- Gold explorer MetalsTech (MTC) is making solid progress in its expansion diamond drilling program at the Sturec gold mine in Slovakia
- The company has progressed to its second hole testing a down-plunge extension of a rich historical intercept which yielded 6.9 grams per tonne (g/t) gold and 23.6 g/t silver across 89 metres
- The company is looking to expand upon the world-class Sturec resource of over one million ounces of gold and almost eight million ounces of silver
- Drilling will continue and results will be released as they come to light
- MetalsTech is trading 20.6 per cent higher at 20.5 cents
Gold explorer MetalsTech (MTC) is making solid progress in its expansion diamond drilling program at the Sturec gold mine in Slovakia.
The mine has historically produced more than 1.5 million ounces of gold and 6.7 million ounces of silver worth more than US$2 billion.
Drilling progress
The first diamond hole — UGA-01 — has been completed to a depth of over 345 metres, with core recovery averaging 95 per cent.
The second hole — UGA-02 — is currently drilled to around 260 metres of the planned 400-metre depth. Recoveries are also solid so far, grading at better than 90 per cent.
Samples are being sent for multi-element assay as the company hopes to follow up on extremely high-grade historical drilling results from holes STOR 3.10 and 3.11. The best intercept included 89 metres at 6.9 grams per tonne (g/t) gold and 23.6 g/t silver from depths between 114 metres to 203 metres.
The new drilling is testing for extensions to the historical high-grade plunging zone in the hope of expanding the known mineral resource of over one million ounces of gold and almost eight million ounces of silver.
Next steps
The diamond drilling program is continuing, with a further one or two holes yet to be drilled.
The results will be used to confirm the continuity and shape of the high-grade plunging zone.
MetalsTech Chairman Russell Moran says he has faith the drilling program will yield results, and garner further interest in the world-class gold project.
“We are confident that the first three to four holes of our drilling program will give us a good handle on the target exploration zone which is designed to chase up STOR 3.11 which showed tremendous gold mineralisation,” Russell said.
“Given the advanced nature of Sturec, which already boasts a significant world-class resource, we are conscious of appropriately splitting our efforts across exploration activities — which allows us an opportunity to demonstrate upside in the project and support updated feasibility works — but also across key discussions with potential strategic stakeholders that recognise value in the Sturec Gold Mine,” he added.
Drilling will continue at Sturec and results will be released as they come to light.
MetalsTech is trading 20.6 per cent higher at 20.5 cents as at 3:06 pm AEST.