Join our daily newsletter At The Bell to receive exclusive market insights
- MetalsTech (MTC) has finished planning and designing stage one of its diamond drilling program for the Sturec Gold Mine in Slovakia
- Stage one is expected to consist of a 3000-metre initial drill program to test an unexplored area of the existing mineral resource
- Currently, MetalsTech is in discussions with a nearby gold producer to determine potential solutions to produce a gold concentrate
- It is hoped this could be a source of cash flow for the company in the future
- Shares in MetalsTech are trading 34.6 per cent higher for 17.5 cents each
MetalsTech (MTC) has finished the planning and design of its stage one diamond drilling program for the Sturec Gold Mine in Slovakia.
The Sturec Mine is located 17 kilometres west of Branska Bystrica in central Slovakia, and a recently released mineral resource estimate predicts it contains more than one million ounces of contained gold.
Overall, the mine is now forecast to hold more than one million ounces of gold and almost eight million ounces of silver.
MetalsTech bought Sturec in December 2019 from previous owners, Arc Minerals.
Stage one is expected to consist of a 3000-metre initial drill program to test an unexplored area down dip and down plunge of the existing mineral resource.
Hole STOR 3.11 will also be assessed as it has previously intersected high-grade mineralisation.
Arc Minerals drilled STOR 3.11 in 2011 and intersected 89 metres at 6.9g/t gold and 23.6g/t silver from 114 metres.
Even though these results confirm the high-grade nature of the mine, Arc Minerals never followed them up.
“Chasing the potential for high-grade mineralisation down plunge of drill hole STOR 3.11 is currently our best chance of expanding the existing resource at Sturec,” Technical Advisor Dr Quinton Hills stated.
“The drill hole demonstrates outstanding exploration potential and has led us to a target zone that has not been previously drilled nor has it been the subject of historical mining,” he said.
Currently, MetalsTech is in discussions with a nearby gold producer to determine potential solutions for the production of a gold concentrate that could be a source of cash flow for the company.
Shares in MetalsTech are trading 34.6 per cent higher for 17.5 cents each at 12:18 pm AEST.
