- Junior explorer MetalsTech (MTC) is set to buy a gold project in Slovakia
- The buy will give the company full ownership of Šturec, which has a resource estimate of 1.32 million ounces of gold
- The company says it plans to use new processing technology to increase production
- Historically the project has produced 1.5 million ounces of gold and 6.7 million ounces of silver
- MetalsTech’s share price is up 12.82 per cent today, with shares trading for 4.4 cents each
Junior explorer MetalsTech (MTC) is set to buy a gold project in Slovakia. The purchase will be made from London-listed Arc Minerals, and gives the company full ownership.
The Šturec gold project has a resource estimate of 1.32 million ounces of gold and has historically produced over 1.5 million ounces of gold and 6.7 million ounces of silver.
In today’s release to the Australian market, MetalsTech wrote: “The geology of the Šturec deposit appears to be well defined having been extensively explored by previous owners.”
The gold deposit is said to have “significant exploration upside potential bother down dip, plunge and along strike both north and south.”
Testing of the project will continue in a bid to upgrade its resource and reserve estimates, the company advised.
Additionally, MetalsTech is trialling non-cyanide based processing techniques, to treat ore at the project, which comply with Slovakia’s legislation. The company aims to update shareholders shortly with progress on this development.
MetalsTech’s share price is up 12.82 per cent today, with shares trading for 4.4 cents each at 1:15 pm AEDT.