Metal Bank (ASX:MBK) has secured exploration rights over Area 47 in Jordan, which is prospective for a copper and molybdenum bearing intrusive system.
Area 47 forms part of Metal Bank’s three-project strategy in Jordan.
Chairman Inés Scotland says the company plans to systematically work up the Malaqa, Area 47, and Area 64 projects to drilling status, while also providing cost-effective scale due to the need to import a drill rig and team from Saudi Arabia.
“Our three-project strategy in Jordan forms part of our greater MENA strategy combining both Saudi Arabia and Jordan for highly prospective copper and critical minerals exploration,” Scotland says.
“The Southern region of Jordan is part of the prolific Nubian Shield which hosts abundant world-class deposits, and our early work in this region will continue to provide further project opportunities in the future.”
Metal Bank, which has a market capitalisation of $7 million, says at Area 47, ASTER remote sensing analysis coupled with limited historical surface data, identified a 4km2 alteration zone, which has a potential mineralised intrusion.
The company adds 43 stream sediment samples within and adjacent to the ASTER target area returned grades up to 384 parts per million (ppm) copper, 47ppm molybdenum, 278ppm lead, and 509ppm zinc.
An additional 11 rock chip samples were assayed, which returned up to 0.7% copper, 0.2% lead, and 37ppm molybdenum.
The company says the copper-molybdenum porphyry style intrusion is represented by a sericite-muscovite altered fractionated felsic intrusive, comprising granodiorites and rhyolite-aplite dyke units.
Metal Bank is currently awaiting to secure exploration rights over Area 65.
Once granted, the company will move on to systematic surface evaluation and detailed studies of all three projects to bring them to a drill-ready status, including environmental studies and approvals.
Following today’s announcement, Metal Bank’s share price increased 11.11% to $0.020, as of 11am AEST.
Metal Bank is a mineral explorer focused on advancing gold and copper projects. The company is also focused on its MENA strategy execution to acquire copper projects in Jordan and work alongside the Saudi Government and its Saudi joint venture partner.
Write to Aaliyah Rogan at Mining.com.au
Images: Metal Bank
