Communicators

Highlights

-          Visible Gold has been identified at 130.8m (downhole) in UGA-41 during sampling

-          UGA–41 was completed to a depth of 144.8m and is positioned below recently drilled UGA-30, which intersected a thick mineralized zone of 173.2m @ 3.27 g/t Au and 11.8 g/t Ag from 0m (0.25g/t Au cut-off, downhole thickness, refer to MTC announcement dated 3 May 2022) including:

• 103m @ 5.06 g/t Au and 13.4 g/t Ag from 57m (1g/t Au cut-off, downhole thickness); including:
• 8m @7.16g/t Au and 11.3 g/t Ag from 84m (3g/t Au cut-off, downhole thickness); and
• 19m @ 11.35 g/t Au and 23.9 g/t Ag from 119m (3g/t Au cut-off, downhole thickness); including:
  • 1m @ 67.90 g/t Au and 94.5 g/t Ag from 127m (downhole thickness);
• 7m @ 23.30 g/t Au and 24.0 g/t Ag from 153m (3g/t Au cut-off, downhole thickness); including:
  • 1m @ 139 g/t Au and 24.0 g/t Ag from 154m (downhole thickness);

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. As this is an infill drill hole, resource modelling suggests the true thickness of mineralisation in this area is between 50-90m wide.

MetalsTech Limited (ASX: MTC) (MTC or the Company) is pleased to provide stakeholders with an update on its Phase II diamond drilling program from Drill Chamber III at the Company’s 100%-owned Sturec Gold Mine, located in Slovakia (Sturec). During sampling, visible gold at 130.8m was identified within 5cm quartz-pyrite/marcasite filled vein, hosted within a 143.5m wide zone of variably argillic altered, veined and brecciated andesite in the drill core from hole UGA-41.

The visible gold at 130.8m is present as up to ~0.2mm sized grains within a 5cm wide vein containing drusy, fine grained, white to grey chalcedonic quartz-pyrite.

Note: With respect to any visible gold observed in UGA-41, 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.

The drill hole collar details for UGA-41 is set out in Table 1 below.

Table 1: Drill Collar details

UGA-41

UGA–41 was planned to test the depth of the mineralised zone below the existing Sturec Mineral Resource respectively (refer to MTC announcement dated 21 June 2021) but was stopped due to drilling issues associated with a historic mining void encountered at 143.5m to the end of hole depth of 144.8m. UGA-41 was positioned below recently drilled UGA-30.

UGA-41 intersected approximately 143.5m (*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 143.5m down hole.

The Company looks forward to providing an update on UGA-41 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 143.5m 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-41 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. Also, this drill hole was drilled down the dip of the mineralised zone in order to try to target areas below the current Mineral Resource Estimate. Therefore, the 143.5m intersection is not a true thickness. The true thickness of the mineralisation is approximately 90m at the top of the drill hole and 30m at the bottom of the drill hole.

ENDS

For further information, contact:

Gino D’Anna

Director

M +61 400 408 878

gino@metalstech.net

Nathan Ryan

Investor Relations

M +61 420 582 887

nathan.ryan@nwrcommunications.com.au

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.