- MetalsTech (MTC) has released a Mineral Resource Estimate for its Sturec Mine in Slovakia, describing the estimated one million ounces of contained gold as a great start
- The Mineral Resource projected the open pit area contains more than one million ounces of gold and almost eight million ounces of silver
- This estimate is based on recovery rates using ammonium thiosulfate processing technology, as cyanide leaching is banned in Slovakia
- Testwork at the mine will begin in the next few weeks and ore will be used to further test this type of alternate processing
- Company shares are trading 37.4 per cent higher and are worth 12.5 cents each at market close
MetalsTech (MTC) has released a Mineral Resource Estimate for its Sturec Mine which estimates there to be more than one million ounces of contained gold.
The gold mine is located 17 kilometres west of Branska Bystrica in central Slovakia.
The Mineral Resource Estimate
The Mineral Resource Estimate (MRE) for the project was completed by Measured Group. For the open pit area, the MRE details 21.2 megatonnes at 1.5 grams per tonne of gold and 11.6 grams per tonne of silver.
Overall the open pit area is estimated to contain more than one million ounces of gold and almost eight million ounces of silver. This was calculated using 67 per cent Indicated and Measured Resource Catagory data and a cutoff rate of 0.4 grams per tonne of gold.
For the areas outside of the open pit shell that could be subject to underground mining, the MRE is 388 kilotonnes at 3.45 per cent gold and 21.6 grams per tonne of silver.
Overall the area outside the open pit is estimated to contain 43,000 ounces of gold and 270,000 ounces of silver. This was calculated using 71 per cent Inferred Resource Category data and a cutoff rate of 2.85 grams per tonne of gold.
MetalsTech Chairman Russel Moran described the MRE of more than one million ounces of contained gold as a great start for the mine, especially when using ammonium thiosulfate processing technology.
In 2014 Slovakia banned the use of cyanide leaching in mining processing. While several metallurgical test programs have assessed extraction at the project, the most successful was that using ammonium thiosulfate processing technology.
However, further testing needs to be completed using the alternative, lixiviant, to demonstrate the commercial viability of this type of processing at Sturec.
Just last week, MetalsTech extended its underground mining lease for the project. Mining activities will commence within the next few weeks at Andrej Adit. Ore from this activity will be used in further ammonium thiosulfate processing tests to be conducted by Clean Earth Technologies.
MetalsTech shares are trading 37.4 per cent higher and are worth 12.5 cents each at market close.