Sturec Gold Mine, Slovakia

Key Announcement

  • 100% owned Kremnica Mining Licence covers 9km2
  • Low cost and safe EU jurisdiction of Slovakia
  • JORC (2012) Resource of 63.347Mt @ 1.22 g/t Au and 10.11 g/t Ag, containing 2.686Moz of gold and 22.21Moz of silver as a global resource using a 0.3% g/t Au cut-off – 60% Measured + Indicated Mineral Resource
  • Historically produced over 1.5Moz of gold and 6.7Moz of silver worth more than US$2 billion at recent metal prices
  • Opportunity to apply simple and low impact underground mining techniques and gravity separation and flotation processing to a historically significant gold deposit
  • Significant exploration upside exists along strike of the main Sturec defined resource as well as down dip / plunge of the existing ore bo

Low risk / high impact value catalysts

  • Revised scoping study – underground only (late 2023)
  • Pre-Feasibility Study – early 2024

Project Location

Exploration efforts are targeting a southern step out of the previous resource envelope along the high grade plunging zone with the purpose of growing the underground resources.

Recent exploration success

  • UGA-04: 90m @ 3.88 g/t Au and 13.9 g/t Ag
  • UGA-05: 32m @ 4.62 g/t Au and 17.5 g/t Ag
  • UGA-06: 70m @ 3.43 g/t Au and 14.7 g/t Ag
  • UGA-07: 112m @ 0.87 g/t Au and 7.7 g/t Ag
  • UGA-12: 35m @ 3.73 g.t Au and 11.6 g/t Ag

Recent exploration success

Recent exploration success

Attractive metallurgy

  • Excellent gold recovery on transitional (semi-oxidised) and sulphide (fresh) ore from the Andrej Adit within the Sturec Gold Mine using gravity separation and flotation
  • Gravity gold recoveries range from 52% to 74% increasing to up to 88% after flotation and increasing to up to 98% if flotation tailings are also leached
  • Strong gold recovery profile of sulphide ore supports potential for simple gravity separation and flotation processing strategy
  • Potential to significantly reduce CAPEX and allow Sturec to produce a gold concentrate for export out of Slovakia where it could be processed further using conventional processing for sulphide concentrates or sold

Resource table

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