Gold RidgeMine Sampling & Operational Update

RNS Number : 2001Z

MetalNRG PLC

08 January 2020

 

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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.

8^th January 2020

MetalNRG plc

(The "Company" or "MetalNRG")

Gold Ridge Mine Successful Sampling Review & Operational Update

MetalNRG plc (LON:MNRG) the natural resource investing and exploration company is pleased to announce the results of its review of all sample information gathered at our 100% owned Gold Ridge Project, as announced on 28^th November 2019.

The conclusion of our review has laid the foundations for our plans for accelerated revenue generation at the Company's Gold Ridge Project for 2020. The next phase of work will focus on establishing additional upside within the Gold Prince Mine while seeking to monetise the available ore from the mine and waste dumps at the Gold Ridge Mine identified and previously reported on. The phase of work is broken down into two stages. Stage 1; Planning and Permitting, Stage 2; Implementation.

Gold Ridge: As reported on 28^th November 2019, our priority focus will be the last mined face on Level 6 at the Gold Ridge Mine. The sample from that area 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 and consists of quartz with massive sulphide mineralisation.

These results confirm 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. We believe that additional ore is available to us between the mined levels, 6 and 4 at the Gold Prince Mine, which has not yet been explored.  

We therefore plan to drill between these levels, this should enable us to establish whether there is additional upside while concurrently mining the vein which we made contact with at level 6 while sampling the pillars on the same level.

We are now conducting the work required under Stage 1 to secure the permits and putting together our detailed operational plans along with finalising logistics for planned drilling. Operational planning and logistics will run concurrently to allow early commencement of the Stage 2 Implementation programme.

Detailed review of the sampling results confirmed viable 1.74g/t recoverable gold from a specific waste dump outside level 6, the specific waste dump is made up of 2,753 tonnes containing 4,785.39 grams of gold.

As previously reported, the Company has been in the process of identifying a processing plant that will take the waste and process it; negotiations with two plants, both in close proximity to the Gold Ridge Project area, have commenced and are being progressed. Our review suggests that the most economical approach to secure the highest possible return on the ore within the waste dump is to blend it with high grade ore from the pillars, as a result we have integrated this approach into our overall plans for the Gold Ridge Project and plan to process ore from the vein at level 6 and the waste dump outside level 6 at the same time.

Rolf Gerritsen, CEO of MetalNRG commented "I am very excited by the next phase of work. When we bought the Gold Ridge Project from Winston we had worked on certain operational assumptions and were keen to assess and if feasible develop the mines substantial exploration upside via the monetisation of waste left behind. We are now at a stage where we can turn this opportunity into reality. I look forward to updating the market as we make further progress in Arizona."

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

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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/ Duncan Vasey and Lucy William	[phone]
Joint Broker SI CAPITAL- Nick Emerson	[phone]

 

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