Metal Bank

Metal Bank confirms Cu-Co grades continue at depth at Millennium Cu-Co-Au Project, Queensland 

Minerals exploration company Metal Bank (ASX:MBK) reports that copper-cobalt-gold (Cu-Co-Au) grades continue at depth following both reverse circulation (RC) and diamond drilling (DD) campaigns at its Millennium copper-cobalt-gold (Cu-Co-Au) Project in Queensland. 

The results, generated by DD activities in the Southern and Central Resource areas and RC drilling in the Northern Area, have delivered ‘strong’ Co grades hosted within discrete ‘high-grade’ zones at depth, which are potentially amenable to underground extraction below the Cu-Co-Au resource. 

It is also reported that the diamond drilling results are consistent with previous results and will allow for an increase to the existing 2012 inferred Mineral Resource Estimate (MRE) of 5.9Mt at 1.08% copper-equivalent (Cu-Eq).  

Key results include, 1m at 2.08% Co and 0.15g/t Au from 179m (MI22RD05), 6m at 0.52% Cu, 0.08% Co and 0.18g/t Au from 265m (MI22RD05) and 17m at 0.43% Cu, 0.11% Co and 0.08g/t Au from 234m. 

Both drilling campaigns commenced with a goal of extending known copper mineralisation within the project area.    

Speaking on the results, Metal Bank’s Chair, Ines Scotland said: “Our work demonstrates the critical minerals opportunity at the Millennium project extends to depth below the existing bulk near surface copper-cobalt-gold resource.

“The ‘high-grade’ cobalt intersections at depth show strong support for potential underground extraction”

The ‘high-grade’ cobalt intersections at depth show strong support for potential underground extraction and the results in the Northern Area provide potential for adding further to the mineralisation at Millennium. We are now in the process of reviewing all results and planning the next phase of work.”

The company also notes that the ‘encouraging’ copper values returned from RC drilling within the Northern Area of the project represent newly identified mineralisation west of the existing millennium resource. 

In addition, the RC results also deliver a 300m strike extension to the north of the main Millennium Cu-Co-Au mineralisation and demonstrate that the Fountain Range-Quamby Fault Zone remains an important area of interest.

All of the results received follow on from the first diamond drillhole assays and RC drilling results reported earlier this month, which also returned high Co grades and validated and extended the existing resource. 

Metal Bank is an ASX-listed mineral explorer who holds a ‘significant’ portfolio of advanced copper and gold projects that boast ‘substantial’ growth upside. The company’s Millennium project is located about 19km from the Rocklands Copper-Cobalt Project near the township of Cloncurry in northwest Queensland and comprises 5 granted mining leases that boast ‘significant’ potential for expansion, with Metal Bank owning 80% of all associated tenements. The project currently boasts a JORC 2012 compliant inferred MRE of 5.9Mt at 1.08% CuEq (Cu-Co-Au-Ag).   

With results from the RC and DD programs now returned, Metal Bank announces it will move forward with plans for further work programs in 2023 to identify additional mineralised structures in the area of interest along with potential for genetic links to the Millennium mineralisation. 

All results returned to date from the 2022 drilling program will be reviewed in detail with resource upgrade work and planning to commence the next phase of work at the Millennium project. 

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.