REG - MetalNRG PLC - GoldRidge Arizona Update

MetalnrgAnnouncement

04/05/2023 07:00

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RNS Number : 3502Y  MetalNRG PLC  04 May 2023

 

4 May 2023

     MetalNRG plc

 
 

 
GoldRidge Arizona update

 
 

MetalNRG plc ("MetalNRG" or the "Company") announces that its consultants,
Burges Mining Consultants, will be on site for the Phase 2 geochemical
campaign at its Gold Ridge Gold mine property in Arizona, following the
very encouraging results from phase 1 that paved a pathway to further
exploration work which is now progressing.

The results from phase 1 showed the largest gold anomalies were found in
historical areas mined for gold; however, a secondary zone of gold anomalies
was found in an area previously unexplored and a new linear zone of gold
mineralization was delineated in the Southern Precambrian block. The Company
will now complete further Soil Geochemistry sampling on the remaining untested
areas.

The Company's strategy, following results  from phase 1 which confirmed
MetalNRG's  belief that there is a real possibility of a larger un-discovered
gold/base metal system at Gold Ridge; is to more fully understand the
interconnectivity of the geological system which is likely to control the
previously producing gold mines in the area and progress work towards a
drilling program.

Highlights from phase 1 include:

·  Soil Geochemistry provided evidence for multiple geologic events
including

 the offset of Apache Pass Shear Zone (APSZ) at the eastern termination of
historic mining.

·     This offset implies that historically mined gold mineralization is
transposed northwards where no exploration drilling has occurred.

·     A new linear gold anomaly has been defined in the Southern PC block
which parallels the APSZ  as a multi-element geochemical anomaly.

·     A new significant multi-element geochemical anomaly occurs 1km west
of the Dives Mine.

·    Copper anomalies in volcanic rocks show strong evidence for radial
fracturing, a common feature of porphyry deposits.

MetalNRG now plans to complete 400 additional geochemical samples in phase 2.
The laboratory analysis will be conducted for Gold, Silver and 49 other
elements by ALS Chemex. The Company is keen to further develop its plan and
work towards identifying drilling targets.

Following the work on site, the Company will inform the market of results once
the laboratory has completed their analyses, which we anticipate will be
towards the end of June or the beginning of July.

 

Rolf Gerritsen commented:

 

                " It is great to have our team on site in
Arizona and we are pleased to be able to focus on further developing the
Company's assets.".

 

END

 

Contact details:

 MetalNRG plc                   +44 (0) 20 7796 9060

 Rolf Gerritsen

Christopher Latilla-Campbell
 Corporate Broker               +44 (0) 20 7469 0930

PETERHOUSE CAPITAL LIMITED

Lucy Williams/Duncan Vasey
 Corporate Broker               +44 (0) 1483 413500

SI CAPITAL LIMITED

Nick Emerson

 

 

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