(Alliance News) - Natural resource investor MetalNRG PLC said Friday it is "pleased" with the preliminary results from samples from its Gold Ridge project in Tucson, Arizona.
The results, taken from samples from drilling conducted in September, show "viable" gold recoveries of 1 gramme per tonne. The sample was taken from a waste dump outside the main entrance to the Gold Ridge mine.
MetalNRG said it is finalising the analysis and expects to present a more detailed update early next week.
"The company's strategy is to progress project with cash generated from the projects itself. The initial indications from the work completed thus far at Gold Ridge would suggest that we are on the right track towards further developing the Gold Ridge project," explained MetalNRG.
Chief Executive Rolf Gerritsen added: "I am pleased with these initial results which indicate that our strategy of generating early cashflow from existing projects to further develop these projects can work. We are now working on establishing the exact economic value of the waste dump and determining the most economical way of getting value from it. I look forward to giving the markets additional updates as we make progress early next week."
Shares in MetalNRG were 0.9% higher in London on Friday at 0.22 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Metalnrg Plc (MNRG)