MetalNRG PLC (LSE:MNRG) (LSE:MNRG) said an initial programme of data compilation has been completed at its GoldRidge project in Arizona and that it identified a number of areas where mineralisation is present but has never been explored in any detail.
The programme, undertaken by the company’s geologist Bart Stryhas, recovered and assimilated a substantial number of maps as well as digital and paper files into a useable archive.
"The GoldRidge project appears to offer a considerable larger opportunity than previously anticipated and the work completed to date by Bart confirms that the area has been under explored and under developed with solid indicators of mineralisation throughout the property,” said chief executive Rolf Gerritsen.
“Between now and November we will be on site and we will further validate our assumptions via detailed field work.
“We have the waste dumps and the remaining pillars that are available to us but going after them without a plan to capture the additional opportunities would not be right to ensure we maximise returns for our shareholders."
The GoldRidge property covers 1,050 hectares and hosts three past producing underground gold mines.