Metal Bank (ASX:MBK) has delivered a 73% resource estimate increase in the Livingstone Gold Project in Western Australia, totalling 2.81 million tonnes @ 1.36 grams per tonne gold for 122,600 ounces of gold.
At the Kingsley deposit, the inferred resource increased 139% totalling 1.68 million tonnes @ 1.35g/t for 73,000 ounces of gold. At the Homestead deposit, the resource increased 8% to 1 million tonnes @ 1.35g/t gold for 43,400 ounces of gold.
Meanwhile at the Winja deposit, the initial resource contains 125,000 tonnes @ 1.53g/t gold for 6,200 ounces of gold.
Executive Chairman Ines Scotland says the 73% increase at Livingstone gives the team optionality moving forward and makes the asset more attractive to regional processing facilities.
“The refinement of the Kingsley deposit model taking into account our 2022 drilling results, a modern interpretation for Winja, and updated pit optimisation parameters at Homestead have resulted in Metal Bank delivering a global inferred resource at Livingstone of over 120,000 ounces,” Scotland says.
“Importantly this resource increase provides a very solid foundation for further growth, gold grades remain in line with previous estimates, proposed open cut pits remain shallow, and higher grade shoots remain undrilled at depth and open for future resource expansion work.
“After reaching our first milestone at Livingstone, we now have a robust economic baseline to advance towards production and progress future works on our exploration targets and regional prospects.”
Metal Bank is continuing its review of the Livingstone Project, including considering options for resource development, drill planning to expand the existing resources, and update the existing exploration targets.
In conjunction, the company plans to advance other prospects within the project towards mineral resources and generate additional project programs in other areas.
The option of divesting the project is also being considered given the corporate interest, the surface resource, and the close proximity to existing processing facilities.
The Livingstone Project is an advanced orogenic gold exploration project located 140km northwest of Meekatharra in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Metal Bank
