- MetalsTech (MTC) increases the Sturec Gold Project’s mineral resource estimate by 44 per cent
- The Slovakian project now has a mineral resource of 38.5 million tonnes at 1.23g/t gold and 8.8g/t silver for 1.522 million ounces of gold and 10.93 million ounces of silver
- Since the previous resource estimate was released in April last year, MetalsTech has conducted extensive drilling to grow the resource
- The company plans to continue drilling from next month to further grow the resource base and complete a scoping study to assess Sturec’s potential for an underground mining operation
- MetalsTech’s shares were up 10.6 per cent to trade at 26 cents
MetalsTech (MTC) has announced a 44 per cent increase in the mineral resource estimate for the Sturec Gold Project in Slovakia.
As of April last year, the Slovakian mine’s JORC 2012 resource estimate stood at 21.2 million tonnes at 1.5g/t gold and 11.6g/t silver for 1.026 million ounces of gold and 7.94 million ounces of silver on an open cut scenario.
Now, the mineral resource sits at 38.5 million tonnes at 1.23g/t gold and 8.8g/t silver (1.3g/t gold equivalent) for 1.522 million ounces of gold and 10.93 million ounces of silver (1.611 million ounces of gold equivalent) within an optimised open pit shell.
This is in addition to the mineral resource outside of the open pit shell which includes 148,000 tonnes at 3.55g/t gold and 12.6g/t silver for 17,000 ounces of gold and 60,000 ounces of silver.
Of the updated mineral resource, 93 per cent is in the measured and indicated categories.
“Sturec is proving to be a very generous ore body with tremendous resource growth potential. At over 1.5 million ounces of gold we are well on our way to proving up a world class gold deposit,” Chairman Russell Moran said.
MetalsTech updated the resource following extensive drilling undertaken over the last 12 months. As the deposit remains open to the north and south along strike, as well as down dip, there’s significant exploration upside.
To further grow the resource base, the company plans to conduct step-out drilling which will begin next month. Additionally, this drilling will support a scoping study as part of MetalsTech’s plan to investigate the potential of an underground mining operation at Sturec.
Company shares were up 10.6 per cent to trade at 26 cents at 11:11 am AEST.