(Alliance News) - Natural resource investor MetalNRG PLC on Tuesday said it is progressing with the next stage of work at the Gold Ridge, located in the US State of Arizona, after reviewing results from a waste dump sample at the mine.
MetalNRG said the results from the samples showed a viable 1.7 grammes per tonne of recoverable gold from a specific waste dump outside level 6 of the mine.
MetalNRG said: "As a result of the review of all available data, the company is now laying out its plan for the next stage of work, leading towards the monitising of the waste dump outside level 6 and completing a series of samples on the pillars inside the mine at level 6."
The firm said it is in negotiations with two plants local to the Gold Ridge mine as it seeks to process materials from the waste dump sample.
MetalNRG added: "We are also assessing the best way to load and transport the waste dump and aim to be able to report back on our negotiations by late November or early December 2019."
Looking ahead, the company reported that it plans to do more sampling at level 6 because there are a "significant number of pillars left behind". MetalNRG said the fresh sampling, which will help ensure a "a statistically relevant sample size" at level 6, will be completed by the beginning of November with results expected later that month.
Chief Executive Rolf Gerritsen said: "I am pleased with the pace of our on-site work and am excited by the previous results. More importantly, we believe the pillars offer a solid opportunity for the company and I look forward to reporting back on the next phase of work, by the end of November 2019."
Shares in MetalNRG were 15% lower at 0.25 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Metalnrg Plc (MNRG)