Last checked at 7 Nov 2019 16:13
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
This announcement is for information purposes only and is not a prospectus and not an offer of securities for sale in any jurisdiction, including in the United States, Australia, Canada, Japan and South Africa.
8th November 2019
MetalNRG plc
(The "Company" or "MetalNRG")
Gold Ridge Update
Sampling of Pillars in Gold Ridge Mine Arizona
MetalNRG plc (LON:MNRG) the natural resource investing company is pleased to confirm that the planned pillar gold sampling programme at the Company's 100% owned Gold Ridge project in Arizona, USA, is now underway and on schedule.
Previously the Company's announcement of 30th September 2019 confirmed one sample taken from a boulder on the side of the waste dump, which originated from the pillars left behind from internal mine workings at level 6, returned an assay of 115 ounces per tonne gold (3,949 g/t).
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.
There are a significant number of pillars left behind underground and a sampling programme is now underway with follow on assays to confirm gold grade via the local ASL lab in Tuscon.
Rolf Gerritsen, CEO of MetalNRG commented "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."
Rolf Gerritsen, CEO of MetalNRG, arranged for the release of this announcement.
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
The directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
MetalNRG PLC Rolf Gerritsen (Chief Executive Officer) | +44 (0) 20 7796 9060 |
Joint Broker PETERHOUSE CAPITAL LIMITED Guy Miller/Mark Anwyl | +44 (0) 20 7469 0930 |
Corporate Broker SI CAPITAL Nick Emerson | +44 (0) 1483 413500 |