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MetalNRG surges as it unearths 115 ounces of gold from sample at Arizona project

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”

MetalNRG - MetalNRG surges as it begins sampling programme at Gold Ridge
The sample is equivalent to around 3,949 grams per tonne of gold

MetalNRG PLC (LON:MNRG) has kicked off a pillar gold sampling programme at its Gold Ridge project in Arizona after unearthing 115 ounces of gold from a sample taken from a boulder on the side of the project’s waste dump.

In an announcement on Thursday afternoon, the natural resource investor said 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.

WATCH: MetalNRG targeting 'material and early revenues' at Gold Ridge in Arizona

“The ultra high grade sample from the pillar boulder, at 115 ounces per tonne, is an indication of the potentially high grade gold retained in the pillars, and as a near term revenue source pillar processing conducted safely could provide a material and early revenue stream for the Company which we are keen to establish”, Rolf Gerritsen, MetalNRG’s chief executive said in the statement.

MetalNRG is now implementing a fast track review to confirm gold mineralisation at the project, which it said, “may provide an additional, potentially significant and relatively near term revenue opportunity”.

The news drove the shares 35.5% higher to 0.42p in early deals on Friday.

--Updates share price--

Quick facts: MetalNRG

Price: 0.5 GBX

LSE:MNRG
Market: LSE
Market Cap: £1.5 m
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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...

1 day, 11 hours ago

2 min read