MBK copper-cobalt project Qld

Metal Bank confirms copper-cobalt mineralisation at Millennium, Queensland

Metal Bank (ASX:MBK) reports the presence of copper and cobalt mineralisation following phase 1 of an ongoing reverse circulation (RC) drilling program at its Millennium Copper-Cobalt-Gold project in Queensland.

The results were generated via four RC drillholes were part of ongoing extension and infill drilling. They provide support to the resource model interpretation and demonstrate potential for mineralisation to extend along strike to the north, west and at depth.

Key drilling results include:

  • Hole MI22RC02: 5m @ 2.27% Cu, 0.09% Co and 0.94g/t Au from 104-109m (30m north of the current resource model)
  • Hole MI22RC07: 6m @ 1.24% Cu, 0.5g/t Au from 60-66m, incl. 9m @ 0.84% Cu, 0.19% Co and 0.23g/t Au from 71-80m
  • Hole MI22RD03: 12m @ 0.26% Cu, with minor cobalt and gold from 136-148m

Addressing the results, MBK Chairman Ines Scotland stated: “We are very pleased with the copper and cobalt assay results which support our resource extension goal at Millennium.

Both cobalt and copper are key minerals in Australia’s renewable energy future.

Both cobalt and copper are key minerals in Australia’s renewable energy future

We are also waiting on assays at our Livingstone Gold Project in WA rounding out our initial exploration results from our portfolio of base and precious metals projects.”

We are very pleased with the copper and cobalt assay results which support our resource extension goal at Millennium.”

The company also notes encouraging observations and assay results from the barren hangingwall, immediately west of Millennium and towards the pilgrim/Fountain Range Fault Zone, whicg have returned anomalous Cu mineralisation with minor gold and cobalt present.

In addition, this mineralisation identified within the west margin of the project supports the idea that additional mineralised structures exist within the granted MLs.

With phase 1 of the current RC drilling operation now finalised, MBK reports that commencement of phase 2 has begun and will also commence extension drilling to the north throughout July.

The Millennium Copper-Cobalt-Gold project is located near the township of Cloncurry in northwest Queensland and comprises five granted mining leases, with MBK owning 80% of all associated tenements.

The project currently boasts a 2012 JORC-compliant Inferred Mineral Resource Estimate (MRE) of 5.9Mt @ 1.08% CuEq (Co-Cu-Au-Ag) and possesses ‘significant’ potential for expansion.

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.