- MetalsTech (MTC) strikes more visible gold from a diamond drilling program at its Sturec Gold Mine in Slovakia
- The company says the visible gold has been found at a depth of 81.35 metres during detailed geological logging and sampling work
- Chairman Russell Moran describes the find as an “extraordinary example” of visible gold
- He says the company will expedite the processing of the hole in which the gold was found to see just how high the grade runs in that area
- Shares in MetalsTech are up 19.1 per cent and trading at 50 cents each at 2:23 pm AEST.
Junior explorer MetalsTech (MTC) has struck more visible gold from a diamond drilling program at its Sturec Gold Mine in Slovakia.
The company’s shares have spiked in trade today after it announced the visible gold at 81.35 metres deep, found during detailed geological logging and sampling work.
MetalsTech said the visible gold was present as mainly less than 0.22-mm sized disseminated blebs.
Chairman Russell Moran said this was an “extraordinary example” of visible gold and the potentially mineralised zone in the intersection looked to the company to be 37 metres long.
“The hole will be processed on a rushed basis as we are eager to see just how high the grade runs in that area,” Mr Moran said.
The hole in which the visible gold was found, UGA-18, was drilled to 104.65 metres deep as an infill drill hole above UGA-14, which struck a 108-metre mineralised zone at 2.22 grams of gold per tonne (g/t) and 7.6 g/t silver from 26 metres deep.
Today’s news comes just 10 days after MetalsTech reported visible gold from hole UGA-17.
The company’s Sturec project has a mineral resource of 21.2 million tonnes at 1.5 g/t gold and 11.6 g/t silver.
The company said in an open-cut scenario, the mine could contain 1.026 million ounces of gold and 7.94 million ounces of silver.
On an underground mining basis, however, the project could contain a further 388,000 tonnes at 3.45 g/t gold and 21.6 g/t silver.
The Sturec mine lies 17 kilometres west of Branska Bystrica in Central Slovakia.
Shares in MetalsTech were up 19.05 per cent and trading at 50 cents each at 1:12 pm AEST. The company has a $79 million market cap.