The Metalstech Ltd (ASX: MTC) share price rose 9.52% to 23 cents today after the company released a presentation to be given at the NWR Virtual Small Caps Conference.
What was in the presentation
The company outlined that its gold resources are over 1 million ounces with 76% measured and indicated. Metalstech identified that, when comparing its market capitalisation to resource ounces, its resources were valued at $24 per ounce.
Metalstech’s Sturec mine was highlighted with the company advising 1.5 million ounces of gold and 6.7 million ounces of silver had been historically produced there.
In 2012, the Joint Ore Reserves Committee found that the Sturec gold mine had a resource of 21.2 million tonnes at 1.50 grams per tonne of gold and 11.6 grams per tonne of silver. Metalstech also stated that there was significant resource expansion potential.
The company is currently drilling at its Sturec site with assay results expected intermittently over the next three months.
About the Metalstech share price
Metalstech is a resources exploration development company with projects in Slovakia and Canada. Currently, the company is focused on its Sturec gold resource in Slovakia. Metaltech is listed on the ASX and the Paris Stock Exchange.
In the quarter to 30 June 2020, Metalstech used $495,000 of cash for operating activities. It had $1,017,000 cash at 30 June, up from $587,000 at the end of the previous quarter.
The company outlined its 2021 mineral resource estimate for Sturec in its June 2020 quarterly report which matched the estimates from today’s presentation. However, it also included an estimated 388,000 tonnes at 3.45 grams per tonne gold and 21.6 grams per tonne silver.
In a recent drilling update, Metalstech announced that it had identified a very prospective zone of intense quartz stockwork from 182.5 metres to 185.4 metres.
The Metalstech share price is up more than 1800% since its 52 week low of 1.2 cents, it has returned 475% since the beginning of the year. The Metalstech share price is up 1050% since this time last year.
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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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