MetalsTech (MTC) has secured an extension to its underground mining permit for its fully owned Sturec Gold Mine in Slovakia.

The ten-year extension, spanning from 2024 to 2034, will enable the company to continue extracting gold and silver using underground mining techniques.

MTC noted that this development marks a crucial step in the mine's operational longevity and potential profitability.

The company has expressed its intention to persist with its programme of bulk-scale metallurgical and mineralogical test work.

This ongoing research is essential for optimising the extraction and processing of the mine's valuable ore deposits.

MTC's commitment to advancing its technical capabilities underscores the strategic importance of the Sturec Gold Mine within its portfolio.

The company said that it has observed a surge in global interest within the Western Tethys Gold Belt, a region in Europe known for its mineral wealth.

The Sturec Gold Mine is part of this belt, which also features similar deposits and mines operated by industry giants such as Dundee Precious Metals, Zijin Mining and Eldorado Gold.

This increased attention could signal more investment and development opportunities for MTC and its peers in the region.

MTC has also highlighted that the licence extension significantly de-risks the permitting pathway for the mine.

This assurance is likely to bolster investor confidence and facilitate smoother operational planning.

The strategic process led by Minmetals Securities is also making headway, with substantial interest from European and North American entities and further site visits on the agenda.

It noted that the negotiations with Trans Metal Fund are set to advance in light of the newly awarded extension to the underground mining activity permit.