Metal Bank completes stage one earn-in obligations under Millennium Cu-Co-Au Project JV agreement with Global Energy Metals Australia 

ASX-listed minerals exploration company Metal Bank (ASX:MBK) reports its wholly owned subsidiary MBK Millennium (MBKM) has completed its stage one earn-in obligations under the joint venture (JV) agreement with Global Energy Metals and its subsidiary Element Minerals Australia.  

The JV agreement was entered into by both companies in December 2021 and since that time, MBK has completed a 3 phase exploration program at the Millennium Copper-Cobalt-Gold (Cu-Co-Au) Project in Queensland, with MBKM achieving the stage one earn-in expenditure of $1 million. 

Following the completion of the earn-in milestone, it is reported that MBKM has given notice to EMA electing to acquire 51% JV interest in the Millennium project and its associated assets.   

Commenting on the earn-in milestone, Metal Bank’s Chair, Ines Scotland says: “MBK now holds a 51% interest in the Millennium project and its existing JORC resource of 5.9Mt at 1.08% CuEq2, which has been confirmed and expanded by our 2022 exploration program. Millennium provides MBK with exposure to copper and cobalt – in demand, critical components for the renewable energy transition.

“Millennium provides MBK with exposure to copper and cobalt – in demand, critical components for the renewable energy transition”

With the project’s granted Mining Leases and proximity to processing solutions, Millennium presents a real opportunity for near-term development.” 

The company also notes in accordance with the JV agreement MBK will issue shares to the value of $350,000 to Global Energy Metals at a price of $0.0336 per share. 

Completion of the issue of shares will result in MBKM being rewarded the 51% interest in the project and assets, and will also have the sole and exclusive rights to earn an additional 29% JV interest by sole funding exploration expenditure to a total amount of $2 million. 

The Millennium represents an ‘excellent’ opportunity for MBK to advance and develop a Cu-Co asset of ‘significant’ size in proximity to processing solutions and ‘excellent’ infrastructure within Queensland’s Mt Isa region. 

MBK is an ASX-listed mineral exploration company that currently holds a ‘significant’ portfolio of advanced gold and copper exploration projects that boast substantial growth opportunities. The Millennium project is located near the township of Cloncurry in northwest Queensland and currently boasts a JORC 2012 compliant inferred Mineral Resource Estimate (MRE) of 5.9Mt at 1.08% CuEq across 5 granted mining leases. MBK has the right to earn up to a total of 80% interest in the project and its associated assets.

With stage one of the earn-in JV agreement now complete, MBK announces it will move forward with stage two of the JV in order to increase its JV interest to 80%, with resource upgrade work already underway.  

Images: Metal Bank Ltd
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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.