AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

METALSTECH LIMITED Capital/Financing Update 2021

Sep 20, 2021

65380_rns_2021-09-20_0805e067-7dac-4876-ae18-ab49bcdc5dd1.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

==> picture [100 x 12] intentionally omitted <==

==> picture [116 x 78] intentionally omitted <==

==> picture [65 x 12] intentionally omitted <==

==> picture [49 x 12] intentionally omitted <==

==> picture [185 x 12] intentionally omitted <==

==> picture [78 x 12] intentionally omitted <==

==> picture [119 x 12] intentionally omitted <==

==> picture [66 x 12] intentionally omitted <==

==> picture [58 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

BH ID	Northing S- JTSK (Krovak)	Easting S-JTSK (Krovak)	Azimuth (°)	Dip (°)	EOH (m)	Mineralised Interval (Down Hole)	Vintage
AS-12	-1,229,183	-435,604	273	-66	135.5	No economic intersection.	1996-1997 ARGOSY Surface BH
AS-13	-1,229,108	-435,580	273	-65	113.6	0.5m @ 10.1g/t Au from 85.5m using a 5g/t Au cut-off	1996-1997 ARGOSY Surface BH
KG-V-4	-1,228,755	-435,551	287	-45	120.0	Upper zone:6.8m @ 0.7g/t Au & 60g/t Ag from 5m using a 0.3g/t Au cut-off, including 0.8m @ 2g/t Au & 30.8g/t Ag from 11m;Lower zone: 3.1m @ 3.7g/t Au& 3.4g/t Ag from 90.1m using a 0.3g/t Au cut-off; and 0.3m @ 4.6g/t Au & 2.9g/t Agfrom 99.2m	2004 - Tournigan Exploration Surface BH
KG-V-5	-1,228,930	-435,609	289	-45	140.0	Upper zone:13.0m @ 0.5g/t Au & 18g/t Ag from 2.2m using a 0.3g/t Au cut-off; 4.7m @ 0.5g/t Au & 31g/t Ag from 18.6m using a 0.3g/t Au cut-off;Lower zone:17m @ 0.9g/t Au from 97m using 0.3g/t Au cut-off, including 8.6m @ 1.2g/t Au from 106m using0.5g/t Au cut-off	2004 - Tournigan Exploration Surface BH
KG-V-6	-1,228,930	-435,608	289	-80	130.0	Upper zone: 4.4m @ 0.5g/t Au & 14g/t Ag from 4.8m using a 0.3g/t Au cut-off; and 3.0m @ 0.6g/t Au & 29g/t Ag from 22m using a 0.3g/t Au cut-off; Lower zone: 13.5m @ 1.2g/t Au & 3.3g/t Ag from 88m using 0.3g/t Au cut-off, then a 10.1m mining void, then6.9m @ 2.5g/t Au& 6g/t Ag from 111.6m using a 0.5g/t Au cut-off (Zone where the Schindler-Teich veins intersect).	2004 - Tournigan Exploration Surface BH
KG-V-7	-1,228,901	-435,592	287	-60	130.0	Upper zone: 5.85m @ 0.5g/t Au & 20g/t Ag from 8.5m using a 0.3g/t Au cut-off; Lower zone:28.1m @ 6.3g/t Au& 8g/t Ag from 79.4m usinga 0.3g/t Au cut-off	2004 - Tournigan Exploration Surface BH

BH ID	Northing S- JTSK (Krovak)	Easting S-JTSK (Krovak)	Azimuth (°)	Dip (°)	EOH (m)	Mineralised Interval (Down Hole)	Vintage
AS-134	-1,228,088	-435,502	277	-60	112.1	10.0m @ 2.05g/t Au & 58g/t Ag from 51m using a 0.3g/t Au cut-off; and 22.5m @ 1.35g/t Au & 8.4g/t Ag from 69m using a 0.3g/t Au cut-off; including 8m @ 2.35g/t Au & 11.0g/t Ag from 81.5m using a 1g/t Au cut-off	1996-1997 ARGOSY Surface BH
AS-135	-1,228,097	-435,408	277	-45	204.1	5.5m @ 4.09g/t Au & 34.2g/t Ag from 30m using a 2g/t Au cut-off	1996-1997 ARGOSY Surface BH
AS-136	-1,227,948	-435,328	277	-60	250.0	5.0m @ 1.07g/t Au $ 47.4g/t Ag from 47m using a 0.5g/t Au cut-off; and 19m @ 2.6g/t Au & 12.8g/t Ag from 75m using a 0.3g/t Au cut-off, incl. 11m @ 4.17g/t Au & 19.8g/t Ag from 79m using a 1g/t Au cut-off.	1996-1997 ARGOSY Surface BH
AS150	-1,228,066	-435,352	270	-60	154.0	4.5m @ 1.3g/t Au & 32.3g/t Ag from 63m using a 0.3g/t Au cut-off; 7.5m @ 2.71g/t Au & 13.5g/t Ag from 103m using a 0.5g/t Au cut-off; and 18.5m @ 0.65g/t Au & 4.3g/t Ag from 126.5m using a 0.3g/t Au cut-off, incl. 5.2m @ 2.07g/t Au & 10.3g/t Ag from 126.5m usinga 0.5g/t Au cut-off	1996-1997 ARGOSY Surface BH
AS153	-1,227,960	-435,294	270	-60	150.0	8m @ 2.65g/t Au & 19.1g/t Ag from 60m using a 0.3g/t Au cut-off; and 5.8m @ 2.04g/t Au & 18.6g/t Ag from 95m using a 1g/t Au cut-off	1996-1997 ARGOSY Surface BH
AS154	-1,228,012	-435,439	277	-45	118.5	7.3m @ 0.5g/t Au & 14.4g/t Ag from 53m using a 0.3g/t Au cut-off	1996-1997 ARGOSY Surface BH
AS155	-1,228,023	-435,382	270	-45	219.8	15.5m @ 0.8g/t Au & 27.4g/t Ag from 57.5m using a 0.3g/t Au cut-off; and 10.1m @ 1.5g/t Au & 12.9g/t Ag from 95m using a 0.3g/t Au cut-off (includes a 2m and a 3m wide miningvoid/recoveryissue)	1996-1997 ARGOSY Surface BH
KG-W-1	-1,227,911	-435,300	296	-45	136.0	0.5m @ 7.7g/t Au & 259g/t Ag from 16.2m; 9.2m @ 1.1g/t Au & 44g/t Ag from 58.5m (backfill); and 3.9m @ 0.7g/t Au & 45.2g/t Agfrom 106m	2004 - Tournigan Exploration Surface BH
KG-W-2	-1,228,150	-435,556	301	-45	90.0	68m @ 0.9g/t Au & 7.5g/t Ag from 0m using a 0.3g/t Au (contains previously mined material), including 10m @ 2.83g/t Au & 2.8g/t Ag from 58m using a 1g/t Au cut-off	2004 - Tournigan Exploration Surface BH
KG-W-3	-1,228,184	-435,505	302	-60	115.2	3.1m @ 3.06g/t Au & 27.5g/t Ag from 59m; and 1.9m @ 1.3g/t Au & 17.4g/t Ag from 77.6m; followed by a 10.9m mining void; then 23.9m @ 0.6g/t Au & 3.6g/t Agfrom 90.2m	2004 - Tournigan Exploration Surface BH

BH ID	Northing S-JTSK (Krovak)	Easting S- JTSK (Krovak)	Azimuth (°)	Dip (°)	EOH (m)	Mineralised Interval (Down Hole)	Vintage
KAT-1	-1,229,633	-436,264	87	-46	305.0	26m @ 0.57g/t Au & 6.1g/t Ag from 9m using 0.3g/t Au cut-off; 2m @ 1.79g/t Au & 1.9g/t Ag from 298m usinga 0.5g/t Au cut-off.	1996-1997 ARGOSY Surface BH
KAT-2	-1,229,682	-436,222	119	-45	305.0	30m @ 0.95g/t Au & 5.5g/t Ag from 115m using a 0.3g/t Au cut-off; 15.0m @ 1.55g/t Au & 4.4g/t Ag from 130m usinga 1g/t Au cut-off.	1996-1997 ARGOSY Surface BH
KAT-7	-1,229,691	-436,070	116	-50	309.8	15.25m @ 6.77g/t Au& 3.8g/t Ag from 54m using a 0.3g/t Au cut-off, including4.05m @ 24.69g/t Au& 10.7g/t Ag from 62.1 using a 1g/t Au cut-off; and 16.6m @ 0.56g/t Au & 8.3g/t Ag from 151m using a 0.3g/t Au cut-off.	1996-1997 ARGOSY Surface BH
KAT-8	-1,229,690	-436,071	116	-45	60.0	9.5m @ 0.50g/t Au & 2.2g/t Ag from 46.6m using a 0.3g/t Au cut-off but lost core barrel at 60m.	1996-1997 ARGOSY Surface BH
KAT-9	-1,229,575	-436,048	83	-45	333.7	17m @ 1.88g/t Au & 2.6g/t Ag from 267m using a 0.5g/t Au cut-off; including11m @ 2.56g/t Au& 2.3g/t Agfrom 267m usinga 1g/t Au cut-off;	1996-1997 ARGOSY Surface BH

Resource Estimate above 0.26 g/t Au cut-off and within an	Resource Estimate above 0.26 g/t Au cut-off and within an	Resource Estimate above 0.26 g/t Au cut-off and within an	Resource Estimate above 0.26 g/t Au cut-off and within an	Resource Estimate above 0.26 g/t Au cut-off and within an	optimised open pit shell	optimised open pit shell
Resource Category	Tonnes (kt)	Au (g/t)	Ag (g/t)	AuEq (g/t) 1	Au (koz)	Ag (koz)	AuEq (koz)
Measured	15,340	1.43	12.04	1.53	704	5,940	752
Indicated	18,438	1.20	6.74	1.25	709	3,995	742
Measured + Indicated	33,778	1.30	9.15	1.38	1413	9,935	1494
Inferred	4,717	0.72	6.56	0.77	109	995	117
TOTAL	38,495	1.23	8.83	1.30	1,522	10,930	1,611
Resource Estimate above 2 g/t Au cut-off: outside optimised open pit shell
Resource Category	Tonnes (kt)	Au (g/t)	Ag (g/t)	AuEq (g/t)1	Au (koz)	Ag (koz)	AuEq (koz)
Measured	30	2.90	21.18	3.08	3	21	3
Indicated	114	3.75	10.5	3.81	14	38	14
Measured + Indicated	144	3.57	12.74	3.66	17	59	17
Inferred	4	2.73	8.0	2.80	0	1	1
TOTAL	148	3.55	12.62	3.64	17	60	18

Criteria	JORC Code Explanation	Details
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• The historic drill holes discussed in this announcement were drilled by Argosy Mining Corporation (Argosy) in 1996-1997 and Tournigan Gold Corporation (Tournigan) in 2004- 2005 and are all diamond core holes. • Diamond drill core was used to obtain samples which were sawn in half longitudinally then one half of the core was submitted for assaying and the remainder was stored on site. The half core was crushed and pulverised prior to assay. • Core samples were pulverised down to 90% passing -150 mesh (106µm). Then 100-120g of the pulp was weighed and bagged with the sample ticket inside. • Geochemical samples were mainly fire assayed (either 30g for Agrosy or 50g charge for Tournigan) and gold grades were read using AAS or gravity. Some check assays for gold were completed using Aqua Regia digestion and grades were read using AAS. For silver, geochemical samples were completed using Aqua Regia digestion and grades were read using AAS or a four-acid digest followed by ICP-AES analysis.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Diamond drill holes between 1996-2008 were drilled with a combination of HQ (63.5 mm core diameter) and NQ (47.6 mm core diameter) size. These drill holes started at HQ and were then only reduced if ground conditions prevented further drilling and then the hole needed to be cased off.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Core recovery is measured as the length of core recovered versus the depth of the drill hole. In detail, the length of each ‘run’ of core recovered (between 0-3m) is measured and its length compared to the length the drillers measured from the drill rod advance. • Historic drilling records indicate that core recovery was consistently good, where historic mining voids were not been encountered. • No relationship between sample recovery and grade has been interpreted in assay results as recovery was consistently good.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or _costean, channel, etc) photography. _	• The historic drill core has been geologically and geotechnically logged to a level to support appropriate Mineral Resource estimatation, mining studies and metallurgical studies. Core was logged both qualitatively and quantitatively. • A review of historic drill logs indicates that the logs contained adequate locational, sampling and assay data.

AI assistant

METALSTECH LIMITED Capital/Financing Update 2021

65380_rns_2021-09-20_0805e067-7dac-4876-ae18-ab49bcdc5dd1.pdf

Discovery of historic high grade intersections in untested regional target zones at Sturec

REGIONAL PROSPECTS

Vratislav Prospect

Wolf Prospect

Katerina Prospect

Caution Regarding Forward-Looking Information

Competent Persons Statement

Background: Sturec Gold Mine

Updated Sturec Mineral Resource Estimate

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code Explanation	Details
	• The total length and percentage of the relevant intersections logged.	• Core photography is available for most of the historic drill holes (especially the significantly mineralised zones) reported in this announcement.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• To take a sample the diamond drill core was sawn in half longitudinally, then dried, crushed and pulverised. This sample preparation technique is considered appropriate for the style of mineralisation encountered. • Samples lengths varied with geological boundaries from 0.2m to up to 2m in length. • QA/QC procedures for the Tournigan 2004-2008 drilling data included standards being inserted at an approximate rate of 1 in 50, and blanks and duplicates being inserted at an approximate rate of 1 in 30. While this insertion rate of standards is considered low by today’s industry standards it is not considered unacceptable for reporting of Exploration Results purposes. • No QA/QC measures seem to have been used for the data Argosy 1996-1997 drilling. So, in order to increase the confidence in the Argosy 1996-1997 drilling data, a second laboratory check assay study was completed to help validate the historic assay data. A total of 366 coarse split samples from Argosy diamond drill holes were re-assayed in 2005 for gold and silver by the OMAC laboratory in Ireland. 268 (or 73%) of these had been originally analysed by Chemex in Canada, the remainder had been analysed by the Slovakian Geological Survey. The check assay samples represent 3.8% of the total number of samples (9,647) collected from the Argosy 1996-97 drilling campaign. A comparison of the assay results suggested the original assays were slightly conservative and therefore, the Argosy assay results were considered to be sufficiently reliable for reporting of Exploration Results purposes. • The reliability of sub-sampling techniques and sample preparation has been confirmed by re- sampling and re-assaying of existing drill core and pulps and the use of alternative laboratory assay checks. • Sample sizes were appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Tournigan 2004-2008 geochemical samples were fire assayed (50g charge) with an Atomic Absorption finish. Laboratory standards and blanks were routinely inserted into the analysis sequence for the laboratory to monitor accuracy and any traces of contamination respectively. A small percentage of samples were also re-assayed as laboratory duplicates using an aqua regia (4 parts hydrochloric and 1 nitric acid) digestion with an Atomic Absorption finish. Results of the laboratory duplicates were within an acceptable range when compared against the routine fire assay (50g charge) with an Atomic Absorption finish assay result. • Argosy 1996-1997 geochemical samples sent to SGS and Chemex were fire assayed (30g charge) with an atomic adsorption finish to obtain gold assay results. The silver assay results from SGS were derived from an aqua regia digestion with an atomic adsorption finish. Assays for 34 elements including silver, determined by the ICP analytical method, were also completed for multiple mineralised intervals at the Chemex laboratory. • Fire Assay is totally destructive and is considered the most accurate precious metal assay method. • QA/QC procedures for the Tournigan 2004-2008 drilling data included standards being inserted at an approximate rate of 1 in 50, and blanks and duplicates being inserted at an approximate rate of 1 in 30. While this insertion rate of standards is considered low by today’s

Criteria	JORC Code Explanation	Details
		industry standards it is not considered unacceptable. The Competent Person believes that the reported data is of sufficient quantity and quality for Exploration Results reporting purposes. • The Tournigan 2004-2008 drilling data was also subjected to a second laboratory check assay study. A total of 96 pulp samples from the 2005 Tournigan RC holes were re-assayed for gold and silver by the OMAC laboratory in Ireland. They had been originally analysed by Chemex in Canada. The duplicate check assay samples represent 3.04% of the total number of samples (3,156) collected from the RC drilling and included in the database. An additional 79 pulp samples from Tournigan’s diamond drill holes completed from 2006-08 were re-assayed as blind duplicates by ALS Chemex in Romania. The check assay samples represent 2.82% of the total number of samples (2,806) collected from the core drilling. Comparison of the original and check assay results showed a very slight negative bias for the gold assays. The correlation coefficient between the two sets of results was 1, which adds to the confidence that the Tournigan drilling assay results are suitable to be used for Exploration Results reporting purposes. • As no QA/QC data is available on the Argosy 1996-1997 drilling data/assay results, a second laboratory check assay study was completed to help validate the historic assay data. A total of 366 coarse split samples from Argosy diamond drill holes were re-assayed in 2005 for gold and silver by the OMAC laboratory in Ireland. 268 (or 73%) of these had been originally analysed by Chemex in Canada, the remainder had been analysed by the Slovakian Geological Survey. The check assay samples represent 3.8% of the total number of samples (9,647) collected from the Argosy 1996-97 drilling campaign. A comparison of the assay results suggested the original assays were slightly conservative and therefore, the Argosy assay results were considered to be sufficiently reliable for Exploration Result reporting purposes.
Verification of sampling	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• The Competent Person for Explorations Results, Dr Quinton Hills carried out a site visit to the Sturec Gold Project in Slovakia in December 2019 as part of MetalsTech Limited’s due diligence investigation into the project before the acquisition. During the site visit, Dr Hills verified the existence and location of a subset of the historic drill hole collars in the field and inspected the historical drill core. As part of this historical drill core inspection he verified that several significant intersections had been sampled and that the remaining material was visibly mineralised (identification of quartz veining and alteration associated with sulphides). • As core photography exists for a most of the significant intersections, these images have also been used to verified significant intervals as sampled and visibly mineralisation (identification of quartz veining and alteration associated with sulphides). • Tournigan carried out two twin drilling programmes at Kremnica. In 2005, five RC holes were drilled to twin Argosy diamond drill holes completed in 1996-97. The results showed that on average the RC holes have higher gold and silver grades with a positive bias of 16% in the Au grade and 14% in the Ag grade than the corresponding cored holes. In 2008, Tournigan twinned six of its earlier 2005 RC holes with six diamond drill holes. This comparison again showed that on average the RC holes returned higher gold grades than the corresponding cored holes, with a slight positive bias of 6% in the Au grade. The silver grades were lower in the RC holes, with a negative bias of 12%. • Laboratory assay reports are filed with the hard copy drill logs.

Criteria	JORC Code Explanation	Details
		• All primary data (logging, sample intervals and assay results) has been digitally captured via excel spreadsheets, which are then validated when they are imported into a 3D modelling software package. • Data is stored in secure company owned Dropbox that has a 180 day file recovery and version history function. • No adjustments to assay data have occurred.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Locations of diamond drill hole collars, channel samples and mine workings were recorded using S-JTSK/Krovak Datum. • Locations of historic diamond drill hole collars, channel samples and mine workings were partially confirmed by Dr Hills on the site visit in December 2019. • High-resolution topography over the project was acquired using LiDAR. • This provides sufficient accuracy for mineralisation modelling.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Historic drill holes are typically oriented east-west and were generally drilled inclined to the west. The drill spacing is variable but is mainly approximately 200m north-south. • Data spacing of drill holes and the grade continuity in the Vratislav, Wolf and Katerina prospects is considered not sufficient for Mineral Resource estimation. Further drilling is interpreted to be necessary. • No compositing of sample intervals was undertaken in the field.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The historic drill holes were generally drilled at high angles to the strike and dip of the mineralised domains which, given the style of mineralisation, was appropriate for minimising sampling bias.
Sample security	• The measures taken to ensure sample security.	• During the Argosy 1996 drilling programs, all sample intervals were securely shipped for sample preparation and analyses to either SGS France (internationally certified laboratory) or the Slovak Geological Survey (uncertified national laboratory). • During Argosy’s 1997 programme, Chemex set up a certified sample preparation facility and trained staff on the Kremnica site. Then all samples were securely freighted to Chemex in Canada for assay. Mr Ken Bright (Chief Geochemist) of Chemex’s Vancouver office inspected the sample preparation facility and confirmed that the facility and defined sample preparation procedures were acceptable. • During its 2004-2005 programme, Tournigan utilised an onsite sample preparation facility to prepare all drill samples. These were shipped for analysis to Chemex in Canada. • Subsequently (2006-2008), Tournigan has also used the Chemex laboratory in Romania for chemical analysis and the OMAC Laboratory in Loughrea, Ireland, a subsidiary of Alec Stewart Laboratories for check analyses. • During the Tournigan 2004-2008 programmes, samples were sent for analysis (Chemex in Canada or Romania and OMAC in Ireland) by courier. Samples were put into plastic bags and placed into a cardboard box. The plastic bag was then sealed with a signed security tag. The

Criteria	JORC Code Explanation	Details
		list of samples with the required analyses was then placed in the box and a copy retained in the sample book. • All remaining core splits and sample pulps from the Argosy programmes and all coarse rejects and pulps from Tournigan’s 2004-2008 programmes are stored in secure buildings on the Kremnica Mine site. Many drill core pulps have been removed during a series of re-sampling programmes. Several mineralised intervals in the core have been completely removed and sampled for metallurgical testing or re-sampling purposes.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Historic sampling techniques and exploration results data has been critically examined and validated multiple times by various independent mining consultant groups, including: 1) 1997 Mineral Resource estimate calculated by Western Services Engineering Inc; 2) 2004 Mineral Resource estimate by Smith and Kirkham; 3) 2006 Mineral Resource estimate by Beacon Hill; 4) was completed in 2009 as part of the Saint Barbara NI 43-101 compliant resource estimate; 5) 2012 as a part of the Sturec Deposit Resource Estimate by Snowden Mining Consultants; 6) 2013 as part of a PFS by SRK; 7) and then again most recently in the 2020 Sturec Deposit Resource Estimate by Measured Group Pty Ltd. No significant issues with the exploration data or sampling techniques were identified during any of these studies.

Criteria	JORC Code Explanation	Details
		• It appears that a significant part of the Kremnica Mining Licence is covered by a heritage conservation area. This is not surprising given the extensive mining history throughout this area. The previous owners Arc Minerals Ltd used this fact to their advantage by establishing the Andrej Kremnica Mining Museum, whose two main attractions are the Ludavika Shaft Building and the Andrej Adit, which was established in 1982 by the State to access the main quartz vein mineralisation. As a result, various requirements under the applicable regulations in the area of heritage protection must be complied with. Further investigation needs to be completed to understand the effect this Heritage Protection will have on any proposed mining activities. • There is one registered environmental burden located in the Kremnica Mining Territory with registration number SK/EZ/ZH/2129. This environmental burden relates to the processing facilities including the historic waste dumps that are situated immediately next to the Arc Minerals operation office/Andrej Kremnica Mining Museum. It is categorized “only” as a potential (probable) environmental burden as no significant contamination/acid rock drainage (ARD) effects have been reported concerning these historic mining remnants. • There is risk concerning the further development of the Sturec Gold Project due to the historic social and environmental opposition to the development of a mining operation in this area. The opposition is believed to be the result of two main factors: previous development plans utilised cyanide ore processing; and previous development plans involved digging a large open pit in relatively proximity to the township of Kremnica. `o` To minimise the first risk, MetalsTech is investigating alternative gold processing methods, especially Thiosulphate Leaching, which has previously been used quite successfully on Sturec ore samples during metallurgical test work in 2014. Also, in 2014 the CSIRO successfully collaborated with Barrick Gold Corp. to implement Thiosulphate ore processing technology on the Goldstrike Mine in Nevada, USA, which now produces approximately 350,000 ounces of gold per annum for Barrick and Newmont Goldcorp Corp; proving that this technology can be utilised economically and at significant scale. `o` To minimise the second risk, MetalsTech intends to put in place a comprehensive project stakeholder engagement programme to attempt to understand and mitigate their concerns about the development of a mining operation on the Sturec Gold Project. Also, the full suite of benefits to the country and local communities that will arise from the Sturec Gold Project (such as job creation, training, capital investment, revenue generation, procurement of goods and services locally, and community development initiatives) need to be properly communicated to project stakeholders, so that that they can use this to motivate/ justify the project in project-approval processes.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Many exploration companies have previously explored the Sturec Gold Project and the surrounding areas. The details of the exploration history are outlined below: `o` The Slovak Geological Survey carried out extensive exploration in the Sturec area from 1981 to 1987, including extensive adit and cross-cut development within the Sturec zone. `o` Rudne Bane operated the open-pit mine at Sturec from 1987 to 1992 and produced 50,028t of ore averaging 1.54g/t Au. During this time, Rudne Bane conducted underground sampling of the larger mineralised portions of the Sturec deposit (40 channels for 3,149 individual samples) and 12 underground fan drill holes (for 425.3m) into the northern-most known limits of the deposit. A total of 266 sample intervals were assayed for gold and silver. `o` Kremnica Banská Spolocnost (KBS), an investment company composed of former mine managers, obtained the title to the Kremnica Mining Lease (MHD-D.P. 12) from the Slovak government on 1 April 1995. In 1995, Argosy Mining Corporation (Argosy) of Vancouver formed a 100% owned Slovak Subsidiary, Argosy Slovakia s.r.o., which entered into a joint venture with KBS on 6 October 1995. Argosy Slovakia purchased KBS’s share of the joint venture on 24 April 1997 to control 100% of the mining licence through its subsidiary, Kremnica Gold a.s. Argosy completed a core drilling programme in 1996

Criteria	JORC Code Explanation	Details
		and a combined core and reverse-circulation (RC) drilling programme in 1997. This core/RC program totalled 79 holes for 12,306m; 9,382.4m of which was into the Sturec Deposit area. `o` In July 2003, Tournigan Gold Corporation (Tournigan) acquired the rights to the Sturec Project by purchasing Kremnica Gold a.s. from Argosy. Tournigan then completed 104 diamond core and RC drill holes for ~14,000m over the period 2004 to 2008. The majority of these holes were into the Sturec Deposit, but adjacent areas were also explored. In the summer and autumn of 2005, Tournigan executed a 36-hole program of RC drilling as infill of Argosy’s and Tournigan’s earlier core drilling programs into the Sturec Deposit. Tournigan also drilled five additional holes as twins of Argosy’s previous core holes. This drilling resulted in the deposit being drilled off on approximate 50-metre centres (earlier drilling had been on approximately 100 x 50 metre centres). The RC program results confirmed the geology and ore outlines that were previously established by core drilling (e.g., rock types and alteration, location of zones of oxidation, location of ore-bearing veins and stockworks, hanging walls, footwalls, thicknesses, strikes, dips, and grades). The holes and assay results were displayed on cross-sections and recorded on logs. Samples were collected at 1-meter intervals under the immediate supervision of a geologist, sealed in plastic bags, and submitted for analysis and check analyses according to the required formal protocols. The holes were logged on site by the drill geologists and again in the laboratory where qualitative samples were taken and inventoried as geological reference samples. The bulk rejects from these RC samples are stored at the operational offices at the Andrej Mining Museum. Tournigan also completed nine bench channel surveys incorporating a total of 317 sample intervals. In 2004, Tournigan also conducted an 11- hole diamond drilling programme north of Sturec at the Wolf prospect. `o` Ortac Resources (now Arc Mineral Limited) acquired the project in 2009. Since 2009 till MetalsTech acquired the project from them in February 2020, Ortac has drilled 13 core holes for 2,771.7m within the Sturec Deposit area. They also completed 4 drill core holes at the Vratislav Prospect, immediately to the north of the Sturec Mineral Resource area and 3 drill core holes at the Wolf Prospect, immediately north of the Vratislav Prospect.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Sturec Gold Project is located in the Central Slovakia Volcanic Area in the Kremnica Mountains of the Western Carpathians. The Central Slovakia Volcanic Field hosts several Ag–Au epithermal vein-type deposits including Banská Štiavnica, Kremnica, Hodruša-Hámre, and Nová Bana, which were important sources of precious and base metals in the past. The area is characterised by Tertiary pyroxene-amphibole andesite flows and tuffs of the Zlata Studna Formation. The andesites are underlain by Mesozoic limestone. Deep-seated structures and faults within the pre-Tertiary basement interpreted to be extensional Horst and Graben in style, focussed sub- volcanic intrusions of gabbrodiorite, diorite, diorite porphyry, and minor quartz-diorite porphyry at depth and associated mesothermal mineralising events, which were then overprinted by the epithermal precious metal mineralisation. In the Kremnica area, the structure is controlled by a 6-7km long, N-S trending horst, known as the Kremnica Horst Structure, which is interpreted to be the result of the sub-volcanic intrusions of gabbrodiorite, diorite, diorite porphyry, and minor quartz-diorite porphyry at depth causing this zone to be uplifted relative to the two graben structures to either side. • The Sturec Gold Project mineralisation is classified as a low-sulphidation epithermal Ag-Au deposit type and is interpreted to have formed from low-salinity fluids composed of a mixture of meteoric and magmatic waters at temperatures mostly between ~270 to 190 °C. The mineralisation is hosted by quartz–dolomite veins also containing adularia, sericite, illite and chalcedony that cut through Neogene propyllitised (low pressure/low to medium temperature hydrothermal alteration) andesites of the Kremnica stratovolcano. The hydrothermal alteration from the veins outwards consists of silicification and potassic-metasomatism (adularia), propylitization and argillisation. Vein styles include large banded to massive quartz veins, smaller quartz veins and sheeted veins, quartz stockwork veining and silicified hydrothermal breccias.

Criteria	JORC Code Explanation	Details

Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
		BH ID	Northing S- JTSK (Krovak)	Easting S-JTSK (Krovak)	Azimuth (°)	Dip (°)	EOH (m)	Mineralised Interval (Down Hole)	Vintage
		AS-12	-1,229,183	-435,604	273	-66	135.5	No economic intersection.	1996-1997 ARGOSY Surface BH
		AS-13	-1,229,108	-435,580	273	-65	113.6	0.5m @ 10.1g/t Au from 85.5m using a 5g/t Au cut-off	1996-1997 ARGOSY Surface BH
		KG-V-4	-1,228,755	-435,551	287	-45	120.0	Upper zone:6.8m @ 0.7g/t Au & 60g/t Ag from 5m using a 0.3g/t Au cut-off, including 0.8m @ 2g/t Au & 30.8g/t Ag from 11m;Lower zone: 3.1m @ 3.7g/t Au& 3.4g/t Ag from 90.1m using a 0.3g/t Au cut-off; and 0.3m @ 4.6g/t Au & 2.9g/t Agfrom 99.2m	2004 - Tournigan Exploration Surface BH
		KG-V-5	-1,228,930	-435,609	289	-45	140.0	Upper zone:13.0m @ 0.5g/t Au & 18g/t Ag from 2.2m using a 0.3g/t Au cut-off; 4.7m @ 0.5g/t Au & 31g/t Ag from 18.6m using a 0.3g/t Au cut-off;Lower zone:17m @ 0.9g/t Au from 97m using 0.3g/t Au cut-off, including 8.6m @ 1.2g/t Au from 106m using0.5g/t Au cut-off	2004 - Tournigan Exploration Surface BH
		KG-V-6	-1,228,930	-435,608	289	-80	130.0	Upper zone: 4.4m @ 0.5g/t Au & 14g/t Ag from 4.8m using a 0.3g/t Au cut-off; and 3.0m @ 0.6g/t Au & 29g/t Ag from 22m using a 0.3g/t Au cut-off; Lower zone: 13.5m @ 1.2g/t Au & 3.3g/t Ag from 88m using 0.3g/t Au cut-off, then a 10.1m mining void, then6.9m @ 2.5g/t Au& 6g/t Ag from 111.6m using a 0.5g/t Au cut-off (Zone where the Schindler-Teich veins intersect).	2004 - Tournigan Exploration Surface BH
		KG-V-7	-1,228,901	-435,592	287	-60	130.0	Upper zone: 5.85m @ 0.5g/t Au & 20g/t Ag from 8.5m using a 0.3g/t Au cut-off; Lower zone:28.1m @ 6.3g/t Au& 8g/t Ag from 79.4m usinga 0.3g/t Au cut-off	2004 - Tournigan Exploration Surface BH

Criteria	JORC Code Explanation	Details
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
		BH ID	Northing S-JTSK (Krovak)		Easting S- JTSK (Krovak)		Azimuth (°)	Dip (°)		EOH (m)	Mineralised Interval (Down Hole)			Vintage
		KAT-1	-1,229,633		-436,264		87	-46		305.0	26m @ 0.57g/t Au & 6.1g/t Ag from 9m using 0.3g/t Au cut-off; 2m @ 1.79g/t Au & 1.9g/t Ag from 298m usinga 0.5g/t Au cut-off.			1996-1997 ARGOSY Surface BH
		KAT-2	-1,229,682		-436,222		119	-45		305.0	30m @ 0.95g/t Au & 5.5g/t Ag from 115m using a 0.3g/t Au cut-off; 15.0m @ 1.55g/t Au & 4.4g/t Ag from 130m usinga 1g/t Au cut-off.			1996-1997 ARGOSY Surface BH
		KAT-7	-1,229,691		-436,070		116	-50		309.8	15.25m @ 6.77g/t Au& 3.8g/t Ag from 54m using a 0.3g/t Au cut-off, including4.05m @ 24.69g/t Au& 10.7g/t Ag from 62.1 using a 1g/t Au cut-off; and 16.6m @ 0.56g/t Au & 8.3g/t Ag from 151m using a 0.3g/t Au cut-off.			1996-1997 ARGOSY Surface BH
		KAT-8	-1,229,690		-436,071		116	-45		60.0	9.5m @ 0.50g/t Au & 2.2g/t Ag from 46.6m using a 0.3g/t Au cut-off but lost core barrel at 60m.			1996-1997 ARGOSY Surface BH
		KAT-9	-1,229,575		-436,048		83	-45		333.7	17m @ 1.88g/t Au & 2.6g/t Ag from 267m using a 0.5g/t Au cut-off; including11m @ 2.56g/t Au& 2.3g/t Agfrom 267m usinga 1g/t Au cut-off;			1996-1997 ARGOSY Surface BH
		• • • • • •	All cut-off grades are reported. No top cut has been applied. The lower gold grade, larger intervals have been selected using a gold cut-off grade similar to the cut-off grade utilised for the Sturec Gold Project JORC 2012 Mineral Resource (~0.3g/t Au). While the higher gold grade, shorter intervals have been selected utilising incrementally increasing gold cut-off grades in order to visualise the mineralisation at a range of gold cut-off grades, which may be utilised in the future if the mineralisation needs to be high graded in order to support feasibility studies into the smaller, higher grade open pit mining or the possibility of being subjected to underground mining. Weighted means for each interval are calculated by: First multiply each of the widths of the individual sample intervals within the significant intersection by the assay result (Au g/t or Ag g/t) of each individual sample. Then sum all these values and divide by the overall width (m) of the significant intersection. Internal dilution was allowed as long as the aggregate weighted mean grade from the footwall or hangingwall side of the mineralised interval to the end of the dilution zone does not fall below the cut-off grade. Example of weighted mean calculation and treatment of internal dilution. Fro m (m) To (m) Interval (m) Sample Nr Au ppm (Au-AA26) Au g/t interval Ag ppm (ME- ICP61) Ag g/t interval** 234 235 1 M294307 4.23 4.23 44 44 10 metres @ 235 236 1 M294308 0.34 0.34 4.4 4.4 1.47 g/t Au
		Hole	Fro m (m)	To (m)		Interval (m)	Sample Nr		Au ppm (Au-AA26)		Au g/t interval*	Ag ppm (ME- ICP61)	Ag g/t interval*
		UGA-01	234	235		1	M294307		4.23		4.23	44	44
		UGA-01	235	236		1	M294308		0.34		0.34	4.4	4.4

Criteria	JORC Code Explanation	Details
		UGA-01	236	237	1	M294309	0.5	0.5	5	5
		UGA-01	237	238	1	M294310	0.65	0.65	3.9	3.9
		UGA-01	238	239	1	M294312	0.27	0.27	4.2	4.2
		UGA-01	239	240	1	M294313	0.2	0.2	3.3	3.3
		UGA-01	240	241	1	M294314	0.8	0.8	7	7
		UGA-01	241	242	1	M294315	0.44	0.44	2.6	2.6
		UGA-01	242	243	1	M294316	0.5	0.5	1.9	1.9
		UGA-01	243	244	1	M294317	6.76	6.76	20.5	20.5

		UGA-02	16	17	1	M294480	0.24	0.24	2.2	2.2
		UGA-02	17	18	1	M294481	0.62	0.62	20.2	20.2
		UGA-02	18	19	1	M294482	4.3	4.3	13.1	13.1
		UGA-02	19	20	1	M294483	0.41	0.41	2.9	2.9
		UGA-02	20	21	1	M294484	0.73	0.73	4.4	4.4
		UGA-02	21	22	1	M294485	0.06	0.06	1.6	1.6
		UGA-02	22	23	1	M294486	0.1	0.1	2	2
		UGA-02	23	24	1	M294487	1.14	1.14	4.3	4.3
		UGA-02	24	25	1	M294488	0.3	0.3	2.1	2.1
		UGA-02	25	26	1	M294490	0.79	0.79	7.5	7.5
		UGA-02	26	27	1	M294491	0.09	0.09	2	2
		UGA-02	27	28	1	M294492	0.06	0.06	1	1
		UGA-02	28	29	1	M294493	0.1	0.1	1.2	1.2
		• No	metal	equivalents have been quoted.
Relationship between mineralisation widths and intercept length	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• Historic holes were generally drilled at high angles to the strike and dip of the mineralised domains which, given the style of mineralisation, was appropriate (see interpretive cross-sections in the body of this announcement. • Further drilling needs to be completed to better understand the geometry of the mineralisation at these prospects in order to understand the true width.

Criteria	JORC Code Explanation	Details
	• If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not _known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• All relevant diagrams are reported in the body of this announcement.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All exploration results from the Vratislav, Wolf and Katerina prospects have been reported in the body of this announcement.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• No other exploration data is available for the Vratislav, Wolf and Katerina prospects.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• There is good potential for the delineation of further gold mineralisation within the Sturec Gold Project area through future exploration. • Prospects such as Wolf, Vratislav, Katerina, Vollie Henne and South Ridge are interpreted to be extension areas to the Mineral Resource area at Sturec. Significant gold-silver bearing quartz vein mineralisation has been identified and variably explored/mined at each of these prospects. • Further exploration drilling to continue to confirm that the high-grade mineralisation continues down plunge to the south at Sturec is classified as a high priority target.

AI assistant

METALSTECH LIMITED — Capital/Financing Update 2021

65380_rns_2021-09-20_0805e067-7dac-4876-ae18-ab49bcdc5dd1.pdf

Discovery of historic high grade intersections in untested regional target zones at Sturec

REGIONAL PROSPECTS

Vratislav Prospect

Wolf Prospect

Katerina Prospect

Caution Regarding Forward-Looking Information

Competent Persons Statement

Background: Sturec Gold Mine

Updated Sturec Mineral Resource Estimate

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

More from METALSTECH LIMITED

METALSTECH LIMITED Capital/Financing Update 2021