MetalNRG announces potential for new discoveries on its Gold Ridge project

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MetalNRG PLC (LON:MNRG) said independent consultants SRK Exploration Services saw the potential for new discoveries on its Gold Ridge project in Arizona and had  recommended follow up work.

SRK spent three days on site to prepare and update a 2018 Competent Person Report on the project, as well as review the existing technical documentation, including the results of work undertaken since September 2018.

SRK concluded that the mapping and sampling conducted to date supports the concept that the Gold Ridge project has the potential for the discovery of further, minable gold mineralisation and that an initial two stage programme of follow up work is warranted. 

The project currently comprises three historic mines; the Gold Ridge Mine, the Gold Prince Mine and the Dives Mine. 

“The site visit completed has put a new light on the overall opportunity, not only do we have three previously producing gold mines, that still offer value, but we could have the potential for new discoveries in the area that makes the license area even more interesting, it is imperative that we get a solid understanding of the big picture geological structures so that we can maximise our returns,” said MetalNRG chief executive Rolf Gerritsen.

Dr. Bart Stryhas, an associate of SRK Consulting US, has been retained by MetalNRG to conduct the project work. Stryhas, who has more than 35 years of experience working with the structural control of ore deposits and mineral resource estimations, completed the initial structural review and has recommended a work plan.

Further structural mapping, both at surface and underground, should help define the structural history of the project area and its controls on gold mineralisation which will direct follow up areas for grid soil geochemical surveys and ground geophysics targeting blind orebodies as well as potential for larger zones of disseminated mineralisation.

“Our initial impression of the potential of the area has been confirmed, in that the existing gold mines might represent the expression of a bigger and more widespread mineralised system,” said MetalNRG non-executive director Christian Schaffalizky. “We believe this is a priority over confining work to identifying further resources in the existing mining areas.”

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