The MetalsTech Ltd [ASX:MTC] share price is up today by 7.41%. At time of writing, shares are trading at $0.145, up from $0.135 yesterday.
MetalsTech is an Australian exploration company with two lithium projects in Canada: Cancet and Sirmac-Clapier.
The company is also developing Sturec, a key gold project located in Slovakia, which they acquired 100% of last year. Sturec is an advanced gold asset located about 150 km northeast from Bratislava. It has historically produced more than 1.5 million ounces in gold and 6.7 million ounces in silver.
What happened with MetalsTech today?
The company announced they are fast tracking drilling at Sturec Gold Mine.
MetalsTech Chairman Russell Moran said:
‘Our technical team has come up with an innovative way for us to commence drilling sooner and at a lower cost. The drill bit will be turning shortly and we look forward to seeing where STOR 3.11 takes us as we chase Sturec’s high grade gold mineralisation.’
The company is planning a nine-diamond drill hole program in two locations in the Andrej Adit covering 3,000m.
The drilling will follow up historic drill hole STOR 3.11 that intersected 89m at 6.9 gram per tonne gold and 23.6 g/t silver from 114m to 203m down hole using a 3 g/t Au cut off. This is within a broader intersection of 137.3m at 4.6g/t Au and 16.5g/t Ag from 67.7m to 205m down hole using a 0.3 g/t Au cut off.
Surface-based drilling is expected to start this quarter, once the company have received the permits. For this they are planning another 36 diamond drill holes.
The company previously announced the execution of an agreement with existing MetalsTech financier Zhengrong Cheng for a $2.5 million investment in fixed price convertible notes. According to the company, this brings available funds to $4.1 million.
What could happen next?
Markets are liking the move. MetalsTech share price has seen a 275% gain year to date and with gold hitting over $2,600 the move to diversify from lithium to include gold could very well pay off for the company.
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