Excellent Drilling Progress at Sturec Gold Mine

Highlights

-          UGA-01 completed at a depth of 346.05m with excellent core recovery averaging > 95%

-          161 samples from UGA-01 have been sent to the laboratory for gold and multi-element assay

-          UGA-02 is currently at a depth of ~260m and intersected the interpreted target zone at approximately 110m depth with excellent core recovery averaging > 90%

-          UGA-01 and UGA-02 were designed to intersect and constrain the exploration target zone at approximately 80m and 60m respectively along plunge from STOR 3.11 which intersected:

• 89.0m @ 6.9g/t Au and 23.6g/t Ag from 114m to 203m down hole (~65m true thickness) using a 3g/t Au cut-off
  • within a broader intersection of
• 137.3m @ 4.6g/t Au and 16.5g/t Ag from 67.7m to 205m down hole (~100m true thickness) using a 0.3g/t Au cut-off

CAUTIONARY NOTE: The mineralisation intersections quoted above are from historic drill holes and there is no certainty that mineralisation will continue to the area that UGA-01 and UGA-02 have intersected along the interpreted plunge.

Commenting on the progress of drilling, MetalsTech Chairman, Russell Moran stated:

“We are confident that the first three to four holes of our drilling program will give us a good handle on the target exploration zone which is designed to chase up STOR 3.11 which showed tremendous gold mineralisation. Since we commenced maiden drilling, we have received increasing interest from both the local communities in Slovakia relevant to Sturec’s development and the international mining community, particulary from Chinese strategic groups. Given the advanced nature of Sturec, which already boasts a significant world class resource, we are conscious of appropriately splitting our efforts across exploration activities which allows us an opportnuity to demonstrate upside in the project and support updated feasibility works, but also across key discussions with potential strategic stakeholders that recognise value in the Sturec Gold Mine.”

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to provide shareholders with a further update on its maiden drilling program from the Company’s 100%-owned Sturec Gold Mine (Sturec).

Interim Drilling Update

The first hole of MTC’s maiden drill program, UGA-01 was completed at a depth of 346.05m with excellent core recovery (average > 95%). The collar details of the holes from the current drill program are shown in Table 1. 161 samples (including 6 QA/QC samples) from UGA-01 have been sent to the laboratory.

The second hole, UGA-02 is currently at a depth of ~260m (planned to continue to approximately 400m) and is progressing well with excellent core recovery (average > 90%).

Table 1: Drill Collar details

The current diamond drill program has been designed to test a previously unexplored area along strike/down plunge of the southerly plunging, high-grade gold zone observed within the existing Mineral Resource at Sturec.

The first drill hole (UGA-01) was planned to test the interpreted extension of the high-grade plunging zone at approximately 80m along plunge from historic drill hole STOR 3.11 and on the margin of the recently announced JORC (2012) Mineral Resource Estimate for Sturec.

STOR 3.11 intersected 89.0m @ 6.9g/t Au and 23.6g/t Ag from 114m to 203m down hole (~65m true thickness) using a 3g/t Au cut-off within a broader intersection of 137.3m @ 4.6g/t Au and 16.5g/t Ag from 67.7m to 205m down hole (~100m true thickness) using a 0.3g/t Au cut-off.

Refer to ASX Announcement dated 21 April 2020 and titled “MetalsTech Targets High Grade Gold Zone”.

At the margin of the Mineral Resource, the mineralised zone is approximately 80-100m wide in this interpreted high-grade plunging zone as shown by the results of STOR 3.11 above and in Figure 2b. However, the first drill hole was planned at an acute angle to the mineralised zone due to the location of the underground drill site relative to the exploration target zone. This means that, if successful, it will intersect a much thicker interval of mineralisation than the true thickness. The true thickness of any mineralisation intersected will be estimated once assay results have been received and interpreted.

The second drill hole (UGA-02) was planned to test the interpreted extension of the high-grade plunging zone at approximately 60m along plunge from historic drill hole STOR 3.11 and updip by approximately 45m from UGA-01.

Based on the geological modelling, at approximately 210m for UGA-01 and 170m downhole for UGA-02, these drill holes intersected the current mineral resource wireframe (Figure 2) and were planned to continue through till approximately 330m and 355m respectively. This predicted long intersection of approximately 120m and 185m, is due to the acute angle that these drill holes have been planned as noted above. The estimated true thickness in this deepest part of the mineral resource is approximately 50-60m, however as there is limited drilling at this depth this may change with further drilling.

ENDS

For further information, contact:

Russell Moran

Chairman

M +61 415 493 993

[email protected]

Nathan Ryan

Investor Relations

M +61 420 582 887

[email protected]

Gino D’Anna

Director

M +61 400 408 878

[email protected]

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 Company’s 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 company’s 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.