(Alliance News) - Natural resource investment firm MetalNRG PLC said Thursday its planned pillar gold sampling programme at the company's 100% owned Gold Ridge project in Arizona, US, is now underway and on schedule.
Shares in MetalNRG closed 28% higher in London on Thursday at 0.32 pence each.
MetalNRG said a previous sampling taken from a boulder from the site returned an assay of 155 ounces per tonne gold, or 3,949 grammes per tonne.
"In addition to this one-off very high grade gold sample our contractors identified visible gold within level 6 and whilst assessing the pillars. As a result the company decided to implement a fast track review of the pillars' gold mineralisation, which may provide an additional, potentially significant and relatively near term revenue opportunity for the company, alongside processing of gold in the waste dumps which we are preparing for in parallel," MetalNRG said.
The company said there are a "significant" number of pillars underground.
Chief Executive Rolf Gerritsen added: "I am pleased that our technical team have mobilised on schedule and this important sampling programme is underway. The ultra high grade sample from the pillar boulder, at 115 ounces per tonne, is an indication of the potentially high grade gold retained in the pillars, and as a near term revenue source pillar processing conducted safely could provide a material and early revenue stream for the company which we are keen to establish. Samples collected are being taken to the local ASL lab for testing and the results will be released to the market in the near term."
By Paul McGowan; paulmcgowan@alliancenews.com
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Metalnrg Plc (MNRG)