MGT Hits Highest-Grade Gold Intersect to Date at Pyramid

MGT Resources (ASX:MGS) announced results from its last drilling at Pyramid, which included the highest-grade gold intersection to date at 5 meters at 37.1 g/t gold including 1 meter at 146 g/t gold. The company also announced the second batch of assay results from its Gettysberg prospect.
As quoted in the press release:

MGT Resources Limited (MGT or The Company; ASX:MGS), through its 89.48% owned subsidiary MGT Mining Limited has received the second batch of assay results from the reverse circulation percussion (RC) drilling program that has recently been completed at its Pyramid Gold Project (EPM12887). The purpose of the drilling program was to explore extensions to mineralisation at the Gettysberg Prospect (previously drilled by MGT in 2012), as well as test new structural models at the Gettysberg, Sellheim, Marrakesh and Pradesh Prospects. A total of 24 holes for 3566m have been drilled in the program.

Pyramid drill results highlights:

• 34m @ 2.83 g/t gold from 15m (including 15m @ 5.63 g/t gold which includes 2m @ 28.95 g/t gold) (MGTRC018)
• 36m @ 0.96 g/t gold from 52m (including 14m @ 1.66 g/t gold) (MGTRC018)
• 10m @1.84 g/t gold from 122m (including 4m @ 2.61 g/t gold) (MGTRC018)
• 22m @ 1.11 g/t gold from 108m (including 4m @ 3.44 g/t gold) (MGTRC019)
• 17m @ 2.46 g/t gold from 50m (including 3m @ 4.59 g/t gold and 2m @ 11.50 g/t gold) (MGTRC020)
• 60m @ 0.56 g/t gold from 68m (including 6m @ 1.07 g/t gold and 3m @ 1.08 g/t gold) (MGTRC024)

Gettysberg prospect results:

• MGTRC016: 35m @ 6.1g/t gold from 33m (including 5m @ 37.1 g/t gold from 33m which includes 1m @ 146 g/t gold)
• MGTRC018: 34m @ 2.83 g/t gold from 15m (including 15m @ 5.63 g/t gold which includes 2m @ 28.95 g/t gold)
• Further down the same hole an intercept of: 36m @ 0.96 g/t gold from 52m (including 14m @ 1.66 g/t gold)
• Further down the same hole an intercept of: 10m @1.84 g/t gold from 122m (including 4m @ 2.61 g/t gold) MGTRC019: 12m @ 0.96 g/t gold from 76m (including 3m @ 1.79 g/t gold)
• Further down the same hole an intercept of: 31m @ 0.85 g/t gold from 101m (including 22m @ 1.11g/t gold including 4m @ 3.44 g/t gold)
• MGTRC020: 17m @ 2.46 g/t gold from 50m (including 3m @ 4.59 g/t gold and 2m @ 11.50 g/t gold)
• MGTRC022: 13m @ 1.00 g/t gold from 23m (including 1m @ 6.09 g/t gold) MGTRC024: 60m @ 0.56 g/t gold from 68m (including 6m @ 1.07 g/t gold and 3m @ 1.08 g/t gold)

Jonathan Back, executive chairman and managing director of MGT, commented:

After intersecting the highest grade gold to date at the Pyramid Project, MGT is pleased to follow this up with further excellent results at the Gettysberg deposit. The results indicate that structural re-analysis of the project has been very successful. MGT is in the process of evaluating the effect of the exciting finds reported here on the model for mineralisation. We are still awaiting the results for one batch of samples and look forward to presenting a final report shortly.

Click here to read the full MGT Resources (ASX:MGS) press release.