(Alliance News) - MetalNRG PLC said Wednesday that it is excited for the next phase of work at the Gold Ridge project located in the US state of Arizona after sampling results confirmed presence of gold at the project.
The natural resource investor said in November that a sample from the last mined face on Level 6 at the mine returned 30.4 grams of gold per tonne and 69 grams of silver per tonne.
"The face shows the exposed vein with a width of 0.6 metres on a mined face of 1.3 metres and consists of quartz with massive sulphide mineralisation," MetalNRG said in November.
A detailed review of the sampling results confirmed 1.74 grams of gold per tonne of waste from a site outside level 6, made up of 2,753 tonnes containing 4,785.39 grams of gold.
MetalNRG said the results affirmed its belief that the project was a "unique exploration and production opportunity with demonstrable high-grade mineralisation."
NRG is currently working on identifying a processing plant for the waste. It says it will get the highest return on the ore within the waste dump by blending it with high grade ore from the pilars.
"I am very excited by the next phase of work. When we bought the Gold Ridge Project, we had worked on certain operational assumptions and were keen to assess and develop the mines substantial exploration upside via the monetisation of waste left behind. We are now at a stage where we can turn this opportunity into reality," said NRG Chief Executive Rolf Gerritsen
Shares in MetalNRG closed 3.6% higher at 0.57 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Metalnrg Plc (MNRG)