0 1 1
d
TOTAL 148 3.55 12.62 3.64 17 60 18
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: Bank of America): $1,785 and $27 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.
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 this announcement that relates to Metallurgical Results is based on information compiled by Mr Noel OBrien. Mr OBrien is a fellow of the Australasian Institute of Mining and Metallurgy (No. 226578). Mr OBrien 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 OBrien 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.
ASX Listing Rules Compliance
In preparing this announcement dated 21 June 2021, the Company has relied on the announcements previously made by the Company and specifically dated 20 November 2019. The Company confirms that it is not aware of any new information or data that materially affects those announcements previously made, or that would materially affect the Company from relying on those announcements for the purpose of this announcement dated 21 June 2021.
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