Insights

Why the Metalstech (ASX:MTC) share price is climbing 7% today

The resource explorer’s latest gold update appears to have excited investors…
The post Why the Metalstech (ASX:MTC) share price is climbing 7% today appeared first on The Motley Fool Australia. –

The Metalstech Ltd (ASX: MTC) share price is leaping higher in morning trade today. At the time of writing, it is up by 7.14% to 45 cents. However, earlier in the day it was as high as 49 cents, a 16% gain on its previous closing price.

Below we look at the ASX resource explorer’s latest gold update that looks to be spurring investor interest.

What gold update was announced?

The Metalstech share price is surging after the company reported it had identified visible gold at its 100%-owned Sturec Gold Mine, in Slovakia.

The explorer is engaged in phase 2 of a diamond drilling campaign. During geological logging and sampling it said visible gold was identified at 97.6 metres “within a quartz filled vein/stockwork/breccia zone, variably rich in fine to very fine grained sulphides and hosted within variably argillic altered andesite host rock from approximately 75 metres to 120 metres down hole in the drill core…”

The hole in question, UGA-20, was completed to a depth of 140.5 metres.

Metalstech said the core from UGA-20 is currently being sampled and will be dispatched to a lab for analysis “as soon as possible”. The company will provide a market update once those results are in.

October tailwinds for the Metalstech share price

Gold prices have been edging higher in October, up 1.3% so far this month to US$1,782 per troy ounce.

But the Metalstech share price enjoyed an even bigger boost earlier this month from another positive gold announcement out of Sturec.

On 4 October its shares surged 17% intraday after the company reported it had encountered “bonanza gold” at the project.

Following the bonanza gold strike, Metalstech chairman Russel Moran said:

Sturec is shaping up to be an extraordinary deposit with bonanza grade potential … we are hopeful we will continue to hit these incredible mineralised zones, which can expand on and help grow what is already a very exciting and significant gold resource.

Metalstech share price snapshot

The Metalstech share price has been a standout performer over the past full year, up around 180% in 12 months. For comparison, the All Ordinaries Index (ASX: XAO) gained 21% over that same time.

Over the past month, Metalstech shares have gained 12%.

The post Why the Metalstech (ASX:MTC) share price is climbing 7% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Metalstech right now?

Before you consider Metalstech, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Metalstech wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Up 191% in 1-year, why the Metalstech (ASX:MTC) share price is on a rollercoaster today

Metalstech (ASX:MTC) share price sinks further 8% on lithium update clarification

Here’s why the Metalstech (ASX:MTC) share price is sliding on Thursday

Why is the Metalstech (ASX:MTC) share price sliding 8% on Wednesday?

Metalstech (ASX:MTC) share price soars 17% on record gold hit

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!