MetalsTech : Visible Gold Identified in UGA-41 Drill Core

ASX Release

30 June 2022

For personal use only

VISIBLE GOLD IDENTIFIED IN UGA-41

Highlights

** This announcement is authorised by the executive board on behalf of the Company **

MetalsTech Limited ACN 612 100 464 Unit 1, 44 Denis Street, Subiaco WA 6008 www.metalstech.net

For personal use only

-435,851

-1,230,123

UGA-41

** This announcement is authorised by the executive board on behalf of the Company **

MetalsTech Limited ACN 612 100 464 Unit 1, 44 Denis Street, Subiaco WA 6008 www.metalstech.net

ENDS

For personal use only

Caution Regarding Forward-Looking Information

Competent Person Statement

** This announcement is authorised by the executive board on behalf of the Company **

MetalsTech Limited ACN 612 100 464 Unit 1, 44 Denis Street, Subiaco WA 6008 www.metalstech.net

Background: Sturec Gold Mine

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Mineral Resource Estimate - Sturec Gold Project

Updated Sturec Mineral Resource Estimate

Resource Estimate above 0.26 g/t Au cut-off and within an optimised open pit shell

		Resource	Tonnes (kt)	Au (g/t)	Ag (g/t)	AuEq	Au (koz)	Ag (koz)	AuEq
		Category	(g/t) 1	(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 +	33,778	1.30	9.15	1.38	1413	9,935	1494
		Indicated
		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	Tonnes (kt)	Au (g/t)	Ag (g/t)	AuEq	Au (koz)	Ag (koz)	AuEq
		Category	(g/t)1	(koz)
		Measured	30	2.90	21.18	3.08	3	21	3
		Indicated	114	3.75	10.5	3.81	14	38	14
		Measured +	144	3.57	12.74	3.66	17	59	17
		Indicated
		Inferred	4	2.73	8.0	2.80	0	1	1
		TOTAL	148	3.55	12.62	3.64	17	60	18

1 AuEq g/t = ((Au g/t grade*Met. Rec.*Au price/g) + (Ag g/t grade*Met. Rec.*Ag price/g)) / (Met. Rec.*Au price/g) Long term Forecast Gold and Silver Price (source: Bank of America): $1,785 USD/oz and $27 USD/oz respectively. Gold And silver recovery from the 2014 Thiosulphate Metallurgical test work: 90.5% and 48.9% respectively.

It is the Company's opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.

** This announcement is authorised by the executive board on behalf of the Company **

MetalsTech Limited ACN 612 100 464 Unit 1, 44 Denis Street, Subiaco WA 6008 www.metalstech.net

r personal use only

APPENDIX A: JORC CODE, 2012 EDITION - TABLE 1

Section 1 - Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria		JORC Code Explanation		Details
Sampling	• Nature and quality of sampling (e.g. cut channels, random chips, or		•	Routine samples over prospective mineralised intervals from diamond drill core as determined
techniques		specific specialised industry standard measurement tools			by an experienced geologist are 1m half drill core; or quarter core for duplicates (routine ½
		appropriate to the minerals under investigation, such as down hole			core sample sawn into two ¼ core samples).
		gamma sondes, or handheld XRF instruments, etc). These examples		•	Entire sample sent to ALS laboratory in Romania for preparation and fire assay analysis, while
		should not be taken as limiting the broad meaning of sampling.
				the four-acid digest with ICPAES is completed at the ALS laboratory in Ireland.
	• Include reference to measures taken to ensure sample
		•	90% of sample to be crushed to <2mm. Sample is then dried and riffle split to produce a 1kg
		representivity and the appropriate calibration of any measurement
		tools or systems used.			split. 1kg split then pulverised to 85% passing <75µm to produce a 50g charge for fire assay
	• Aspects of the determination of mineralisation that are Material to			for gold analysis and a 0.25g sample for four acid digestion (near-total) with an ICPAES
		the Public Report. In cases where 'industry standard' work has been			(inductively coupled plasma atomic emission spectroscopy) finish for 33 elements including
				Ag, Cu, Co, Pb, Zn, etc.
		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		•	If coarse-grained gold (Visible Gold or VG) is encountered then Au is also analysed by screen
		produce a 30 g charge for fire assay'). In other cases, more			fire assay. The remaining sample from the 90% of the original routine sample that was
		explanation may be required, such as where there is coarse gold			crushed to <2mm and dried is then riffle split again to produce another 1kg split. This 1kg
		that has inherent sampling problems. Unusual commodities or			split is then dry screened to a nominal 106 micron. Duplicate 50g fire assays with AAS finish
		mineralisation types (e.g. submarine nodules) may warrant			are then performed on the undersize, and fire assay with gravimetric finish is done on the
		disclosure of detailed information.			entire oversize fraction. Then the total gold content is calculate and reported, using the
					individual assays and weight of the fractions.
Drilling	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary		• The current program is utilising diamond drilling from multiple underground locations within
		air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter,
techniques				the Andrej Adit.
		triple or standard tube, depth of diamond tails, face-sampling bit or		• None of the diamond core is being oriented.
		other type, whether core is oriented and if so, by what method, etc).
			• UGA-41 was drilled with NQ (47.6mm core diameter) to 144.8m (EOH).
Drill sample	• Method of recording and assessing core and chip sample recoveries		• Core recovery is measured as the length of core recovered versus the depth of the drill hole.
recovery		and results assessed.			In detail, the length of each 'run' of core recovered (between 0-6m) is measured and its
	• Measures taken to maximise sample recovery and ensure			length compared to the length the drillers measured from the drill rod advance.
		representative nature of the samples.		• The core recovery for all drill holes so far is excellent, greater than 90%.
	• Whether a relationship exists between sample recovery and grade
		• Historic drill records indicate that core recovery at the Sturec Project was consistently good,
		and whether sample bias may have occurred due to preferential
				where historic mining voids have not been encountered.
		loss/gain of fine/coarse material.
				• No relationship between sample recovery and grade has been interpreted in assay results
					received so far as recovery is excellent.