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MetalNRG

Metal NRG finds 115 ounces of gold in Gold Ridge waste dumps

Snapshot

The company said the ultra high grade sample indicated the potential for more high grade gold at the site, which could serve as a "significant and relatively near term revenue opportunity”

Gold

Quick facts: MetalNRG

Price: 0.5499 GBX

Market: LSE
Market Cap: £1.65 m
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What it does:

Metal NRG PLC (LON:MNRG) focuses on investing in precious and strategic metals projects that it believes will deliver short term cashflow, while also offering exploration upside for the medium to long term.

The company’s main focus is on its Gold Ridge Project in Arizona, acquired in November 2018, which encompasses three previously-producing gold mines known as Gold Prince, Gold Ridge and Dives mines, which are over a 1.8km strike within prospective 5km long vein swarm.

The three mines contain high-grade gold bearing quartz-sulphide veins, with historical production at the Gold Prince mine of 22,000 oz through to 1996.

The explorer is hoping to monetise the waste dumps and pillars left behind by previous operators, so that it can then go on to develop the significant exploration potential in the area.

MetalNRG also has an 8.5% stake in the Kamushanovskoye uranium deposit in Kyrgyzstan, which is currently on hold pending government legislation on uranium mining in the country which it proposed to ban in March.

Recent developments:

In November, the company announced the start of a pillar gold sampling programme in Arizona after finding 115 ounces of gold on a boulder on the side of its Gold Ridge project’s waste dump.

It said in a statement that the programme was on schedule and it is aiming to confirm results from the sample, which is equivalent to around 3,949 grams per tonne of gold.

The company also shifted its shares from the NEX market to the Main Market on London Stock Exchange in July, saying the company believes it has matured to the next level.

Watch the interview:

What the boss says:

Chief executive Rolf Gerritsen said: ''Our strategy is to invest in projects from which we can produce cash flow which will then enable us to further develop those projects.”

“The focus today is very much on Gold Ridge - three previously producing gold mines in Arizona, so a friendly environment and what we've found is a number of waste dumps, we're seeking to monetise those , generate cash so that we can further develop the substantial exploration upside that we see,” he added.

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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...

5 days, 23 hours ago

2 min read