MetalsTech (ASX:MTC) - Founding Director, Gino D'Anna
Founding Director, Gino D'Anna
Source: MetalsTech
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  • MetalsTech (MTC) has entered back-to-back trading halts ahead of a capital raise announcement
  • Just before freezing its shares, MetalsTech released an update on a diamond drilling program being conducted at its Sturec gold mine in Slovakia
  • The company has completed the second hole to a depth of 293.46 metres
  • Both holes have resulted in excellent core recoveries averaging over 95 per cent
  • Samples are being prepared and will be sent for gold and multi-element assaying
  • However, what the capital raise funding will be used for is not yet known
  • Company shares last traded 7.5 per cent higher for 21.5 cents

MetalsTech (MTC) has entered back-to-back trading halts ahead of a capital raise announcement.

The gold explorer will remain in a trading halt until trading commences on Monday, September 21, unless the capital raise is announced earlier.

However, what the funding will be used for has not yet been stated.

Prior to freezing its shares, MetalsTech released an update on a diamond drilling program being conducted at its wholly-owned Sturec gold mine in Slovakia.

This drilling is aimed at intersecting and defining the target zone between 60 and 80 metres along strike from STOR 3.11.

This hole has previously intersected 89 metres at 6.9g/t gold and 23.6g/t silver from 114 metres to 203 metres down-hole with a broader intersection of 137.3 metres at 4.6g/t gold and 16.5g/t silver from 67.7 metres to 205 metres down-hole.

Last week, the miner announced it had completed hole UGA-01 to a depth of 346.05 metres, which resulted in excellent core recoveries.

To date, the company has sent 161 samples from UGA-01 to the lab and a further 106 samples from the same hole are being prepared to be sent.

This morning, MetalsTech announced it has completed the second hole — UGA-02 — to a depth of 293.46 metres. Like the first hole, UGA-02 resulted in excellent core recovery averaging more than 95 per cent.

Sampling is nearly complete, with a total of 145 samples prepared so far. Once ready, the samples will be sent to a lab for gold and multi-element assaying.

“Our geologists both on the ground in Slovakia and here in Australia are doing an excellent job as we continue to chase our high-grade target down plunge,” Chairman Russell Moran said.

The third hole, UGA-03, is currently underway and planned to intersect the Schramen Vein at roughly 150 metres downhole, where it is believed to bend to the west and thicken. The interpreted thickening of this vein is important, as it may indicate potential gold mineralisation.

Additionally, MetalsTech is planning to extend the current Andrej Adit with further underground roadway developments off the main roadway.

This is aimed at optimising infrastructure for future underground gold mining and accelerating resource expansion efforts.

The planned developments will initially include up to three exploration adits into the hanging wall.

Company shares last traded 7.5 per cent higher for 21.5 cents at 11:24 am AEST.

MTC by the numbers
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