(Alliance News) - MetalNRG PLC said Thursday it was "encouraged" by the sampling results from its gold project in the US state of Arizona.
The miner said all the samples tested from its wholly-owned Gold Ridge project came back confirming gold content.
In particular, a sample from its priority focus last mined face at level 6 returned 30.4 grammes of gold per tonne and 69 grammes per tonne of silver.
"The face shows the exposed vein with a width of 0.6 metres on a mined face of 1.3 metres," MetalNRG said. "The vein consists of quartz with massive sulphide mineralisation."
MetalNRG said the samples affirmed its belief that the project was a "unique exploration and production opportunity with demonstrable high-grade mineralisation."
A further 17 samples were also taken from Gold Ridge. All of these samples were returned with gold content ranges of between 0.05 and 6.5 grammes per tonne of gold.
"I am pleased that our technical team have now safely completed the sampling of the pillars and reported back on schedule," Chief Executive Officer Rolf Gerritsen said. "We are extremely encouraged by these excellent results demonstrating that economic mineralisation remains in level 6 and confirms that we are on the right path to achieving our goal."
"We are now focused on accelerated revenue generation initially with regard to processing of the waste dumps, then the mineralised pillars, whilst in parallel implementing continued exploration to rapidly build our technical understanding of the 3 previously producing gold mines and the potential size and scale of Gold Ridge," Gerritsen added.
Shares in MetalNRG closed 48% higher at 1.00 pence in London on Thursday.
By Ahren Lester; ahrenlester@alliancenews.com
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Metalnrg Plc (MNRG)