Communicators

Highlights

-          Visible Gold has been identified at two intervals, 68.7m and 127.6-127.8m (downhole) in UGA-30 during logging

-          UGA–30 was completed to a depth of 173.6m and is an infill drill hole above and parallel to UGA-03, which intersected a thick mineralized zone of 59m @ 2.3 g/t Au & 9.4 g/t Ag from 225m (0.3g/t Au cut-off, downhole thickness, refer to MTC announcements dated 28 October 2020) including:

-          31.61m @ 3.76 g/t Au & 11 g/t Ag from 248m (0.5g/t Au cut-off)

-          24m @ 4.74 g/t Au & 13.4 g/t Ag from 252m (1g/t Au cut-off)

-          15m @ 6.70 g/t Au & 15.3 g/t Au from 252m (2g/t Au cut-off)

-          7m @ 11.65 g/t Au & 24.7 g/t Ag from 252m (5g/t Au cut-off)

-          Exploration target estimate for broader Sturec area expected within days

-          Scoping Study completion remains on track for early Q2 2022

-          Assays expected to be released shortly from backlog of completed drill holes

28 March 2022 – MetalsTech Limited (ASX: MTC) (MTC or the Company) is pleased to provide stakeholders with an update on its Phase III diamond drilling program from within drill chamber # 3 at the Company’s 100%-owned Sturec Gold Mine, located in Slovakia (Sturec). During detailed geological logging and sampling, visible gold at 68.7m and 127.6-127.8m was identified within quartz filled vein/stockwork/breccia zones, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within variably argillic altered and brecciated andesite host rock from approximately 0m to 170m down hole (*not true thickness) in the drill core from hole UGA-30.

Cautionary Note: This intersection is not a true thickness as the drill hole was drilled at an acute angle to the mineralised zone due to the location of the underground drill site relative to the target zone. Resource modelling suggests the true thickness of mineralisation in this area is between 30-40m wide.

The visible gold at 68.7m is present as a 0.5mm sized, disseminated bleb found within 5-7mm wide, drusy, fine grained, white to grey chalcedonic quartz-pyrite filled vein.

The visible gold at 127.6-127.8m is present as up to 1mm sized blebs within a ~20cm wide zone of containing multiple generations of drusy, fine grained, transparent to white to grey chalcedonic quartz-pyrite filled veins, some of which contain visible gold at 127.6-127.8m in UGA-30.

Note: With respect to any visible gold observed in UGA-30, it must be cautioned that visual observations and estimates are uncertain in nature and should not be taken as a substitute for appropriate laboratory analysis. Laboratory assay results will be reported when they are received and interpreted.

UGA-30

UGA–30 was stopped to a depth of 173.6m due to drill issues but was still in variably argillic altered andesite host rock containing varying amounts of quartz filled vein / stockwork / breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite). UGA-30 was positioned as an infill drill hole above but parallel to UGA-03, which intersected a thick mineralized zone of 59m @ 2.3 g/t Au & 9.4 g/t Ag from 225m (0.3g/t Au cut-off, downhole thickness) including:

-          31.61m @ 3.76 g/t Au & 11 g/t Ag from 248m (0.5g/t Au cut-off)

-          24m @ 4.74 g/t Au & 13.4 g/t Ag from 252m (1g/t Au cut-off)

-          15m @ 6.70 g/t Au & 15.3 g/t Au from 252m (2g/t Au cut-off)

-          7m @ 11.65 g/t Au & 24.7 g/t Ag from 252m (5g/t Au cut-off)

See Figure 4 for the relative position of UGA-30 compared the current interpretation of the mineralised zone and to the existing Sturec Mineral Resource respectively (refer to MTC announcement dated 21 June 2021). UGA-30 was drilled from Drill Chamber III, which is 80m to the north of Drill Chamber I from which UGA-03 was drilled.

UGA-30 intersected approximately 170m (*not true thickness) of variably argillic altered and brecciated andesite host rock containing varying amounts of quartz filled vein / stockwork / breccia, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) from approximately 0m to 170m down hole. The Company looks forward to providing an update on UGA-30 in the next few weeks as the core is currently being sampled and will be dispatched to the lab as soon as possible.

Note: The 170m thick zone of variably argillic altered and brecciated andesite host rock containing varying amounts of quartz filled vein / stockwork / breccia, variably rich in fine to very fine grained sulphides (mainly pyrite) observed in UGA-30 is a geological observation of non-economic minerals that are possibly associated with gold. However, this is not a visual estimate as there is no way to visually estimate the gold content of this potentially mineralised zone. Laboratory assay results will be reported when they are received and interpreted.

ENDS

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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.

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Quinton Hills Ph.D., M.Sc., B.Sc. Dr Hills is the technical advisor of MetalsTech Limited and is a member of the Australasian Institute of Mining and Metallurgy (No. 991225). Dr Hills has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Hills consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in the report to which this statement is attached that relates to Mineral Resources for the Sturec Gold Deposit is based on information compiled by Mr Chris Grove, who is a Member of The Australasian Institute of Mining and Metallurgy (No. 310106).  Mr Grove is a full-time employee of Measured Group Pty Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Grove consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.