Gold Ridge - Results from Geochemical Sampling

RNS Number : 8591L

MetalNRG PLC

18 May 2022

 

T HIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

18^th May 2022 

MetalNRG plc

ENCOURAGING RESULTS FROM GEOCHEMICAL SAMPLING

COMPLETED AT GOLD RIDGE ARIZONA

MetalNRG plc ("MetalNRG" or the "Company")  announces that it has completed its Phase I geochemical campaign at its Gold Ridge Gold mine property in Arizona with very encouraging results that pave a pathway to further exploration work to be focussed and planned.

Highlights:

· Soil Geochemistry has provided evidence for multiple geologic events including
the offset of Apache Pass Shear Zone (APSZ) at eastern termination of historic mining.

· This offset implies that historically mined gold mineralization is transposed northwards where no exploration drilling has occurred.

· A new linear gold anomaly has been defined in the Southern PC block which parallels the APSZ  as a multi-element geochemical anomaly.

· A new significant multi-element geochemical anomaly occurs 1km west of the Dives Mine.

· Copper anomalies in volcanic rocks show strong evidence for radial fracturing, a common feature of porphyry deposits.

· The findings of the geochemical program encourages the Company to conclude that the area may host a larger mineralization system controlling all the surface mines and showings.

MetalNRG has completed just under 600 (Phase I) of the 1,000 geochemical samples planned. The laboratory analysis was conducted for Gold, Silver and 49 other elements by ALS Chemex. The largest gold anomalies were found in historical areas mined for gold; however, a secondary zone of gold anomalies was found in an area previously unexplored and delineates a new linear zone of gold mineralization in the Southern Precambrian block.

All sample results to date show:

· Gold above 25ppb = 14%

· Silver above 0.3ppm = 38%

· Lead above 35ppm = 47%

· Copper above 35 ppm = 40%

· Zinc above 115 ppm = 33%

Bart Stryhas, Senior Geologist on the project, commented: "These results confirm our previous beliefs, that there is indeed a real possibility of a larger un-discovered gold/base metal system at Gold Ridge; we are now working with the Board to establish the next steps."

For more information, MetalNRG will make a PowerPoint presentation available on its website www.metalnrg.com under the 'Projects' sections.

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.

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Contact details:

MetalNRG plc Rolf Gerritsen Christopher Latilla-Campbell	[phone]
Corporate Broker PETERHOUSE CAPITAL LIMITED Lucy Williams/Duncan Vasey	[phone]
Corporate Broker SI CAPITAL LIMITED Nick Emerson	[phone]

 

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