MetalsTech Limited: JORC 2012 Mineral Resource Estimate for Sturec Gold Mine in Slovakia
(firmenpresse) - Highlights
- JORC (2012) Mineral Resource Estimate for Sturec:
- 21.2Mt (at) 1.50 g/t Au and 11.6 g/t Ag, containing 1.026Moz of gold and 7.94Moz of silver of which 67% is Indicated and Measured Resource Category using a 0.4g/t Au cut-off and within an optimised open pit shell; and
- 388kt (at) 3.45 g/t Au and 21.6 g/t Ag containing 43koz of gold and 270koz of silver, of which 71% is Inferred Resource Category using a 2.85g/t Au cut-off (outside the optimised open pit shell) on an underground mining basis
- based on 90.5% gold recovery rates on Sturec mineralisation using ammonium thiosulphate processing technology without the use of cyanide
- Deposit is open to the north and south along strike, as well as down-dip and plunge, indicating significant exploration upside and ready drill targets
- High-grade core of the known mineralisation plunges south into an undrilled zone, which will be the focus of resource expansion drilling
- Mining will commence this month at the Andrej Adit with ore to undergo further thiosulphate processing test work under a deal with Clean Earth Technologies
- Discussions underway for toll treatment of Sturec ore for the purpose of providing potential cash flow in the short term from small scale mining
- Sturec mine has historically produced over 1.5Moz of gold and 6.7Moz of silver
- MTC has 116.9 million fully paid ordinary shares on issue
Commenting on the Mineral Resource, MetalsTech Chairman Mr Russell Moran stated:
A million ounces of gold at Sturec is a great start. We are particularly pleased that resource estimation was completed using gold and silver recovery rates taken from ammonium thiosulphate testing on Sturec ore. In order to commercialise Sturec to its full potential we need to demonstrate that the operation can be economic with a lixiviant other than cyanide, like thiosulphate.
Last week we received a crucial extension to our underground mining permit from the Slovakian Government and we are now busy preparing to re-commence mining activities at the Andrej Adit, which will help support further thiosulphate testing at Sturec. We are also in the process of securing the necessary permits for a diamond drilling program aimed at resource expansion and look forward to updating our stakeholders as this develops.
MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to announce it has delineated a JORC (2012) Mineral Resource on the Sturec Gold Project in Slovakia (Mineral Resource). The Mineral Resource has been reported in accordance with JORC (2012) guidelines as 21.2Mt (at) 1.50 g/t Au and 11.6 g/t Ag (1.59g/t AuEq1), containing 1.026Moz of gold and 7.94Moz of silver (1.086Moz of gold equivalent) using a 0.4g/t Au cut-off within an optimised open pit shell; as well as 388kt (at) 3.45 g/t Au and 21.6 g/t Ag (3.60g/t AuEq1), containing 43koz of gold and 270koz of silver (45koz of gold equivalent) outside the optimised open pit shell on an underground mining basis.
Thiosulphate Leaching Test Work
In 2014, cyanide leaching in relation to minerals processing was banned in Slovakia. In response to the cyanide leaching ban, several metallurgical test work programs assessing alternative processing methodologies were completed on the mineralisation from the Sturec Gold Project. The most encouraging results came from the latest, Thiosulphate Leaching study completed in 2014 by CMC Chimie. In this study, a significant amount of Sturec gold-silver (10 batches of approximately 800kg each) from various parts of Sturec Mineral Resource were subjected to Ammonium Thiosulphate leaching. The leaching was very successful and produced a pregnant liquor that had a content of 3-8g/t Au and 10-25g/t Ag, which was then subjected to electrowinning and filtering/drying, producing a copper/gold/silver cement with an overall recovery of 90.5% for gold and 48.9% for silver. The resultant dry cement was approximately 1% gold-silver and about 50% copper. These results were used to justify the conclusion that Thiosulphate Leaching could be used as an alternative processing method to conventional cyanidation and it was also interpreted to be of comparable economic viability.
The Mineral Resource estimate reported here has been prepared on under the assumption that Thiosulphate Leaching gold and silver extraction technology will be used to process the Sturec mineralisation, with recovery rates and estimated processing costs taken from the 2014 Thiosulphate Leaching test work program results. Adding to the veracity of this assumption is the fact that in 2014 the CSIRO successfully collaborated with Barrick Gold Corp. to implement Thiosulphate ore processing technology on the Goldstrike Mine in Nevada, USA, which now produces approximately 350,000 ounces of gold per annum for Barrick and Newmont Goldcorp Corp; proves that this technology can be utilised economically and at significant scale.
In February this year the Company signed an agreement with Clean Earth Technologies for the use of their patenteted thiosulphate processing technology which was developed in conjunction with the CSIRO over more than two decades.
Mineral Resource Statement
Table 1: Optimised open pit shell parameters.
Item Units Value Justification
Mining Cost US$/t 2.06 Provided by Optimal
mined Mining Solutions and
benchmarked against
their recent experience
of mining costs in
Europe
Incremental $/t/10m 0.077 Provided by Optimal
cost of Mining Solutions and
mining benchmarked against
their recent experience
of mining costs in
Europe
Mining Dilution% 3 Industry Standard
assumption
for open pit
Mining Recovery% 97 Industry Standard
assumption
for open pit
Gold price US$ per 1500 Consensus Long Term price
oz forecast
Silver price US$ per 20 Consensus Long Term price
oz forecast
Recovery Au % 90.5 Based on Thiosulphate
(Thiosulphate) Leaching
metallurgical testwork res
ults from
2014
(range 90% - 92%).
Recovery Ag % 48.9 Based on Thiosulphate
(Thiosulphate) Leaching
metallurgical testwork res
ults
and cost estimates from
2014.
Escalated 16% to 2020
equivalent
costs.
Processing costUS$/t 11.46 Based on Thiosulphate
(Thiosulphate) milled Leaching
metallurgical testwork res
ults
and cost estimates from
2014.
Escalated 16% to 2020
equivalent
costs.
Overland $/t 2.84 Based on plans to
conveyor and milled transport ore to a more
crushing suitable location
for the Thiosulphate
Leaching and
Electrowinning and
escalated to 16% to 2020
equivalent
costs.
General and $/t 3.47 Based on previous costs
Administration milled estimates from 2013 and
escalated to 16% to 2020
equivalent
costs.
Tailings $/t 5.01 Based on previous costs
milled estimates from 2013 and
escalated to 16% to 2020
equivalent
costs.
Closure cost $/t 1.87 Based on previous costs
provisions milled estimates from 2013 and
escalated to 16% to 2020
equivalent
costs.
Overall slope Degree 43 Based on geotechnical and
angle groundwater
modelling of host rock
units.
Royalty % 1.43 (Mining Cost/Total Cost)*R
Calculation evenue*3%
Table 2: Mineral Resource Estimate - Sturec Gold Project
Sturec Mineral Resource Estimate
Resource Estimate above 0.40 g/t Au cut-off and within an
optimised open pit shell
Resource TonnesDensitAu Ag AuEq1 Au (koAg (koAuEq1
Category ( y (g/t (g/t(g/t) z z
kt) (t/m ) ) ) )
3)
(koz)
Measured 3,0002.17 1.69 13.5 1.79 161 1291 171
Indicated 11,202.24 1.79 14.9 1.90 643 5373 685
0
Measured 14,202.23 1.77 14.6 1.87 804 6664 856
+ 0
Indicated
Inferred 7,0002.33 0.97 5.6 1.01 222 1280 230
TOTAL 21,202.26 1.50 11.6 1.59 1026 7944 1086
0
Resource Estimate above 2.85 g/t Au cut-off: outside
optimised open pit
shell
Resource TonnesDensitAu Ag AuEq1 Au (koAg (koAuEq1
Category ( y (g/t (g/t(g/t) z z (
kt) (t/m ) ) ) ) koz)
3)
Measured - - - - - - - -
Indicated 114 2.28 3.39 25.6 3.57 12 94 13
Measured 114 2.28 3.39 25.6 3.57 12 94 13
+
Indicated
Inferred 274 2.34 3.47 19.9 3.61 31 176 32
TOTAL 388 2.34 3.45 21.6 3.60 43 270 45
AuEq g/t = ((Au g/t grade*Met. Rec.*Au price/g) + (Ag g/t grade*Met. Rec.*Ag price/g)) / (Met. Rec.*Au price/g)
Long term Forecast Gold and Silver Price USD/oz (source: World Bank, JP Morgan): $1,500 and $20 respectively.
Gold And silver recovery from the 2014 Thiosulphate metallurgical test work: 90.5% and 48.9% respectively.
It is the companys opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.
ENDS
For further information, contact:
Russell Moran
Chairman
M +61 415 493 993
russell(at)metalstech.net
Caution Regarding Forward-Looking Information
This document contains forward-looking statements concerning MetalsTech. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Companys actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on the companys beliefs, opinions and estimates of MetalsTech as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
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