MetalNRG PLC Gold Ridge Project Update (1174Z)
19 May 2021 - 4:00PM
UK Regulatory
TIDMMNRG
RNS Number : 1174Z
MetalNRG PLC
19 May 2021
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2018 ("EUWA")) ("UK MAR").
19(th) May 2021
MetalNRG plc
(The "Company" or "MetalNRG")
Gold Ridge Project Update
MetalNRG plc (LSE:MNRG), the natural resource investing and
exploration company, announces an update on its Gold Ridge Project
in Arizona following the completion of a site visit and a Competent
Persons Report conducted by SRK Exploration Services (SRK) which is
available on the Company's web site.
SRK spent three days on site with the remit to prepare and
update the Competent Person Report on the Gold Ridge project (dated
5(th) September 2018), as well as review the existing technical
documentation, including the results of work undertaken since
September 2018. In addition, following the site visit on Gold
Ridge, SRK were to recommend follow up field work requirements.
Following this site visit, SRK have now put forward their
conclusions and recommendations. SRK considers that the mapping and
sampling conducted to date supports the concept that the Gold Ridge
Project has the potential for the discovery of further, minable
gold mineralisation and that an initial two stage programme of
follow up work is warranted.
The recent site visit has identified significant differences
between quartz vein geometries and orientation within each of the
major tectonic blocks. Further structural mapping, both at surface
and underground, should help define the structural history of the
project area and its controls on gold mineralisation which will
direct follow up areas for grid soil geochemical surveys and ground
geophysics targeting blind orebodies as well as potential for
larger zones of disseminated mineralisation.
SRK further consider that an initial programme of data
compilation is essential to recover and assimilate the substantial
number of maps and quantity of digital and paper files into a
useable archive. This will allow the integration of historic
sampling and drilling results with the recommended structural
mapping and analysis.
Dr. Bart Stryhas, an associate of SRK Consulting U.S., has been
retained by MetalNRG to conduct the project work. Dr. Stryhas has
over 35 years of experience working with the structural control of
ore deposits and mineral resource estimations. He completed the
initial structural review and has recommended the work plan
described above.
Rolf Gerritsen CEO commented: " the site visit completed has put
a new light on the overall opportunity, not on only do we have
three previously producing gold mines, that still offer value, but
we could have the potential for new discoveries in the area that
makes the license area even more interesting, it is imperative that
we get a solid understanding of the big picture geological
structures so that we can maximise our returns."
Christian Schaffalizky NED commented: "Our initial impression of
the potential of the area has been confirmed, in that the existing
gold mines might represent the expression of a bigger and more
widespread mineralised system. We believe this is a priority over
confining work to identifying further resources in the existing
mining areas."
The person who arranged for the release of this information is
Rolf Gerritsen, the Company's Chief Executive Officer.
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.
For further information, please contact:
METALNRG PLC - Rolf Gerritsen (Chief Executive +44 (0) 20 7796
Officer) 9060
Joint Brokers:
--------------------
PETERHOUSE CAPITAL LIMITED +44 (0) 20 7469
Guy Miller / Duncan Vasey / Lucy Williams 0930
--------------------
SI CAPITAL LIMITED
Nick Emerson +44 (0) 1483 413500
--------------------
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