MetalsTech Limited : Bonanza Gold Hit at Sturec - 1m @ 594g/t Au and 100.0 g/t Ag

** 1m @ 594g/t Au and 100.0 g/t Ag **

** 6m @ 101.15 g/t Au and 21.9 g/t Ag in UGA-18 **

Highlights

-          UGA-18 intersected a thick, continuous mineralized zone of 38m @ 16.38 g/t Au and 8.1 g/t Ag from 44m (0.26g/t Au cut-off, no top cut, downhole thickness) for an extrordinary 622 “grams-metres” including higher grade zones:

• 18m @ 34.07 g/t Au and 10.7 g/t Ag from 64m (0.5g/t Au cut-off, no top cut, downhole thickness);

-          including 6m @ 101.15 g/t Au & 21.9 g/t Ag from 76m (1g/t Au cut-off, no top cut, downhole thickness)

Cautionary Note: These intersections are not a true thickness as the drill hole was drilled at an angle to the mineralised zone due to the location of the underground drill site relative to the target zone. Further drilling is necessary to better constrain the interpretation

-          New record bonanza result of 1m @ 594g/t Au & 100g/t Ag from 81m down hole in second hole (UGA-18) of the Phase II drill program at the flagship Sturec Gold Mine in Slovakia

-          Assay result in UGA-18, with the assay result in UGA-17, offers strong confidence to the mineralised zone interpretation at the southern margin of the existing Sturec Mineral Resource

-          MTC is also finalising a report on successful metallurgical test work which it expects to announce in the coming week

Commenting on the bonanza hit, MetalsTech Chairman, Russell Moran stated:

“Sturec is shaping up to be an extraordinary deposit with bonanza grade potential. As we step out further away from where historic mining has occurred we are hopeful that we will continue to hit these incredible mineralised zones which can expand on and help grow what is already a very exciting and significant gold resource. We look forward to reporting regular exploration results from this drilling program.”

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to provide stakeholders with an update on its Phase II diamond drilling program at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec).  To date the Company has completed two diamond drill holes from Drill Chamber 2 within the Andrej Adit. This drill program has been designed to increase confidence in the mineralisation zone along the southern extensions of the high-grade plunging mineralisation zone on the margin and outside the existing Sturec Mineral Resource.

UGA-18

UGA–18 was completed to a depth of 104.65m. The drill hole collar details for drill holes from Phase II drill programme are set out in Table 1 below.

Table 1: Drill Collar details

During detailed geological logging and sampling, visible gold at 81.35m was identified within a quartz filled vein/stockwork/breccia zone, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within variably argillic altered andesite host rock from approximately 44m to 82.7m down hole (*not true thickness) in the drill core from hole UGA-18 (refer to MTC announcement dated 23 Sept 2021).

Assay results from UGA-18 are interpreted to show a relatively continuous mineralised zone from 44m to 82m using a 0.26g/t Au cut-off. A summary of the significant intersections from UGA-18 are shown in Table 2 below.

UGA-18 was positioned as an infill drill hole above and at a high-angle to UGA-14 enabling it to drill across the known mineralisation zone intersected in UGA-14; as well as approximately 17m and 40m to the south and updip from where UGA-17 intersected the hangingwall and footwall of the interpreted mineralisation zone respectively.

Table 2: Significant intersections in UGA-18

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.

Background: Sturec Gold Mine

The Sturec Gold Mine is located in central Slovakia between the town of Kremnica and the village of Lučky, 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 38.5Mt @ 1.23 g/t Au and 8.8 g/t Ag (1.30g/t AuEq[i]), 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 @ 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; reported in accordance with JORC (2012).

Mineral Resource Estimate – Sturec Gold Project

[i] 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 (source: Bank of America): $1,785 USD/oz and $27 USD/oz respectively.

Gold And silver recovery from the 2014 Thiosulphate Metallurgical test work: 90.5% and 48.9% respectively.

It is the Company’s 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.