- Mark Calderwood joins MetalsTech as Technical Advisor to assist the Company with its development of the Sturec Gold Project in Slovakia – he is a member of the Australasian Institute of Mining and Metallurgy and has more than 25 years' experience in exploring and mining gold
- Mr Calderwood successfully led Persues Mining Limited as Managing Director and over 9 years, facilitated its transition from IPO to gold producer and an ASX100 company with a market capitalisation of > $1.6 billion
- Drilling at Sturec was due to commence in May however it was delayed due to the impacts of COVID-19 and associated border restrictions – borders have now re-opened and the Company expects to commence its drilling program shortly
- Initially nine (9) diamond drill hole program totalling approximately 3,000m has been designed from two (2) locations within the Andrej Adit
- Drilling will follow up STOR 3.11 which intersected:
- 89.0m @ 6.9g/t Au and 23.6g/t Ag from 114m to 203m down hole using a 3g/t Au cut-off
within a broader intersection of
- 137.3m @ 4.6g/t Au and 16.5g/t Ag from 67.7m to 205m down hole using a 0.3g/t Au cut-off
Commenting on the appointment, Mark Calderwood stated:
“I am looking forward to assisting the Company capitalise on the significant opportunity the Sturec Gold Mine presents. A million ounces of gold is a great start for this small company at the start of its journey and I look forward to helping shape the strategy going forward after potential high grade extension and resource expansion opportunities are tested in this upcoming drill program at the Sturec Gold Mine”
For further information, contact:
M +61 415 493 993
M +61 420 582 887
M +61 400 408 878
Background: Sturec Gold Mine
The Sturec Gold Mine is located in central Slovakia between the town of Kremnica and the village of LuÄky, 17km west of central Slovakia's largest city, Banská Bystrica, and 150km northeast of the capital, Bratislava.
Sturec contains a total Mineral Resource of 21.2Mt @ 1.50 g/t Au and 11.6 g/t Ag (1.59g/t AuEq) using a 0.4g/t Au cut-off and within an optimised open pit, containing 1,026,000 ounces of gold and 7,944,000 ounces of silver (1,086,000 ounces of gold equivalent) in accordance with JORC (2012). An additional 388,000 tonnes at 3.45 g/t Au and 21.6 g/t Ag (3.60g/t AuEq) outside the optimised open pit contains an additional 43,000 ounces of gold and 270,000 ounces of silver (45,000 ounces of gold equivalent), reported in accordance with JORC (2012).
Table 1: Mineral Resource Estimate – Sturec Gold Project
Sturec Mineral Resource Estimate
Resource Estimate above 0.40 g/t Au cut-off and within an optimised open pit shell
Measured + Indicated
Resource Estimate above 2.85 g/t Au cut-off: outside optimised open pit shell
Measured + Indicated
AuEq g/t = ((Au g/t grade*Met. Rec.*Au price/g) + (Ag g/t grade*Met. Rec.*Ag price/g)) / (Met. Rec.*Au price/g)
Long term Forecast Gold and Silver Price USD/oz (source: World Bank, JP Morgan): $1,500 and $20 respectively.
Gold And silver recovery from the 2014 Thiosulphate metallurgical test work: 90.5% and 48.9% respectively.
It is the Company’s opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.
Caution Regarding Forward-Looking Information
This document contains forward-looking statements concerning MetalsTech. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of MetalsTech as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
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