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METALSTECH LIMITED Regulatory Filings 2022

Apr 13, 2022

65380_rns_2022-04-13_fa2351e4-c445-42e2-9719-a077a10fa203.pdf

Regulatory Filings

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ASX Release 14 April 2022

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VISIBLE GOLD IDENTIFIED IN UGA-33 DRILL CORE AT STUREC GOLD MINE

Highlights

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Updated Sturec Mineral Resource Estimate Resource Estimate above 0.26 g/t Au cut-off and within an optimised open pit shell	Updated Sturec Mineral Resource Estimate Resource Estimate above 0.26 g/t Au cut-off and within an optimised open pit shell	Updated Sturec Mineral Resource Estimate Resource Estimate above 0.26 g/t Au cut-off and within an optimised open pit shell	Updated Sturec Mineral Resource Estimate Resource Estimate above 0.26 g/t Au cut-off and within an optimised open pit shell	Updated Sturec Mineral Resource Estimate Resource Estimate above 0.26 g/t Au cut-off and within an optimised open pit shell	Updated Sturec Mineral Resource Estimate Resource Estimate above 0.26 g/t Au cut-off and within an optimised open pit shell	Updated Sturec Mineral Resource Estimate Resource Estimate above 0.26 g/t Au cut-off and within an 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.	• Routine samples over prospective mineralised intervals from diamond drill core as determined by an experienced geologist are 1m half drill core; or quarter core for duplicates (routine ½ core sample sawn into two ¼ core samples). • Entire sample sent to ALS laboratory in Romania for preparation and fire assay analysis, while the four-acid digest with ICPAES is completed at the ALS laboratory in Ireland. • 90% of sample to be crushed to <2mm. Sample is then dried and riffle split to produce a 1kg split. 1kg split then pulverised to 85% passing <75µm to produce a 50g charge for fire assay for gold analysis and a 0.25g sample for four acid digestion (near-total) with an ICPAES (inductively coupled plasma atomic emission spectroscopy) finish for 33 elements including Ag, Cu, Co, Pb, Zn, etc. • If coarse-grained gold (Visible Gold) is encountered then Au is also analysed by screen fire assay. The remaining sample from the 90% of the original routine sample that was crushed to <2mm and dried is then riffle split again to produce another 1kg split. This 1kg split is then dry screened to a nominal 106 micron. Duplicate 50g fire assays with AAS finish are then performed on the undersize, and fire assay with gravimetric finish is done on the entire oversize fraction. Then the total gold content is calculate and reported, using the individual assays and weight of the fractions.
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).	• The current program is utilising diamond drilling from multiple underground locations within the Andrej Adit. • None of the diamond core is being oriented. • UGA-33 was drilled with NQ (47.6mm core diameter) to 109.2m (EOH).
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 0-6m) is measured and its length compared to the length the drillers measured from the drill rod advance. • The core recovery for all drill holes so far is excellent, greater than 90%. • Historic drill records indicate that core recovery at the Sturec Project was consistently good, where historic mining voids have not been encountered. • No relationship between sample recovery and grade has been interpreted in assay results received so far as recovery is excellent.

Criteria	JORC Code Explanation	Details
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 total length and percentage of the relevant intersections logged.	• The core was geologically and geotechnically logged to a level to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Core is logged both qualitatively and quantitatively. • All logging data is digitally captured via excel spreadsheets, which are then validated when they are imported into a resource modelling software package. • Core photography is completed for all drill holes. • The entire length of drill core is logged.
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.	• Routine samples over prospective mineralised intervals from diamond drill core as determined by an experienced geologist are sawn into 1m half drill core; or quarter core for duplicates. • Same side of drill core sampled to ensure no selective sampling bias. • The other half of the core was retained for geological reference and potential further sampling, such as metallurgical test work. • Entire sample sent to ALS laboratory in Romania for preparation and fire assay analysis, while the four-acid digest with ICPAES is completed at the ALS laboratory in Ireland. • 90% of sample crushed to <2mm. Sample then dried and riffle split. 1kg split then pulverised to 85% passing <75µm to produce a 50g charge for fire assay for gold analysis and a 0.25g sample for four acid digestion (near-total) with an ICPAES (inductively coupled plasma atomic emission spectroscopy) finish for 33 elements including Ag, Cu, Co, Pb, Zn, etc. • The remainder of the material is retained as a coarse split for metallurgical test work. • Remaining pulps are retained for analyses such as second laboratory check assays. • Duplicate samples (routine 1m ½ core sample sawn in half to produce two ¼ core samples) taken every 30 samples or at least one per hole if less than 30 samples taken. • A Certified Reference Material (CRM or ‘Standard’) is inserted into the routine sample sequence approximately every 30 samples or at least one per hole if less than 30 samples taken. • A blank (material with no concentrations of economic elements under consideration) is inserted into the routine sample sequence approximately every 30 samples or at least one per hole if less than 30 samples taken. • Sample prep techniques utilised are industry standard for Carpathian epithermal-style gold mineralisation and are considered appropiate. • Samples sizes are considered appropriate for 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.	• Analysis completed by using 50g charge for fire assay for gold analysis and a 0.25g sample for four acid digestion (near-total) with an ICPAES (inductively coupled plasma atomic emission spectroscopy) finish for 33 elements including Ag, Cu, Co, Pb, Zn, etc. • If coarse-grained gold (visible gold) is encountered then Au will also be analysed by screen fire assay. The remaining sample from the 90% of the original routine sample that was crushed to <2mm and dried is then riffle split again to produce another 1kg split. This 1kg split is then dry screened to a nominal 106 micron. Duplicate 50g fire assays with AAS finish are then performed on the undersize, and fire assay with gravimetric finish is done on the entire oversize fraction. Then the total gold content is calculated and reported, using the individual assays and weight of the fractions.

Criteria	JORC Code Explanation	Details
		• Analysis techniques utilised are industry standard for Carpathian epithermal-style gold mineralisation and are considered appropiate. • Laboratory Routine QC protocol for Au-AA26: 1 lab Blank, 2 lab CRM, 3 client duplicates,1 PREP Duplicate per batch (up to 77 samples). Laboratory Routine QC protocol for ME- ICP61: 1 lab Blank, 2 lab CRM, 2 client duplicates,1 PREP Duplicate per batch (up to 77 samples). • Internal laboratory checks, as well as internal and external check assays such as repeats and check assays enable assessment of precision. Contamination between samples is checked for by the use of blank samples (laboratory and company inserted). Assessment of accuracy will be carried out by the analysis of the assay results of the CRMs. • QAQC results are reviewed on a batch-by-batch basis. Any deviations from acceptable precision or indications of bias are acted upon prior to announcing any results with repeat and check assays.
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.	• On receipt of assay results from the laboratory, the results are verified by the Exploration Manager and by responsible geologists who compare the results with the geological logging and remaining drill core (or core photography if site access is not possible). • No twins have been completed yet. • All primary data (logging, sample intervals and assay results) is digitally captured via excel spreadsheets, which are then validated when they are imported into a resource modelling software package. • Data is stored in secure company owned Dropbox that has a 180 day file recovery and version history function. • There has been no adjustment to assay data.
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 are recorded using the Slovak National Datum: S-JTSK/Krovak Datum. • As the location of the current drill hole is within the Andrej Adit, which has been surveyed, its location is very accurately known. • High-resolution topography over the project was acquired using LiDAR.
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.	• Data spacing is highly variable across the prospect. • UGA-33 was positioned as an infill drill hole above but parallel to UGA-03, which intersected a thick mineralized zone of 59m @ 2.3 g/t Au & 9.4 g/t Ag from 225m (0.3g/t Au cut-off, downhole thickness; refer to MTC announcement dated 28 October 2020) including: • 31.61m @ 3.76 g/t Au & 11 g/t Ag from 248m (0.5g/t Au cut-off) • 24m @ 4.74 g/t Au & 13.4 g/t Ag from 252m (1g/t Au cut-off) • 15m @ 6.70 g/t Au & 15.3 g/t Au from 252m (2g/t Au cut-off) • 7m @ 11.65 g/t Au & 24.7 g/t Ag from 252m (5g/t Au cut-off) • The area currently being drilled has been included in the Updated 2021 Sturec Mineral Resource Estimate constrained within an optimised pit (refer to MTC announcement dated 21 June 2021) and therefore, the data spacing and distribution is interpreted to be sufficient to

Criteria	JORC Code Explanation	Details
		establish the degree of geological and grade continuity appropriate for Mineral Resource and Ore Reserve estimation. • No samples have been composited.
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.	• Due to only three (soon to be four) sites within the Andrej Adit being suitable for drilling currently, the drill holes fan out and are therefore drilled at various acute angles to the strike of the exploration target and the adjoining mineral resource. • Further drilling, especially from other locations is necessary to better constrain the dip of the mineralised zone before a true thickness estimate can be made.
Sample security	• The measures taken to ensure sample security.	• Samples were securely stored in company facilities prior to being completely sealed and couriered to the ALS laboratory in Romania.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Due to the early stage of the drill program, no audits/reviews of the sampling techniques and assay data has been completed at this stage.

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METALSTECH LIMITED Regulatory Filings 2022

65380_rns_2022-04-13_fa2351e4-c445-42e2-9719-a077a10fa203.pdf

VISIBLE GOLD IDENTIFIED IN UGA-33 DRILL CORE AT STUREC GOLD MINE

Highlights

UGA-33

ENDS

Caution Regarding Forward-Looking Information

Competent Person Statement

Background: Sturec Gold Mine

Updated Sturec Mineral Resource Estimate

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results

Details	Details
• • • • • • • • • • • •		 Installation, conservation and decommissioning of mining work  Processing and refinement of mineral resources  Installation and operation of unloading areas and dumps  Opening the mining works to the public for museum purposes and related safety maintenance works
	Duration:	Indefinite
	Responsible Person:	Ing. Peter Čorej
	Amendments:	 No. 773-1398/2015 dated 11 May 2015 extending the subject of the Mining License  No. 979-1401/2019 dated 11 June 2019 updating the information on statutory body

Criteria	JORC Code Explanation	Details
		of the Kremnica Mining Territory have been raised by third parties in licensing proceedings in respect of particular mining activities within the Kremnica Mining Territory. So far, the merits of such arguments have not been assessed by the court, as the respective court decisions were issued on procedural grounds in the past. Despite the existence of reasonable legal arguments defending the validity of the allocation of the Kremnica Mining Territory, it cannot be ruled out that the challenges to its validity will eventually prevail before the court. Even if the validity of the allocation of the Kremnica Mining Territory is successfully defended in principle, there is a risk that Ortac SK’s entitlement to the Kremnica Mining Territory could be held to be limited to underground operations only. • There are no environmental protected areas in the vicinity of the project resource area, except a protected lime tree situated close to the Leopold Shaft, adjacent to the monument commemorating the visit by Emperor Joseph II to Kremnica. Permission can be obtained to fell the tree if necessary, from the Provincial Environmental Office in Banska Bystrica. • 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:

Criteria	JORC Code Explanation	Details
		`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 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 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

Criteria	JORC Code Explanation	Details	Details	Details	Details	Details	Details	Details	Details	Details	Details	Details	Details
		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.
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.	• Drill		collar details:

				-435,851		-1,230,123
		• Summary table of significant drill hole intersections so far:
		Hole	Width (m) (Down hole depth)				Au g/t	Ag g/t	From (m) (Down hole depth)	To (m) (Down hole depth)		Cu	t-off (%)
		UGA-18	38.00		@		17.72	17.6	44.00	82.00	0.26g/t Au cut-off, no top cut and max. 7m continuous internal dilution
			including
			18.00		@		36.96	30.6	64.00	82.00	0.5g/t Au cut-off, no top cut and max. 5m continuous internal dilution
			including
			6.00		@		109.82	81.7	76.00	82.00	1g/t Au cut-off, no top cut and max. 3m continuous internal dilution
			including
			1.00		@		646.00	459.0	81.00	82.00

Details
UGA-17	45.00	@	2.65	10.4	52.00	97.00	0.26g/t Au cut-off, no top cut and max. 2m continuous internal dilution
			including
	35.00	@	3.31	12.3	60.00	95.00	1g/t Au cut-off, no top cut and max. 5m continuous internal dilution
			including
	19.00	@	5.08	12.9	67.00	86.00	2g/t Au cut-off, no top cut and max. 3m continuous internal dilution

UGA-16	126.00	@	5.31	7.3	1.00	127.00	0.26g/t Au cut-off, no top cut and max. 7m continuous internal dilution
			including
	70.00	@	9.23	7.8	40.00	110.00	0.5g/t Au cut-off, no top cut and max. 7m continuous internal dilution
			including
	1.00	@	584.00	333.0	41.00	42.00
			and
	2.00	@	13.94	14.9	106.00	108.00	1g/t Au cut-off and no internal dilution

UGA-15	124.00	@	1.47	11.6	3.00	127.00	0.26g/t Au cut-off and max. 6m continuous internal dilution
			including
	14.00	@	2.70	27.5	17.00	31.00	1g/t Au cut-off and 4m internal dilution
			and
	3.00	@	3.75	9.5	52.00	55.00	0.5g/t Au cut-off and no internal dilution
			and
	7.00	@	7.97	25.3	64.00	71.00	1g/t Au cut-off and 1m internal dilution
			and
	9.00	@	3.77	16.4	93.00	102.00	0.5g/t Au cut-off and 2m internal dilution

UGA-14	108.00	@	2.22	7.6	26.00	134.00	0.2g/t Au cut-off and max. 7m continuous internal dilution

Details

	63.00	@	3.53	9.6	71.00	134.00	0.3g/t Au cut-off and 9m internal dilution

	42.00	@	4.98	11.9	91.00	133.00	1g/t Au cut-off and max. 5m continuous internal dilution
	including
	10.00	@	16.98	26.4	95.00	105.00	2g/t Au cut-off and 2m internal dilution

UGA-13	2.00	@	1.74	3.5	78.00	80.00	0.26g/t Au cut-off and no internal dilution

	4.00	@	0.61	3.3	99.00	103.00	0.26g/t Au cut-off and no internal dilution

	3.00	@	0.82	8.5	132.00	135.00	0.26g/t Au cut-off and no internal dilution

	19.00	@	4.25	3.7	152.00	171.00	0.26g/t Au cut-off and max. 5m continuous internal dilution
	including
	5.00	@	14.90	6.1	157.00	162.00	0.5g/t Au cut-off and 2m internal dilution

	10.00	@	0.85	3.0	204.00	214.00	0.26g/t Au cut-off and 3m internal dilution

UGA-11	111.00	@	0.96	5.4	15.00	126.00	0.2g/t Au cut-off and max. 7m continuous internal dilution
	including
	19.00	@	4.23	17.2	107.00	126.00	1g/t Au cut-off and 5m internal dilution
	including
	6.00	@	8.39	21.0	117.00	123.00	3g/t Au cut-off and 3m internal dilution

Details
UGA-08	137.00	@	0.60	1.2	0.00	137.00	0.2g/t Au cut-off and max. 3m continuous internal dilution
			including
	15.00	@	1.21	13.0	0.00	15.00	0.5g/t Au cut-off and max. 4m continuous internal dilution
			and
	5.00	@	1.22	15.3	32.0	37.00	0.5g/t Au cut-off and 1m internal dilution
			and
	5.00	@	4.48	5.2	87.00	92.00	0.3g/t Au cut-off and 3m internal dilution
			and
	5.00	@	1.06	4.5	126.00	131.00	0.5g/t Au cut-off and no internal dilution
			and
	2.00	@	1.22	2.7	135.00	137.00	0.5g/t Au cut-off and no internal dilution

UGA-12	81.00	@	1.90	10.3	17.00	98.00	0.26g/t Au cut-off and max. 5m continuous internal dilution
			including
	35.00	@	3.73	11.6	63.00	97.00	0.5g/t Au cut-off and max. 6m continuous internal dilution
			including
	5.00	@	20.46	21.0	92.00	97.00	1g/t Au cut-off and no internal dilution

UGA-10	2.00	@	2.44	20.5	22.00	24.00	0.26g/t Au cut-off and no internal dilution

	6.00	@	0.89	4.2	56.00	62.00	0.26g/t Au cut-off and 2m internal dilution
			including
	3.00	@	1.28	4.0	56.00	59.00	0.5g/t Au cut-off and 1m internal dilution

	60.00	@	1.03	5.2	83.00	143.00	0.3g/t Au cut-off and max. 3m continuous internal dilution

Details
	including
	6.00	@	1.73	9.0	83.00	89.00	0.5g/t Au cut-off and no internal dilution
	and
	3.00	@	1.85	4.5	108.00	111.00	0.5g/t Au cut-off and no internal dilution
	and
	13.00	@	2.06	6.3	123.00	136.00	0.5g/t Au cut-off and max. 1m continuous internal dilution
	including
	2.00	@	5.87	2.3	134.00	136.00	1g/t Au cut-off and no internal dilution

UGA-09	5.00	@	0.64	5.6	16.00	21.00	0.26g/t Au cut-off and 3m internal dilution

	4.00	@	0.55	4.9	32.00	36.00	0.26g/t Au cut-off and 2m internal dilution

	2.00	@	2.38	3.0	46.00	48.00	0.26g/t Au cut-off and no internal dilution

	2.00	@	0.84	14.4	61.00	63.00	0.26g/t Au cut-off and no internal dilution

	21.00	@	0.96	3.6	86.00	107.00	0.26g/t Au cut-off and max. 2m continuous internal dilution
	including
	7.00	@	2.24	6.0	100.00	107.00	0.5g/t Au cut-off and 2m internal dilution
	including
	4.00	@	3.31	9.0	103.00	107.00	1g/t Au cut-off and 1m internal dilution

UGA-07	112.00	@	0.87	7.7	16.00	128.00	0.26g/t Au cut-off and max. 5m continuous internal dilution
	including

Details
	24.00	@	2.28	11.5	17.00	41.00	0.5g/t Au cut-off and max. 7m continuous internal dilution
	including
	4.00	@	10.86	36.2	34.00	38.00	1g/t Au cut-off and 2m internal dilution

	5.00	@	1.11	5.2	92.00	97.00	0.5g/t Au cut-off and 1m internal dilution

	3.00	@	1.57	5.0	112.00	115.00	0.5g/t Au cut-off and no internal dilution

UGA-06	70.00	@	3.43	14.7	33.00	103.00	0.26g/t Au cut-off and max. 6m continuous internal dilution
	including
	5.00	@	5.52	19.9	36.00	41.00	1g/t Au cut-off and no internal dilution
	and
	8.00	@	8.55	22.5	56.00	64.00	2g/t Au cut-off and 1m internal dilution
	and
	5.00	@	4.81	36.4	75.00	80.00	2g/t Au cut-off and 3m internal dilution
	and
	4.00	@	22.81	37.4	98.00	102.00	2g/t Au cut-off and no internal dilution

UGA-05	32.00	@	4.62	17.5	70.00	102.00	0.26g/t Au cut-off and max. 3m continuous internal dilution
	including
	9.00	@	14.53	48.2	90.00	99.00	2g/t Au cut-off and 3m internal dilution

UGA-04	90.00	@	3.88	13.9	0.00	90.00	0.26g/t Au cut-off and max. 6m continuous internal dilution
	including
	9.00	@	11.66	62.3	14.00	23.00	2g/t Au cut-off and 1m internal dilution
	and

Details
	6.00	@	33.76	36.2	43.00	49.00	1g/t Au cut-off and no internal dilution

UGA-03	73.00	@	2.14	8.8	211.00	284.00	0.26g/t Au cut-off and max. 3m continuous internal dilution, including a 1.39m historic miningvoid
	including
	31.61	@	3.76	11.0	248.00	279.61	0.5g/t Au cut-off and max. 2m continuous internal dilution
	including
	24.00	@	4.74	13.4	252.00	276.00	1g/t Au cut-off and max. 3m continuous internal dilution
	including
	15.00	@	6.70	15.3	252.00	267.00	2g/t Au cut-off and max. 3m continuous internal dilution
	including
	7.00	@	11.65	24.7	260.00	267.00	5g/t Au cut-off and max. 1m continuous internal dilution

UGA-02	7.90	@	0.58	9.2	0.10	7.80	0.26g/t Au cut-off and max. 3m continuous internal dilution
	and
	9.00	@	0.94	6.5	17.00	26.00	0.26g/t Au cut-off nd max. 2m continuous internal dilution
	including
	4.00	@	1.52	10.2	17.00	21.00	0.5g/t Au cut-off and max. 1m continuous internal dilution

	5.00	@	0.91	13.7	46.00	51.00	0.5g/t Au cut-off and max. 2m continuous internal dilution

	8.00	@	0.92	5.0	92.00	97.00	0.5g/t Au cut-off and max. 2m internal dilution

	26.00	@	1.20	5.8	111.00	137.00	0.5g/t Au cut-off and max. 2m internal dilution
	including

Criteria	JORC Code Explanation	Details	Details
							including
				2.00		@	2.00		6.2		192.00		194.00		0.5g/t Au cut-off and no internal dilution

				16.00		@	0.76		4.1		206.00		222.00		0.26g/t Au cut-off and max. 3m continuous internal dilution
							including
				6.00		@	1.32		6.3		216.00		222.00		0.5g/t Au cut-off and max. 1m continuous internal dilution

				10.00		@	1.47		9.7		234.00		244.00		0.5g/t Au cut-off and max. 2m continuous internal dilution

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.	• 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. 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. Hole From (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 10 metres @ UGA-01 235 236 1 M294308 0.34 0.34 4.4 4.4 1.47 g/t Au UGA-01 236 237 1 M294309 0.5 0.5 5 5 9.68 g/t Ag UGA-01 237 238 1 M294310 0.65 0.65 3.9 3.9 from 234m
		Hole	From (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
		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

Criteria	JORC Code Explanation	Details
		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.	• Generally, the drilling from the Andrej Adit is at an angle to the strike of the mineralisation and therefore, the true thickness could be a small proportion of the intersection thickness. As the mineralisation zone strikes approximately north-south, the closer the hole azimuth is to north or south, the smaller the true thickness will be compared of the intersection thickness.

Details
	7.00	@	1.60	4.3	111.00	118.00	1g/t Au cut-off and max. 2m continuous internal dilution
			and
	6.00	@	1.50	10.8	124.00	130.00	1g/t Au cut-off and max. 1m continuous internal dilution

	3.00	@	0.82	4.1	152.00	155.00	0.3g/t Au cut-off and no internal dilution

	15.00	@	1.16	3.5	168.00	183.00	0.5g/t Au cut-off and max. 1m continuous internal dilution
			including
	5.00	@	1.92	4.6	171.00	176.00	1g/t Au cut-off nd max. 2m continuous internal dilution

UGA-01	2.00	@	2.43	76.7	1.00	3.00	0.5g/t Au cut-off and no internal dilution

	27.00	@	0.64	13.9	1.00	28.00	0.26g/t Au cut-off and max. 4m continuous internal dilution
			including
	4.00	@	1.19	20.8	17.00	21.00	0.5g/t Au cut-off and max. 1m continuous internal dilution

	10.00	@	0.54	3.4	48.00	58.00	0.26g/t Au cut-off and max. 2m continuous internal dilution

	10.00	@	0.76	6.4	135.00	145.00	0.26g/t Au cut-off and max. 2m continuous internal dilution
			including
	3.00	@	1.15	9.1	135.00	138.00	0.5g/t Au cut-off and no internal dilution
			and
	3.00	@	1.04	6.4	142.00	145.00	0.5g/t Au cut-off and no internal dilution
			including
	12.00	@	0.76	5.3	183.00	195.00	0.26g/t Au cut-off and max. 2m continuous internal dilution

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’). _	• In the UGA-33 part of the Sturec ore body, resource modelling suggests the true thickness of mineralisation in this area is between 20-40m wide. The mineralisation seems to be funnel shaped with the thicker zone higher and the thinner zone lower.
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 have been reported.
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.	• Several metallurgical test work programs have been completed at independent laboratories confirming that the Sturec ore is amenable to industry-standard cyanide leaching processing for gold and silver. However, the use of cyanide for ore processing was banned in Slovakia in 2014. • In response to the cyanide ban, several metallurgical test work programs assessing alternative processing methodologies have been completed on the ore from Sturec. The three most promising are: `o` Thiosulphate Leaching gold and silver extraction technology was investigated by the previous owners of the project (Arc Minerals Limited) between 2011-2014. The Thiosulphate Leaching test work results reported so far indicate that this alternate mineral processing methodology is generally applicable to the Sturec gold-silver ores. The most encouraging results came from the latest, Thiosulphate Leaching study completed in 2014 by CMC Chimie. In this study, Ammonium Thiosulphate leaching of the Sturec ore (10 batches of approximately 800kg each) produced a pregnant liquor that had a content of 3-8g/t Au and 10-25g/t Ag, which was then subjected to electrowinning and filtering/drying, producing a copper/gold/silver cement with an overall recovery of 90.5% for gold and 48.9% for silver. The resultant dry cement was approximately 1% gold-silver and about 50% copper. These results were used to justify the conclusion that Thiosulphate Leaching could be used as an alternative processing method to conventional cyanidation and that it was also more economically viable. These results are interpreted to indicate that a further, more detailed metallurgical test work investigation is warranted into this alternative processing method in order to underpin further economic analysis (scoping Study or PFS) of the Sturec Gold Project in light of Slovakia’s ban on cyanidation mineral processing. `o` In 2016-2017, Arc Minerals also investigated the Cycladex Process as another alternative to cyanidation. In this process a bromide-based solubilizing agent (lixiviant) leaches the ore creating potassium gold bromide (tetrabromoaurate: KAuBr4). Then cyclodextrin, a commercially available corn-starch derivative, is added to the resultant pregnant liquor, which results in the spontaneous precipitation of crystals containing the gold. The gold is then released from the crystalline precipitate at high temperature using a furnace to yield solid gold metal. The Cycladex Process test work results reported indicate that this alternate mineral processing methodology is also generally applicable to the Sturec gold-silver ores and potentially cheaper than conventional cyanidation. These results are interpreted to indicate that further investigation is warranted into this alternative

Criteria	JORC Code Explanation	Details
		processing method and that a PFS-level metallurgical test work-study needs to be completed to underpin a revaluation of the 2013 PFS completed by SRK in light of Slovakia’s ban on cyanidation mineral processing. `o` As an alternative to onsite leaching, producing a gravity/floatation concentrate on site that could then be then further processed elsewhere (Austria/Belgium) has also been investigated. Gravity concentrate and floatation test work completed on 11 composite samples of Sturec ore found that gold recovery ranged from 64.1 to 93.9% and silver recovery ranged from 45.1 to 83.9%. This processing methodology is currently being used at Slovakia’s only operating gold mine, which is of a very similar mineralisation style to Sturec; and so, there is a reasonable possibility it could also be used at Sturec. The main deterrents to this option are the cost of transporting this concentrate (obviously depending on the distance of the further processing facility) and the lower recovery of gold and silver (especially in fine ores). Further work needs to be done to better constrain the metallurgical recovery of this processing methodology across the entire orebody, as well as understand the economic factors involved before an assessment of its suitability can be fully determined. Recently announced gravity/floatation concentrate metallurgical testwork (ASX:MTC announcement dated 1/10/2021) indicates that a sample from UGA-14 produced a gravity/floatation concentrate grading 31g/t gold and 80g/t silver, with a corresponding gold and silver recovery of 91.0% and 88.4% respectively • Groundwater and geotechnical investigations were completed in 2013. The groundwater monitoring results and geotechnical data were found to be adequate to interpret reasonable open pit slope angles for the various host rock types for the purposes of an open pit optimisation that was used as justification for a ‘reasonable prospects of economic extraction’ interpretation. • Concerning the groundwater, it has been interpreted that the most likely current situation is that the water table around the open pit area was drawn down due the dewatering through the ‘Heritage Adits’; with the Main Heritage Adit being situated some 300m below and transporting the groundwater 15km away to where it eventually reaches the surface. It was interpreted that the dewatering had occurred to the level with or below the maximum depth of the proposed pit (~300m). However, the possibility that the dewatering was not as efficient as interpreted has also considered and it has been recommended that up to 6 permanent monitoring wells be installed on the western and eastern sides of the pit to the full depth of the proposed pit. The primary purpose of these wells is to determine if there is any spatial and temporal variation in groundwater levels around the pit. • Geotechnical investigations found that the stability of the open pit was significantly controlled by the degree of argillic alteration of the predominantly andesite rock mass found at Sturec (host rock of the quartz veining). The modelling suggested that the pit slope needed to be as low as 43° in the highly argillic altered/clay rock type but that a 50° pit slope was adequate in the other rock types. • The groundwater and geotechnical investigation results have been used to model a recommended open pit design that achieved an adequate Factor of Safety (FoS) of greater than 2.0.
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. • The most exciting and potentially valuable exploration potential though appears to be along strike/plunge to the south. When the Mineral Resource model is investigated, it is apparent that the ore body has a high-grade core that appears to be striking/plunging towards the south. The current exploration drilling has been designed to confirm whether or not this high-grade mineralisation continues to the south.

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METALSTECH LIMITED — Regulatory Filings 2022

65380_rns_2022-04-13_fa2351e4-c445-42e2-9719-a077a10fa203.pdf

VISIBLE GOLD IDENTIFIED IN UGA-33 DRILL CORE AT STUREC GOLD MINE

Highlights

UGA-33

ENDS

Caution Regarding Forward-Looking Information

Competent Person Statement

Background: Sturec Gold Mine

Updated Sturec Mineral Resource Estimate

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results

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METALSTECH LIMITED Regulatory Filings 2022