MetalsTech (ASX: MTC) has identified visible gold from drill holes completed at the Sturec Underground Gold Mine in Slovakia. The company’s stock is up 7.7% in early-trade.
The drill holes were designed to verify the southern extent of Sturec’s mineral resource estimate. The infill drill hole intersected thick mineralised zones of 59m at 2.3 g/t gold.
Generally speaking, gold grades between 1.5 to 5 g/t is considered medium grade, according to Undervalued Equity.
Assay results from the recent drill holes are expected to be "released shortly". This will provide a concrete interpretation for the drill holes as opposed to today's initial observations on visible gold sections.
MetalsTech believes that areas outside Sturec’s existing resource area is highly prospective for gold. The company expects to produce an exploration target for the broader Sturec area “within days”.
Finally, the company reaffirmed that a scoping study is on track for early Q2 2022. This will be the first study to investigate the economics of mining the Sturec Project from predominately underground methods.
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