Gold Ridge Update

RNS Number : 1516P
MetalNRG PLC
08 October 2019
 

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 October 2019

 

MetalNRG plc

(The "Company" or "MetalNRG")

 

                                                                           Gold Ridge Update

 

 

Metal NRG Plc (LON: MNRG), the natural resource investing company, today announces that it has completed a detailed analysis of the results received from the ALS Global laboratory, as reported on 30th September 2019.

As a result of the review of all available data, the Company is now laying out its plan for the next stage of work, leading towards the monitising of the waste dump outside level 6 and completing a series of samples on the pillars inside the mine at level 6.

The results from the samples confirm a viable 1.74g/t recoverable gold from a specific waste dump outside level 6, which is made up of 2,753 tonnes containing 4,785.39 grams of gold. The Company is now in the process of identifying a processing plant that will take the waste and process it; we are currently in negotiations with two plants, both in close proximity to our mine. We are also assessing the best way to load and transport the waste dump and aim to be able to report back on our negotiations by late November or early December 2019.

One sample, taken from a boulder on the side of the waste dump, which originated from one of the pillars left behind from internal mine workings at level 6, returned outstanding results, as reported in our RNS dated 30th September 2019. This sample, along with data left behind in the various data bases on the operations by the previous miners, suggest the potential to monitise the pillars. There are a significant number of pillars left behind at level 6 and we plan to take a series of samples from these. The sampling of the pillars, to achieve a statistically relevant sample size will be completed by the beginning of November, with samples being sent to the ALS Global laboratory and results are expected for late November 2019.

Rolf Gerritsen CEO of MetalNRG said "I am pleased with the pace of our on-site work and am excited by the previous results.  More importantly, we believe the pillars offer a solid opportunity for the Company and I look forward to reporting back on the next phase of work, by the end of November 2019".

 

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

 

 


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