Gold Ridge Project Update

RNS Number : 1174Z

MetalNRG PLC

19 May 2021

 

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19^th May 2021

MetalNRG plc
(The "Company" or "MetalNRG")

Gold Ridge Project Update

MetalNRG plc (LSE:MNRG), the natural resource investing and exploration company, announces an update on its Gold Ridge Project in Arizona following the completion of a site visit and a Competent Persons Report conducted by SRK Exploration Services (SRK) which is available on the Company's web site.

SRK spent three days on site with the remit to prepare and update the Competent Person Report on the Gold Ridge project (dated 5^th September 2018), as well as review the existing technical documentation, including the results of work undertaken since September 2018. In addition, following the site visit on Gold Ridge, SRK were to recommend follow up field work requirements.

Following this site visit, SRK have now put forward their conclusions and recommendations. SRK considers that the mapping and sampling conducted to date supports the concept that the Gold Ridge Project has the potential for the discovery of further, minable gold mineralisation and that an initial two stage programme of follow up work is warranted.

The recent site visit has identified significant differences between quartz vein geometries and orientation within each of the major tectonic blocks. Further structural mapping, both at surface and underground, should help define the structural history of the project area and its controls on gold mineralisation which will direct follow up areas for grid soil geochemical surveys and ground geophysics targeting blind orebodies as well as potential for larger zones of disseminated mineralisation.

SRK further consider that an initial programme of data compilation is essential to recover and assimilate the substantial number of maps and quantity of digital and paper files into a useable archive. This will allow the integration of historic sampling and drilling results with the recommended structural mapping and analysis.

 Dr. Bart Stryhas, an associate of SRK Consulting U.S., has been retained by MetalNRG to conduct the project work.  Dr. Stryhas has over 35 years of experience working with the structural control of ore deposits and mineral resource estimations. He completed the initial structural review and has recommended the work plan described above.

Rolf Gerritsen CEO commented: " the site visit completed has put a new light on the overall opportunity, not on only do we have three previously producing gold mines, that still offer value, but we could have the potential for new discoveries in the area that makes the license area even more interesting, it is imperative that we get a solid understanding of the big picture geological structures so that we can maximise our returns."

Christian Schaffalizky NED commented: "Our initial impression of the potential of the area has been confirmed, in that the existing gold mines might represent the expression of a bigger and more widespread mineralised system. We believe this is a priority over confining work to identifying further resources in the existing mining areas."

The person who arranged for the release of this information is Rolf Gerritsen, the Company's Chief Executive Officer.

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.

For further information, please contact:

METALNRG PLC - Rolf Gerritsen (Chief Executive Officer)	[phone]
Joint Brokers:
PETERHOUSE CAPITAL LIMITED Guy Miller / Duncan Vasey / Lucy Williams	[phone]
SI CAPITAL LIMITED Nick Emerson	[phone]

 

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