MetalsTech Limited: Discovery of historic high grade intersections in untested regional target zones at Sturec

Highlights

-         Regional mapping and rockchip sampling program has commenced in order to better define drill targets for a broader regional drill program at the flagship Sturec Gold Mine in Slovakia

-         Exploration to focus on three main prospects outside the Updated 2021 Sturec Mineral Resource Estimate area:

-          Vratislav Prospect containing historic drill holes including:

-          KG-V-7: 28.1m @ 6.3g/t Au & 8g/t Ag from 79.4m down hole using a 0.3g/t Au cut-off;

-          KG-V-6: 6.9m @ 2.5g/t Au from 111.6m down hole using a 0.5g/t Au cut-off.

-          Wolf Prospect containing historic drill holes including:

-          KG-W-2: 10m @ 2.83g/t Au & 2.8g/t Ag from 58m down hole using a 1g/t Au cut-off;

-          AS134: 10.0m @ 2.05g/t Au & 58g/t Ag from 51m down hole using a 0.3g/t Au cut-off;

-          and 8m @ 2.35g/t Au & 11.0g/t Ag from 81.5m down hole using a 1g/t Au cut-off;

-          AS135: 5.5m @ 4.09g/t Au & 34.2g/t Ag from 30m down hole using a 2g/t Au cut-off;

-          AS136: 11m @ 4.17g/t Au & 19.8g/t Ag from 79m down hole using a 1g/t Au cut-off;

-          AS153: 8m @ 2.65g/t Au & 19.1g/t Ag from 60m down hole using a 0.3g/t Au cut-off;

-          and 5.8m @ 2.04g/t Au & 18.6g/t Ag from 95m down hole using a 1g/t Au cut-off.

-          Katerina Prospect containing historic drill holes including:

-          KAT-7: 15.25m @ 6.77g/t Au & 3.8g/t Ag from 54m down hole using a 0.3g/t Au cut-off;

-          including 4.05m @ 24.69g/t Au & 10.7g/t Ag from 62.1m down hole using a 1g/t Au cut-off;

-          KAT-9: 17m @ 1.88g/t Au & 2.6g/t Ag from 267m down hole using a 0.5g/t Au cut-off;

-          including 11m @ 2.56g/t Au & 2.3g/t Ag from 267m down hole using a 1g/t Au cut-off.

Commenting on the historic high grade intersections and current field program, MetalsTech Chairman, Russell Moran stated:

“We’ve always had the belief that Sturec possesses incredible prospectivity outside of the existing core zone where the current mineral resource is located. KG-V-7 in particular is a very exciting target hosting assay results of 28.1m @ 6.3g/t Au & 8g/t Ag from 79.4m, which has never been followed up with modern exploration. The results from these prospects clearly warrant the Company undertaking further exploration as part of our planned regional drilling program. We look forward to expanding our drill campaign to include these and other regional targets as we continue to develop a better understanding of the growth potential of the deposit.”

MetalsTech Limited (ASX: MTC | FRA:MT1) (the Company or MTC) is pleased to inform stakeholders that a Mining Licence wide, mapping and rockchip exploration program has commenced at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec). The main aim of this survey is to help plan and design a regional exploration drilling program that will follow up on several very encouraging historic high-grade drill intersections throughout the project area. Importantly, these historic high-grade mineralised zones sit outside of the Updated 2021 Sturec Mineral Resource Estimate area. Similar to MTC’s current drill program, this drilling will attempt to understand the structural setting and extent of the high-grade mineralisation previously intersected.

REGIONAL PROSPECTS

Vratislav Prospect

The Vratislav Prospect is located approximately 150 metres to the north and along strike of the Updated 2021 Sturec Mineral Resource Estimate area. This area has been drilled by previous exploration companies including Argosy Mining Corporation in 1996-1997 (2 Diamond core holes) and Tournigan Gold Corporation in 2004 (4 Diamond core holes). The details of the drill holes and the assay results are shown in Table 1.

Three major north-south veins have been identified at the Vratislav Prospect, which are all splays off the Schramen Vein (major structure in the Sturec Mineral Resource). The Schramen Vein is the eastern-most structure and the Schindler Vein the western-most splay, dipping back to the east at 40° to 50° and intersecting the Schramen Vein at depth. A second major vein, the Teich Vein, splays off the Schindler Vein in the Vratislav area. The Teich Vein is steeply dipping similar to the Schramen Vein in the Sturec Mineral Resource. The veins are surrounded by low-grade stockwork mineralization. From analysis of the historic drill results, it has been determined that a high-grade zone appears to be associated with the intersection between the Schindler and Teich veins. Further exploration drilling needs to be completed to understand the geometry of this high-grade mineralisation zone and whether or not it extents along strike/plunge.

This prospect was historically mined underground. Exploration drill results shown in Table 1 indicate that significant intervals of mineralisation that could be potentially economic remain and so further exploration drilling and underground mapping needs to be completed to understand the extent of the remaining mineralisation.

Table 1: Vratislav Prospect Drill Collar details and mineralised intervals

Wolf Prospect

The Wolf Prospect is located directly north of the Vratislav Prospect and along strike of the main mineralised veins. It is also 1.1 kilometres to the north and along strike of the Updated 2021 Sturec Mineral Resource Estimate area. This area was drilled by previous exploration companies including Argosy Mining Corporation in 1996-1997 (7 diamond core drill holes) and Tournigan Gold Corporation in 2004 (3 diamond core drill holes). The details of the drill holes and the assay results are shown in Table 2.

At Wolf, mineralisation has been intersected over 300m along strike and extends to about 100m depth. The mineralogy in this area is similar to Sturec, although considerably more silver-rich. The Wolf Prospect also contains a much larger amount of rhyolite dykes, which often intrude along the major, N-S trending structures and are variably overprinted by gold-silver mineralisation, especially where they run along the major structures that laterally contain the quartz vein mineralisation. As is the case at the Vratislav Zone, of particular interest in this area is the same intersection between the Schindler and Teich veins that produced the best drill result at the Vratislav Zone, which is interpreted to be below the current level of drilling.

A second sequence of veins at Wolf strike east-west, bisecting the rhyolite dike on the footwall of the Kirchberger Vein and projecting into andesite wallrock. Pits that exploited the veins in historic times become shallower to the west. Thin, sparse stockwork veins have also been observed within rhyolite.

This prospect was historically mined underground. Exploration drill results shown in Table 2 indicate that significant intervals of mineralisation that could be potentially economic remain and so further exploration drilling and underground mapping needs to be completed to understand the extent of the remaining mineralisation.

Table 2: Wolf Prospect Drill Collar details and mineralised intervals

Katerina Prospect

The Katerina Prospect is located approximately 150 metres to the west but parallel to the Updated 2021 Sturec Mineral Resource Estimate area. This prospect was drilled by Argosy Mining Corporation in 1996-1997 (5 diamond core drill holes). The details of the drill holes and the assay results are shown in Table 3.

The Katarina Prospect has been observed to contain discrete, narrow (up to a few metres wide), quartz (±carbonate) veins. The veins strike in a north-northeast direction and appear to be near vertical or dipping steeply to the west. Geological mapping suggests that the vein system splays and weakens to the north and converging into larger structures in the south. Some diffuse stockwork mineralisation has been also been observed.

This prospect was historically mined underground. Exploration drill results shown in Table 3 indicate that significant intervals of mineralisation that could be potentially economic remain and so further exploration drilling and underground mapping needs to be completed to understand the extent of the remaining mineralisation.

Table 3: Katerina Prospect Drill Collar details and mineralised intervals

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]