Visible Gold Identified in UGA-04 and UGA-05 Drill Core Representing a >150m step out from current Mineral Resource
Highlights
- Multiple occurrences of visible gold identified between:
-
45.0m to 47.5m downhole in UGA-04
- At 47.3m downhole in UGA-04, the 1mm sized, disseminated blebs are preserved in accumulations 5-10mm wide, usually associated with voids in the rock;
- When UGA-04 drill core was cut at 47.3m downhole, a 50mm by 20mm zone of banded to drusy, fine grained, grey to dark grey chalcedonic quartz containing approximately 5% visible gold was identified (visual estimate)
- 97.82m to 98.16m downhole in UGA-05
- Laboratory analysis of samples from UGA-04 and UGA-05 “rush processed” – assay results expected soon
- UGA-04 and UGA-05 cover a significant 150m step out from the existing Mineral Resource
MetalsTech Limited (ASX: MTC) (MTC or the Company) is pleased to provide shareholders with an update on its diamond drilling program at the Company’s 100%-owned Sturec Gold Mine, located in Slovakia (Sturec). During detailed geological logging and sampling, multiple occurrences of visible gold were identified within banded to drusy, fine grained white, grey to dark grey quartz between 45m to 47.5m down hole in the drill core from hole UGA-04 as well as between 97.8m to 98.16m down hole in the drill core from hole UGA-05.
The gold is preserved as mainly less than 1mm sized, disseminated blebs within banded to drusy, fine grained white, grey to dark grey chalcedonic quartz. At 47.3m in UGA-04, the approximately 1mm sized, disseminated blebs are preserved as accumulations 5-10mm wide and associated with voids in the rock. When geologists on site cut the drill core from UGA-04 at 47.3m downhole, a 50mm by 20mm zone of the banded to drusy, fine grained, grey to dark grey chalcedonic quartz containing approximately 5% visible gold was identified.
Visible gold was also identified in UGA-05 between 97.82-98.16m downhole within a banded to drusy, fine grained white, grey to dark grey chalcedonic quartz vein.
UGA-04
Drilling of UGA-04 was completed at 140.90m. Drill hole UGA-04 was planned to extend the interpreted mineralised zone approximately 100m along strike from the southern extent of the Sturec Mineral Resource; approximately 50m down dip from where it has been historically mined within the Andrej Adit; and approximately 30m down dip from the current Sturec Mineral Resource extents.
UGA-04 intersected 62 metres of quartz filled vein/breccia/stockwork structures, variably rich in fine grained sulphides (mainly pyrite/marcasite) and hosted within strongly leached and argillic altered andesite host rock from approximately 44.5m to 106.5m down hole. Further drilling is required to better constrain the interpretation in order to calculate a true thickness. The drill core has been cut and sampled and sent to the laboratory with a “rush” request utilised in order to get assays as quickly as possible.
UGA-05
Drilling of UGA-05 was completed at 140.46m. UGA–05 was planned to intersect the interpreted mineralised zone along strike, approximately 30 metres to the south from UGA-04; approximately 130m along strike from the southern extent of the Sturec Mineral Resource andapproximately 50m down dip from where it has been historically mined within the Andrej Adit.
UGA-05 intersected 32 metres of quartz filled vein/breccia/stockwork structures, variably rich in fine to very fine grained sulphides (mainly pyrite) and hosted within strongly leached and argillic altered andesite host rock from approximately 70m to 102m down hole (*not true thickness). The drill core has been cut and sampled and sent to the laboratory with a “rush” request utilised in order to get assays as quickly as possible.
ENDS
For further information, contact:
Russell Moran
Chairman
M +61 415 493 993
Nathan Ryan
Investor Relations
M +61 420 582 887
Gino D’Anna
Director
M +61 400 408 878
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.
