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MetalNRG pillar sampling confirms potential for early revenue generation

An exposed vein 0.6m wide on a mined face of 1.3m showed 30.4 grammes per tonne of gold and 69 g/t of silver

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MetalNRG PLC’s (LON:MNRG) latest underground sampling revealed 30.4 grammes per tonne (g/t) of gold within a narrow vein at its Gold Ridge project in Arizona.

The AIM-listed company said the sample was taken from pillars left behind from internal mine workings at level 6, with an exposed vein 0.6 metres (m) wide on a mined face of 1.3m. The sample also contained 69 g/t of silver.

All 18 samples in the latest round contained gold, ranging from 6.5 g/t to 0.05 g/t, with the pillars representing approximately 10% of the remaining number within the Gold Ridge mine.

“These results affirm our belief that the Gold Ridge project is a unique exploration and production opportunity with demonstrable high-grade mineralisation, potential for early avenues to revenue generative processing and a larger scale exploration opportunity,” the company said in a statement.

MetalNRG is using these samples, along with historical mapping and other information, to establish its plans for the project.

Chief executive Rolf Gerritsen said the company’s first priority was “accelerated revenue generation” from the processing of the waste dumps and then the mined pillars.

He added that this would be in parallel with “continued exploration to rapidly build our technical understanding of the 3 previously producing gold mines and the potential size and scale of Gold Ridge”.

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MetalNRG: Mining Capital’s Alastair Ford looking out for potential...

Mining Capital's Alastair Ford gives his take on developments at MetalNRG PLC (LON:MNRG) following a call he had with CEO Rolf Gerritsen. A pillar gold sampling programme at its Gold Ridge project in Arizona is underway and Ford also discusses wider plans for the company including new...

on 15/11/19

2 min read