Materials

MetalsTech hits major gold find at Sturec in new drill run

Mon 18 Jul 22, 11:23am (AEST)
Gold production Unsplash
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Key Points

  • MetalsTech has retrieved 173m of diamond drill core from Sturec with 3.27 grams of gold per tonne (g/t) throughout
  • Mineralisation commences from 0m at surface
  • Company reports gold is visible along the core in first two-thirds

MetalsTech Limited’s (ASX:MTC) share price has climbed 4.4% to 35.5c in morning trade as strong gold results at its Sturec project continue to flow. 

A 173m long diamond drill core completed on-site has a total density of 3.27g/t with mineralisation visible along two sections. 

Investor information service Undervalued Equity notes gold grades between 2g/t and 5g/t are considered mid-range. 

Simply put, investors could think of Sturec’s latest news as reflecting middle-upper grade gold. 

But more important than quality in this case could be quantity, given that mineralisation is consistent for nearly two hundred metres. 

Another interesting note: mineralisation starts from 0m at surface, meaning feasible economics of an open pit play at Sturec could be on the cards. 

A map locating the Sturec mine
A map locating the Sturec mine

What’s this about Sturec?

The Sturec gold mine is 100% owned by MetalsTech and located in Slovakia’s Western Tethys belt. 

The mine has been responsible for 1.5m ounces of historical gold production and retains an existing mineral estimate of a further 1.5Moz. 

It is also estimated to boast 11Moz of silver; with gold concentrate made at a secondary site 30km away and accessible by truck. 

How is MetalsTech doing? 

MetalsTech’s share price is at 35.5c as of late morning Monday. 

Currently, its one year return sits at 95%.

Year-to-date performance is up 22% with the last week alone seeing a return of 7.58%. 

Compared to the materials sector on a one year basis, MetalsTech is outperforming; up at 115%. 

MetalsTech's three month charts compared to the materials index
MetalsTech's three month charts versus the materials index
MetalsTech was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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