MetalNRG PLC GoldRidge Gold Project Update (7546K)
06 September 2021 - 4:00PM
UK Regulatory
TIDMMNRG
RNS Number : 7546K
MetalNRG PLC
06 September 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6(th) September 2021
METALNRG plc
("MetalNRG" or the "Company")
GoldRidge Gold Project Update
MetalNRG plc, (LON:MNRG), the natural resources and energy
investment company, provides an update on progress made at its 100%
owned GoldRidge Gold Project in Arizona following our announcement
made on 19(th) May 2021 in which it explained that an initial
programme of data compilation was essential to recover and
assimilate the substantial number of maps and quantity of digital
and paper files into a useable archive. This work has now been
completed within budget and the timeframes set.
Following the completion of the Company's Competent Persons
Report updated by SRK USA, in May 2021, MetalNRG set out to further
develop the GoldRidge property. The CPR pointed to larger than
previously known opportunities at the project and specifically SRK
believe that:
- Turn-key prospects to develop vein-hosted mineral resources from drilling are available
- That the project offers great opportunities to discover
satellite gold deposits worth pursuing as the exploration is low
cost
In June 2021, the Company's Geologist, Bart Stryhas, Senior
Geologist, PhD CPG, based in the USA and leading the project, set
out to:
- Review all claims and ensure all property claims were up to date
- Consolidate all available historical information on the property into a detailed data room
- From the consolidation of the information, the Company
developed detailed topography covering all claim areas in UTM NAD
83 datum
- Map underground geometries for all development and mining stopes at Gold Prince &
Dives Mines
- Integrate 446 historic Drillholes with Au and Ag analyses totaling 11km
- Locate 170 surface rock samples with Au analysis
- Compile 280 soil geochemical assays with multi elemental analysis
- Digitize all roads and trails about and internal to the claim area
- Locate claim corners
- Register several geologic maps at various scales
- A total 5,109 files have been reviewed and used as feed into our development approach
The work completed gives us a solid understanding of the history
of the project, the potential it could offer and a clear pathway to
add substantial value to the project. It has identified a number of
areas that have shown, via our field work, that mineralisation is
present but has never been explored in any detail.
Our findings have been summarised in a new GoldRidge Project
presentation which can be viewed on our web site www.metalnrg.com
.
Rolf Gerritsen, CEO MetalNRG Plc, commented "The GoldRidge
Project appears to offer a considerable larger opportunity than
previously anticipated and the work completed to date by Bart
confirms that the area has been under explored and under developed
with solid indicators of mineralisation throughout the property.
Between now and November we will be on site and we will further
validate our assumptions via detailed field work. We have the waste
dumps and the remaining pillars that are available to us but going
after them without a plan to capture the additional opportunities
would not be right to ensure we maximise returns for our
shareholders."
For the purposes of UK MAR, the person responsible for arranging
for the release of this announcement on behalf of the Company is
Rolf Gerritsen, 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.
END
Contact details:
MetalNRG PLC
Rolf Gerritsen
Christopher Latilla-Campbell +44 (0) 20 7796 9060
Corporate Adviser
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey +44 (0) 20 7469 0930
----------------------
Corporate Broker
SI CAPITAL LIMITED
Nick Emerson +44 (0) 1483 413500
----------------------
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