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MetalsTech (ASX:MTC) - Chairman, Russell Moran - The Market Herald
Chairman, Russell Moran
Source: MetalsTech
  • MetalsTech (MTC) has spiked on the ASX today after releasing the latest results from a diamond drilling program at its flagship Sturec gold mine in Slovakia
  • The latest assay results extend the interpreted mineralised zone in the area by 30 metres
  • The assays highlighted a 32-metre zone grading with an average of 4.62 grams per tonne of gold and 17.5 grams per tonne of silver
  • MetalsTech is now waiting for assays from the final two holes in the seven-hole diamond drilling program
  • On top of the Sturec project in Slovakia, MetalsTech also owns the Cancet and Sirmac-Clapier lithium projects in Canada
  • Shares in MetalsTech ended the day worth 21.5 cents each, up 7.5 per cent

MetalsTech (MTC) has spiked on the ASX today after releasing the latest results from a diamond drilling program at its flagship Sturec gold mine in Slovakia.

The drilling was designed to test for southern extensions to a high-grade plunging zone within the known Sturec mineral resource.

Latest assay results from the seven-hole program extend the interpreted mineralised zone by 30 metres along strike from one of the holes, dubbed UGA-04.

MetalsTech revealed last week UGA-04 struck a 90-metre intersection grading 3.88 grams per tonne of gold and 13.9 grams per tonne of silver.

Some even better hits, however, have come from hole UGA-05, from which assays have been revealed this morning.

The hole intersected a 32-metre zone grading an average 4.62 grams per tonne of gold and 17.5 grams per tonne of silver from 70 metres.

Moreover, intersections within this zone include a nine-metre hit at 14.53 grams per tonne of gold and 48.2 grams per tonne of silver from 90 metres, as well as a one-metre hit at 80.3 grams per tonne of gold and 136 grams per tonne of silver from 97 metres.

MetalsTech Chairman Russell Moran said the ongoing high-grade hits come as the company carries out significant step-out from the existing resource at Sturec.

"The target zone appears to be outside the areas that were the subject of historical underground mining, which is likely why we are seeing much higher grades," Russell said.

"We are eagerly awaiting assays for UGA-06, which are due imminently," he added.

While assays are yet to be received from hole UGA-06, MetalsTech said last Wednesday the hole struck visible gold.

The company cautioned that the UGA-05 assay results do not represent a true thickness given the angle needed to drill the hole.

MetalsTech's Sturec mine has historically produced more than 1.5 million ounce of gold and 6.7 million ounces of silver — altogether worth more than US$2 billion (around A$2.7 billion).

On top of Sturec in Slovakia, MetalsTech also owns the Cancet and Sirmac-Clapier lithium projects in Canada.

Shares in MTC were up by as much as 10 per cent this afternoon but closed up 7.5 per cent, worth 21.5 cents each.


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