Metal NRG Plc (LON: MNRG), the natural resource investing company, today announces that it has received the final results from the ALS Global laboratory in Tucson Arizona for samples taken from its Gold Ridge Project. The samples were, specifically, taken from the waste dump outside the main entrance of one of the three previously producing Gold Mines on the license area.
The results pertain to samples, taken earlier in September 2019, and confirm a viable 1.74g/t of gravity recoverable gold from this specific waste dump. The particular waste dump outside level 6 is made up of 2498 tonnes containing 5.25 kg (169 ounces) of gold. The Company now plans to monetise the ore in the waste dump referred to.
One sample, taken from a boulder on the side of the waste dump, which originated from the pillars left behind from internal mine workings at level 6, returned an assay of 115 ounces per tonne gold (3,949 g/t). This sample, along with the visible gold the contractors saw when on site, now requires further investigation.
The Company plans to carry out additional sampling of the internal pillars left behind at level 6, to determine the potential ore content of the pillars. The conditions of the workings were good with easy access.
The Company’s strategy is to progress projects with cash generated from the projects itself. The initial indications from the work completed thus far at Gold Ridge would suggest that we are on the right track towards further developing the Gold Ridge Project.
Rolf Gerritsen, CEO of MetalNRG, said “I am pleased with the results indicating that our strategy of generating cashflow from existing projects to further develop projects can work. We are, of course, delighted with the additional upside opportunity, to be further investigated at level 6 of the Gold Ridge mine and the possible additional exploration upside opportunity offered, not only by the Dives Mine, but the other areas of the previously 3 gold producing mines along with additional waste dumps left behind, which we will plan to investigate further over the next 12 months”.
Rolf Gerritsen, CEO of MetalNRG, arranged for the release of this announcement.
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
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.
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