MetalNRG PLC GoldRidge Arizona Update (3502Y)

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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.".

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Contact details:

 
 MetalNRG plc 
  Rolf Gerritsen 
  Christopher Latilla-Campbell     [phone] 
 Corporate Broker 
  PETERHOUSE CAPITAL LIMITED 
  Lucy Williams/Duncan Vasey       [phone] 
                                 ---------------------- 
 Corporate Broker 
  SI CAPITAL LIMITED 
  Nick Emerson                     [phone] 
                                 ---------------------- 
 

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May 04, 2023 02:00 ET (06:00 GMT)