Announcement Date: 2022-10-31
Announcement Type: Drilling Results
Announcement Code: NI43-101
Company name: Metal Bank Ltd.
Project name: Millennium
Location: Australia
Commodities: Gold,Copper,Cobalt
Highlight: Drilling results incl. 17m at 0.43% Cu, 0.11% Co, 0.08g/t Au from 234m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Metal Bank Limited (ASX: MBK) (‘Metal Bank’, ‘MBK’ or the ‘Company’) is pleased to provide an exploration update from its Millennium copper-cobalt-gold (Cu-Co-Au) project in Queensland (MBK earning up to 80%). All assay results have now been received for MBK’s diamond drill (DD) hole depth extensions in the Southern and Central Resource areas, along with results for reverse circulation (RC) exploration drilling in the Northern Area, as part of the resource infill and extension drilling completed in September. Notable results include The cobalt grades reiterate Millennium as one of Australia’s highest grade undeveloped battery metals projects, contained within granted mining licenses and will form part of the Millennium resource update along with metallurgical sampling. Of particular note are strong cobalt (Co) grades hosted in hydrothermal veins and crackle breccias including discrete high-grade zones at depth potentially amenable to underground extraction below the bulk of the near surface Cu-Co-Au resource. Importantly, diamond drilling results confirm the size and continuity of copper-cobalt-gold mineralisation at depth consistent with previous results. This continuity of grades at depth in several areas will allow for an increase to the existing 2012 Inferred Resource of 5.9Mt @ 1.08%1 CuEq (Figure 1).
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