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Mark Calderwood Joins MetalsTech as Technical Advisor

ID: 1559119
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(businesspress24) -

- Mark Calderwood joins MetalsTech as Technical Advisor to assist the Company with its development of the Sturec Gold Project in Slovakia - he is a member of the Australasian Institute of Mining and Metallurgy and has more than 25 years'' experience in exploring and mining gold
- Mr Calderwood successfully led Persues Mining Limited as Managing Director and over 9 years, facilitated its transition from IPO to gold producer and an ASX100 company with a market capitalisation of > $1.6 billion
- Drilling at Sturec was due to commence in May however it was delayed due to the impacts of COVID-19 and associated border restrictions - borders have now re-opened and the Company expects to commence its drilling program shortly
- Initially nine (9) diamond drill hole program totalling approximately 3,000m has been designed from two (2) locations within the Andrej Adit
- Drilling will follow up STOR 3.11 which intersected:
o 89.0m (at) 6.9g/t Au and 23.6g/t Ag from 114m to 203m down hole using a 3g/t Au cut-off
within a broader intersection of
o 137.3m (at) 4.6g/t Au and 16.5g/t Ag from 67.7m to 205m down hole using a 0.3g/t Au cut-off

Commenting on the appointment, Mark Calderwood stated:
I am looking forward to assisting the Company capitalise on the significant opportunity the Sturec Gold Mine presents. A million ounces of gold is a great start for this small company at the start of its journey and I look forward to helping shape the strategy going forward after potential high grade extension and resource expansion opportunities are tested in this upcoming drill program at the Sturec Gold Mine

For further information, contact:

Russell Moran-----
M +61 415 493 993----

Nathan Ryan
Investor Relations

M +61 420 582 887

Gino DAnna

M +61 400 408 878

Background: Sturec Gold Mine

The Sturec Gold Mine is located in central Slovakia between the town of Kremnica and the village of Luky, 17km west of central Slovakia''s largest city, Banská Bystrica, and 150km northeast of the capital, Bratislava.

Sturec contains a total Mineral Resource of 21.2Mt (at) 1.50 g/t Au and 11.6 g/t Ag (1.59g/t AuEq) using a 0.4g/t Au cut-off and within an optimised open pit, containing 1,026,000 ounces of gold and 7,944,000 ounces of silver (1,086,000 ounces of gold equivalent) in accordance with JORC (2012). An additional 388,000 tonnes at 3.45 g/t Au and 21.6 g/t Ag (3.60g/t AuEq) outside the optimised open pit contains an additional 43,000 ounces of gold and 270,000 ounces of silver (45,000 ounces of gold equivalent), reported in accordance with JORC (2012).

Table 1: Mineral Resource Estimate - Sturec Gold Project
Sturec Mineral Resource Estimate
Resource Estimate above 0.40 g/t Au cut-off and within an
optimised open pit shell

Resource TonnesDensitAu Ag AuEq1 Au (koAg (koAuEq1
Category ( y (g/t (g/t(g/t) z z
kt) (t/m ) ) ) )
Measured 3,0002.17 1.69 13.5 1.79 161 1291 171

Indicated 11,202.24 1.79 14.9 1.90 643 5373 685

Measured 14,202.23 1.77 14.6 1.87 804 6664 856
+ 0

Inferred 7,0002.33 0.97 5.6 1.01 222 1280 230

TOTAL 21,202.26 1.50 11.6 1.59 1026 7944 1086

Resource Estimate above 2.85 g/t Au cut-off: outside
optimised open pit

Resource TonnesDensitAu Ag AuEq1 Au (koAg (koAuEq1
Category ( y (g/t (g/t(g/t) z z (
kt) (t/m ) ) ) ) koz)
Measured - - - - - - - -
Indicated 114 2.28 3.39 25.6 3.57 12 94 13
Measured 114 2.28 3.39 25.6 3.57 12 94 13

Inferred 274 2.34 3.47 19.9 3.61 31 176 32
TOTAL 388 2.34 3.45 21.6 3.60 43 270 45

AuEq g/t = ((Au g/t grade*Met. Rec.*Au price/g) + (Ag g/t grade*Met. Rec.*Ag price/g)) / (Met. Rec.*Au price/g)
Long term Forecast Gold and Silver Price USD/oz (source: World Bank, JP Morgan): $1,500 and $20 respectively.
Gold And silver recovery from the 2014 Thiosulphate metallurgical test work: 90.5% and 48.9% respectively.
It is the Companys opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.

Caution Regarding Forward-Looking Information
This document contains forward-looking statements concerning MetalsTech. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Companys actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the companys beliefs, opinions and estimates of MetalsTech as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

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published by: irw
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Date: 06/30/2020 - 10:09
Language: English
News-ID 1559119
Character count: 2683
Firma: MetalsTech Limited
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Wien


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