Positive Sampling Results from the Gold Ridge Mine

RNS Number : 0099V

MetalNRG PLC

28 November 2019

 

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This announcement is for information purposes only and is not a prospectus and not an offer of securities for sale in any jurisdiction, including in the United States, Australia, Canada, Japan and South Africa.

28^th November 2019

MetalNRG plc

(The "Company" or "MetalNRG")

                           Positive Sampling Results from the Gold Ridge Mine, Arizona

MetalNRG plc (LON:MNRG) the natural resource investing and exploration company is pleased to announce the results of the pillar sampling work completed at the Company's 100% owned Gold Ridge Project in Arizona, USA.

The underground sampling programme is now completed with assays confirming gold within all samples now returned from the local ALS lab in Tucson.

Our priority focus has been the last mined face on Level 6 at the Gold Ridge Mine. This sample returned 30.4 grams/tonne (g/t) gold (Au) and 69 g/t silver. The face shows the exposed vein with a width of 0.6 metres on a mined face of 1.3 metres. The vein consists of quartz with massive sulphide mineralisation.

These results affirm our belief that the Gold Ridge Project is a unique exploration and production opportunity with demonstrable high-grade mineralisation, potential for early avenues to revenue generative processing and a larger scale exploration opportunity.

In addition, a further 17 samples were taken from selected pillars within Levels 6 and 4, representing approximately 10% of the pillars remaining within the Gold Ridge Mine. All samples contained gold with a range of gold values from 0.05 to 6.5 g/t Au.

These results along with the results from the waste dump samples taken previously outside of Level 6 of the Gold Ridge Mine, historical mapping and information are now being reviewed in detail to establish the optimum way to progress with our plans at the mines.

The apparent connectivity of the mineralised structures across the three previously producing mines that are within the Gold Ridge Project area is a significant feature that further bolsters the potential economic value of this 100% owned property.

Rolf Gerritsen, CEO of MetalNRG commented "I am pleased that our technical team have now safely completed the sampling of the pillars and reported back on schedule. We are extremely encouraged by these excellent results demonstrating that economic mineralisation remains in Level 6 and confirms that we are on the right path to achieving our goal.

We are now focused on accelerated revenue generation initially with regard to processing of the waste dumps, then the mineralised pillars, whilst in parallel implementing continued exploration to rapidly build our technical understanding of the 3 previously producing gold mines and the potential size and scale of Gold Ridge.

Further regular updates to the market will be provided as we deliver against project milestones and other activities across the business.

Rolf Gerritsen, CEO of MetalNRG, arranged for the release of this announcement.

Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

MetalNRG PLC - Rolf Gerritsen (Chief Executive Officer)	[phone]
Joint Broker PETERHOUSE CAPITAL LIMITED - Guy Miller/Mark Anwyl	[phone]
Corporate Broker SI CAPITAL - Nick Emerson	[phone]

 

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