GoldRidge Gold Project Update
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6th September 2021
("MetalNRG" or the "Company")
GoldRidge Gold Project Update
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, provides an update on progress made at its 100% owned GoldRidge Gold Project in Arizona following our announcement made on 19th May 2021 in which it explained that an initial programme of data compilation was essential to recover and assimilate the substantial number of maps and quantity of digital and paper files into a useable archive. This work has now been completed within budget and the timeframes set.
Following the completion of the Company's Competent Persons Report updated by SRK USA, in May 2021, MetalNRG set out to further develop the GoldRidge property. The CPR pointed to larger than previously known opportunities at the project and specifically SRK believe that:
- Turn-key prospects to develop vein-hosted mineral resources from drilling are available
- That the project offers great opportunities to discover satellite gold deposits worth pursuing as the exploration is low cost
In June 2021, the Company's Geologist, Bart Stryhas, Senior Geologist, PhD CPG, based in the USA and leading the project, set out to:
- Review all claims and ensure all property claims were up to date
- Consolidate all available historical information on the property into a detailed data room
- From the consolidation of the information, the Company developed detailed topography covering all claim areas in UTM NAD 83 datum
- Map underground geometries for all development and mining stopes at Gold Prince &
- Integrate 446 historic Drillholes with Au and Ag analyses totaling 11km
- Locate 170 surface rock samples with Au analysis
- Compile 280 soil geochemical assays with multi elemental analysis
- Digitize all roads and trails about and internal to the claim area
- Locate claim corners
- Register several geologic maps at various scales
- A total 5,109 files have been reviewed and used as feed into our development approach
The work completed gives us a solid understanding of the history of the project, the potential it could offer and a clear pathway to add substantial value to the project. It has identified a number of areas that have shown, via our field work, that mineralisation is present but has never been explored in any detail.
Our findings have been summarised in a new GoldRidge Project presentation which can be viewed on our web site www.metalnrg.com.
Rolf Gerritsen, CEO MetalNRG Plc, commented "The GoldRidge Project appears to offer a considerable larger opportunity than previously anticipated and the work completed to date by Bart confirms that the area has been under explored and under developed with solid indicators of mineralisation throughout the property. Between now and November we will be on site and we will further validate our assumptions via detailed field work. We have the waste dumps and the remaining pillars that are available to us but going after them without a plan to capture the additional opportunities would not be right to ensure we maximise returns for our shareholders."
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.
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.