MetalNRG PLC Gold RidgeMine Sampling & Operational Update
January 08 2020 - 10:50AM
RNS Non-Regulatory
TIDMMNRG
MetalNRG PLC
08 January 2020
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8(th) January 2020
MetalNRG plc
(The "Company" or "MetalNRG")
Gold Ridge Mine Successful Sampling Review & Operational
Update
MetalNRG plc (LON:MNRG) the natural resource investing and
exploration company is pleased to announce the results of its
review of all sample information gathered at our 100% owned Gold
Ridge Project, as announced on 28(th) November 2019.
The conclusion of our review has laid the foundations for our
plans for accelerated revenue generation at the Company's Gold
Ridge Project for 2020. The next phase of work will focus on
establishing additional upside within the Gold Prince Mine while
seeking to monetise the available ore from the mine and waste dumps
at the Gold Ridge Mine identified and previously reported on. The
phase of work is broken down into two stages. Stage 1; Planning and
Permitting, Stage 2; Implementation.
Gold Ridge: As reported on 28(th) November 2019, our priority
focus will be the last mined face on Level 6 at the Gold Ridge
Mine. The sample from that area returned 30.4 grams/tonne (g/t)
gold (Au) and 69 g/t silver. The face shows the exposed vein with a
width of 0.6 metres on a mined face of 1.3 metres and consists of
quartz with massive sulphide mineralisation.
These results confirm our belief that the Gold Ridge Project is
a unique exploration and production opportunity with demonstrable
high-grade mineralisation, potential for early avenues to revenue
generative processing and a larger scale exploration opportunity.
We believe that additional ore is available to us between the mined
levels, 6 and 4 at the Gold Prince Mine, which has not yet been
explored.
We therefore plan to drill between these levels, this should
enable us to establish whether there is additional upside while
concurrently mining the vein which we made contact with at level 6
while sampling the pillars on the same level.
We are now conducting the work required under Stage 1 to secure
the permits and putting together our detailed operational plans
along with finalising logistics for planned drilling. Operational
planning and logistics will run concurrently to allow early
commencement of the Stage 2 Implementation programme.
Detailed review of the sampling results confirmed viable 1.74g/t
recoverable gold from a specific waste dump outside level 6, the
specific waste dump is made up of 2,753 tonnes containing 4,785.39
grams of gold.
As previously reported, the Company has been in the process of
identifying a processing plant that will take the waste and process
it; negotiations with two plants, both in close proximity to the
Gold Ridge Project area, have commenced and are being progressed.
Our review suggests that the most economical approach to secure the
highest possible return on the ore within the waste dump is to
blend it with high grade ore from the pillars, as a result we have
integrated this approach into our overall plans for the Gold Ridge
Project and plan to process ore from the vein at level 6 and the
waste dump outside level 6 at the same time.
Rolf Gerritsen, CEO of MetalNRG commented "I am very excited by
the next phase of work. When we bought the Gold Ridge Project from
Winston we had worked on certain operational assumptions and were
keen to assess and if feasible develop the mines substantial
exploration upside via the monetisation of waste left behind. We
are now at a stage where we can turn this opportunity into reality.
I look forward to updating the market as we make further progress
in Arizona."
Rolf Gerritsen, CEO of MetalNRG, arranged for the release of
this announcement.
.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
The directors of the Company accept responsibility for the
contents of this announcement.
For further information, please contact:
METALNRG PLC - Rolf Gerritsen (Chief Executive +44 (0) 20 7796
Officer) 9060
Joint Broker PETERHOUSE CAPITAL LIMITED -
Guy Miller/ +44 (0) 20 7469
Duncan Vasey and Lucy William 0930
--------------------
Joint Broker SI CAPITAL- Nick Emerson +44 (0) 1483 413500
--------------------
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END
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