The Metalstech Ltd (ASX: MTC) share price is on a wild ride this morning. Metalstech’s share price posted opening gains of more than 6% before quickly falling to a loss of 1%. At time of writing, the comany’s shares are up 3.09% to 50 cents.
Below, we take a look at the ASX resource explorers latest gold and silver update.
What gold and silver update was announced?
The Metalstech share price is seeking direction after the company updated the market on the metallurgical testing program at its 100% owned Sturec Gold Mine, located in Slovakia.
According to the release, metallurgical recovery results for mineralisation intersected by a drill hole returned “excellent gold and silver” results. The testing program used gravity separation and flotation.
Metalstech said the flotation test work produced a final concentrate of 31 grams of gold per tonne and 80 grams of silver per tonne. It reported gold recovery at 91.0% and silver recovery at 88.4%.
The company also reported “good results” from its initial gravity recovery test work, with gold recovery of 37.4%.
Commenting on the results, Metalstech chairman Russell Moran said:
The sulphide ore at Sturec is the primary target ore type and it has demonstrated excellent gold recoveries from simple gravity separation and flotation. This opens up potential for a wide range of simple and low CAPEX [capital expenditure] processing opportunities for Sturec. The current test work will help support our scoping study, which is already underway.
Metalstech share price snapshot
The Metalstech share price has had a strong year, buoyed by a lift off in late August. Year-to-date, shares are up 141% compared to a gain of 9% posted by the All Ordinaries Index (ASX: XAO) so far in 2021.
Over the past month, Metalstech’s share price has surged more than 70%.
With Metalstech involved in a range of other precious metals, the company’s shares have performed far better than the gold price this year. Gold topped out at US$1,950 per ounce on 5 January and is currently trading at US$1,893 per ounce.
Silver’s been sliding too, currently at US$22.62 per ounce after hitting US$29.05 per ounce on 1 February.