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.
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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.
