MetalNRG Plc Gold Ridge Level 6 waste dump Results
30 September 2019 - 10:37PM
UK Regulatory
TIDMMNRG
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
This announcement is for information purposes only and is not a prospectus and
not an offer of securities for sale in any jurisdiction, including in the
United States, Australia, Canada, Japan and South Africa.
30th September 2019
MetalNRG plc
(The "Company" or "MetalNRG")
Gold Ridge Level 6 waste dump Results
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.
For further information, please contact:
MetalNRG PLC +44 (0) 20 7796 9060
Rolf Gerritsen (Chief Executive
Officer)
Joint Broker PETERHOUSE CAPITAL +44 (0) 20 7469 0930
LIMITED
Guy Miller/Mark Anwyl
Corporate Broker SI CAPITAL +44 (0) 1483 413500
Nick Emerson
END
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