Goldridge Update

RNS Number : 9698S

MetalNRG PLC

22 November 2021

 

THIS 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.

22 November 2021

MetalNRG plc

("MetalNRG" or the "Company")

GoldRidge Update

MetalNRG (LON:MNRG), the natural resources and energy investment company, announces an update on its Arizona based Gold project, GoldRidge.

Following on from our previous announcement, regarding GoldRidge on 6^th September 2021, in which we gave an overview of work completed, Bart Stryhas Phd CPG, the Company's Senior Geologist, has made solid progress on the project.

In preparation for site work in Q4, MetalNRG's project team has acquired 35 new additional and extremely relevant, public domain documents describing historic mining operations and geologic descriptions of several previously un-recorded mines located within the ownership of the GoldRidge property. This new information hosts a large portion of the data and information that our planned site work was originally designed to obtain and, as a result, we are now able to accelerate to the next phase of work.

 A 1940 Master's Thesis on the Dives Mine, which also host details of the Gold Ridge Mine, has provided considerable insight on the structural geology of the operations.

Data and information were also obtained for the First Chance Mine, Arizona Klondike Mine, Leroy Mine and Elma Mine all owned by MetalNRG.

This new detail is being incorporated into the current geologic and structural model of the project rather than completing repetitive site work.

Work will now be directed toward initiating the soil geochemical sampling program at the project.  MetalNRG's Mining Consultants based in the U.S.A have been contracted to collect more than 1000 samples on a 75m grid spacing. 

The reports have help us focus our next phase of work which will cover the South-eastern portion of the claim block where most of the historic mining has occurred.

The soil exploration will provide detailed, multi-element chemical analysis which will be instrumental in refining the mineralogic and structural interpretation of the project.  Work is expected to commence shortly and be completed by the beginning of Q1 2022, with results anticipated for late Q1 2022.

Chief Executive, Rolf Gerritsen, commented "The documents found have enabled us to get more clarity of the area to focus on and has added substantially to our confidence in the area as a real opportunity."

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014:

For the purposes of  UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.

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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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