Metal NRG Plc (LON: MNRG), the natural resources investing company, today announces an update with regards to its 100% owned Gold Ridge Mines in Arizona, following our site visit during the month of August.
– During August 2019 we completed a site visit at our Gold Ridge asset to determine a phased approach to further developing the asset in Arizona.
– The Gold Ridge Project is a brownfield gold exploration & redevelopment opportunity. The area is under explored and offers significant potential for new gold discoveries.
– The Gold Ridge Project comprises three historic mines; the Gold Ridge Mine, the Gold Prince Mine and the Dives Mine. The mines are located on the lower southern slopes of the Dos Cabezas Mountains over a 1.8km strike within prospective 5km long vein swarm.
– Based on historical data the initial exploration target around the mine ranges from 27k oz to 43k oz. There is additional exploration upside potential provided at depth between mines and laterally along strike.
– As a result of the site visit, we have identified specific areas for further development in the short, medium and long term and this is leading to a work program which will seek to quantify the opportunity to be exploited.
– Phase 1 will drill several holes in a waste dump outside of the main entrance to the Gold Ridge Mine to determine the financial opportunity that this dump represents, we believe that this area offers a quick route to cash flow and plan to confirm this over the next few months.
– We have identified a second phase of work, phase 2, which will seek to drill a number of holes from outside the Gold Ridge Mine back into the mine between level 3 and 6 to determine if additional ore is available for rapid exploitation. Phase 2 will run after phase 1 is completed and has been deemed to be successful.
– We have also identified that the Dives Mine has a substantial longer term exploration upside and will be evaluating how best to tackle this extremely exciting opportunity over the next few months.
– We have published a presentation of the plans and our visit conclusions, the presentation is available on our web site and it can be seen at www.metalnrg.com
– We look forward to giving the market further updates in due course.
Rolf Gerritsen CEO of MetalNRG said “Gold Ridge appears to be everything we hoped for, short term cash flow opportunity, medium term exploration up side and long term exploration upside, so over the next few months we will focus on developing this story and will report back to investors by the middle of October with an update”.
The directors of the Company accept responsibility for the contents of this announcement.
Company presentation you can also click here.
Company website www.metalnrg.com
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