MetalNRG PLC (LSE:MNRG) announced “very encouraging” results from a Phase I geochemical campaign at its Gold Ridge gold mine property in Arizona.
The company has completed just under 600 of the 1,000 geochemical samples planned for Phase I.
MetalNRG said the findings of the geochemical programme have encouraged it to conclude that the area may host a larger mineralization system controlling all the surface mines and showings.
"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; we are now working with the board to establish the next steps," said senior geologist Bart Stryhas.
The largest gold anomalies were found in historical areas mined for gold while a secondary zone of gold anomalies was found in an area previously unexplored.
Laboratory analysis was conducted for gold, silver and 49 other elements.