Metals Tech hits more high-grade gold at the million ounce Sturec mine

Metals Tech (ASX: MTC) is ‘days away’ from receiving an independent update to the Mineral Resource Estimate for its Sturec mine in Slovakia, according to executive director Gino D’Anna.  

New assay results on Wednesday have further increased the company’s confidence in growing its current JORC resource from 1.54 million ounces of gold towards a target range of between 2.2 million and 5.1 million ounces.

The latest hits improved the overall mineralised zone in UGA-46 from 113.0m at 1.16 g/t gold to 132.0m at 1.51 g/t, with notable intercepts including:

• 132m at 1.51 g/t gold from 0m

• 9m at 7.29 g/t gold from 123m 

• 20m at 2.06 g/t gold from 22m

As a general rule of thumb, gold deposits are typically considered high-grade if they contain over 5 g/t gold and low-grade if they contain less than 1 g/t.

Transitioning from explorer to developer

“[We] look forward to transitioning to a significant gold development story and progressing pre-feasibility study works,” said D’Anna. 

“Geological modelling is currently underway with a significant update of the JORC Resources at Sturec expected taking into account recent drilling and surface exploration that will feed into the pre-feasibility study,” notes the company’s March quarterly report. 

The company believes the resource upgrade and completion of the pre-feasibility study will represent ‘short-term value catalysts’ for shareholders. 

To add some perspective, a Scoping Study was completed for Sturec last August, with key highlights including: 

• Mine life: 15 years

• Total production: 1Moz 

• Post-tax NPV: US$450.5 million

• Total capex: US$82.8 million

• All-in sustaining cost: US$754/oz