Exploration/Development, Gold, News

MetalsTech to revive a sleeping gold-silver mine

Gold Road Greenstone, metalstech, gold

MetalsTech, which trades under the ticker MTC, has had its underground mining license extended for its wholly owned historical Sturec gold mine in Slovakia.

The license extension is valid for a period of 10 years and allows MTC to extract gold and silver ores utilising underground mining techniques.

The license represents a significant permitting milestone and also re-risks project development at Sturec where MTC proposes to build a high-value underground mining operation.

The approval comes at a great time for MTC as the spot price of gold hovers above $US2300 per ounce.

“As well as a strengthening gold price there has been a strong uptick in global interest in the Western Tethys gold belt in Europe which hosts similar deposits and mines owned and operated by Dundee Precious Metals, Zijin Mining and Eldorado Gold,” MTC said.

“Significant exploration upside exists along strike of the main Sturec defined resource as well as down dip and plunge of the existing orebody.”

The company will also continue to progress its metallurgical and mineralogical test work for the mine.

“Gravity gold recoveries range from 52 per cent to 74 per cent, increasing to up to 88 per cent after flotation and increasing to up to 98 per cent if flotation tailings are also leached,” MTC said.

Sturec has a JORC (2012) resource of 63.347 million tonnes at 1.22 grams per tonne gold (g/t) and 10.11g/t silver, containing 2.686 million ounces (Moz) of gold and 22.21Moz of silver.

Historically, Sturec produced over 1.5Moz of gold and 6.7Moz of silver worth more than $US2 billion at recent metal prices.

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