Metal Bank (ASX:MBK) reports it has received positive results from the latest gold assays from recent drilling at the Kingsley West target at its Livingstone gold project in Western Australia.
The company reports drilling occurred 60m west of the existing Kingsley Resource model and returned broad zones of gold mineralisation.
Significant Au intercepts include 16m @ 1.27g/t Au from 44m, including 6m @ 2.01g/t Au (KW22RC001) and 12m @ 1.62g/t Au from 48m, including 3m @ 3.81g/t Au (KW22RC002).
Metal Bank notes mineralisation is hosted in quartz vein-rich, moderately weathere saprolite, similar to the Kingsley deposit.
The highest grade confirmed in the western extension is 1m @ 6.35g/t Au within KW22RC002. KW22RC003 also intercepted Au grades of up to 1.98g/t.
Kingsley West represents potential extension of over 250m strike length to the existing Kingsley resource.
Historical aircore drilling intercepted elevated gold (4m @ 0.92g/t Au – KLAC2113) more than 100m west of the current Kingsley resource, however, this data was not included Metal Bank’s January 2022 Kingsley resource estimation due to limited information on continuity of mineralisation.
The company reports that these recent results infill this zone, providing confidence the gold system coherently extends further west.
Assays are awaited from three additional aircore holes that were drilled 200m west of the Kingsley resource.
Commenting on the initial assay results, Metal Bank Chair Inés Scotland said: “We have gold, copper, and cobalt resources with significant exploration upside.
“We are a proven team and we are on the extreme edge of the value creation curve”
We are a proven team and we are on the extreme edge of the value creation curve with a market capitalisation of only $10.5 million.
Our continued drilling success highlights our potential to make further discoveries and grow our resources.
The Livingstone Project, including the Kingsley resource, is within a world-class gold area and this project is starting to look like it matches its nearby peers.
Our small and focussed team are also busy with Millennium drilling (copper & cobalt) underway in Queensland.”
The Kingsley West target extends over 250m to the west of the existing Kingsley Au Resource.
Phase one drilling at Kingsley West comprised 6 drillholes on broadly spaced fencelines targeting shallow gold anomalism originally identified in historical aircore drilling.
Assay results from other drilling at Kingsley West and from Kingsley East are expected over the coming weeks and will assist with understanding the true strike extent of the Kingsley mineralised system.
The Livingstone Project is an advanced gold exploration project with over 80,000oz of defined gold resources and multiple exploration targets.
Located 140km northwest of Meekatharra in Western Australia, it includes 395km-square of granted exploration licences covering the entire western arm of the Proterozoic Bryah Padbury Basin (host to the Fortnum, Horseshoe and Peak Hill gold deposits and >2Moz Au endowment).