MetalNRG PLC (LSE:MNRG) said it has now defined a new linear gold anomaly at its GoldRidge prospect in Arizona following a soil geochemistry programme.
Another significant multi-element geochemical anomaly also occurs 1km west of the Dives Mine, MetalNRG added, while copper anomalies in volcanic rocks show strong evidence for radial fracturing, a common feature of porphyry deposits.
Just under 600 (Phase I) of the 1,000 geochemical samples planned have been taken, it said, and while most indications were in historical mining areas, some occurred in previously unexplored areas.
“All sample results to date show: gold above 25ppb = 14%, silver above 0.3ppm = 38%, lead above 35ppm = 47%, copper above 35 ppm = 40% and zinc above 115 ppm = 33%,” said a statement with its annual results.
Bart Stryhas, senior geologist on the project, commented: "These results confirm our previous beliefs, that there is indeed a real possibility of a larger un-discovered gold/base metal system at Gold Ridge."
Next steps include completing the geo-sampling program of another 400 samples in the areas of interest with drilling to follow as funds become available.
Elsewhere, at EQTEC Italia, the recommissioning of the biomass plant is complete and electricity is being produced alongside fertiliser.
MetalNRG has a 12% stake in EQTEC Italia, which it said will reduce through dilution.
Investments in Brit NRG and IMC have been written off due to ongoing legal action but will be re-evaluated once the action is complete. Judgements have gone in its favour so far.
Losses for the year to end December 2022 were £2.2mln (£1.86mln).