Metal Bank Limited (ASX: MBK) has announced a highly positive update from its Eidsvold Project in Queensland, Australia.
The company reported that Great Eastern Target within the Eidsvold project offers a drill-ready opportunity to test a highly prospective target.
The Great Eastern Target is located within the highly prospective Eidsvold intrusive complex, host to the Eidsvold Goldfield (100,000 oz Au historical production).
MBK noted that the drill-ready, 7 km2 very large-scale gold target has similar scale and geophysical response as 3 Moz Mt Leyshon deposit.
The company said that the 3D geophysical modelling has defined core and potentially mineralized alteration halo of the target.
MBK’s 100%-owned Eidsvold Project is a 250km2 of virtually unexplored, prospective fertile intrusive complex – 85% under sediment cover. The project is located in south-east Queensland, Australia, between the Cracow 3Moz and Mt Rawdon 2Moz gold mines.
Drilling by MBK had identified multiple priority targets within a 10km corridor which extends north from the 100,000oz Au Eidsvold goldfield to Mt Brady and also includes a 6km x 4km high priority airborne magnetic anomaly concealed by less than 100m of sedimentary cover.
High-grade historical results at Mt Brady
MBK had completed limited scout drilling along strike of the historical Eidsvold Goldfield and a five-hole drill program 10 km to the north at Mt Brady, which had returned up to 3 m @ 2.3 g/t Au4 and 1 m @ 17.4 g/t Au.
In 2018, MBK completed an airborne electromagnetic EM survey to obtain resistivity data over the project and combined this data with airborne magnetics to identify multiple large-scale alteration targets.
Soil sampling and PH analysis
In 2019, MBK completed geochemical ultra-trace soil sampling and pH analysis across the highest priority of these targets to confirm geochemical signatures typical of IRG systems.
A low pH response with elevated pathfinder geochemistry is direct evidence for weathering out of sulphides (producing acidic conditions) in the sediment immediately above the alteration zone of an IRG system.
The Great Eastern Target was found to be the highest priority target at the Eidsvold Project due to the large 7 km2 geophysical anomaly coincident with elevated pathfinder geochemistry, including ±Au-Ag-Sn-Te-Bi-(Mo-Zn-Hg-As-Cu-Sb-Pb), and a substantial drop in pH levels.
3D model for drill program
MBK said that the success of the surface geochemistry program led the company to engage a leading industry consultant specialising in geophysical targeting of IRG systems in Queensland, to produce a 3D model to guide the design of an initial drill program at the Great Eastern Target
The company reported that the results of this study have identified a very large IRG target with some very distinct geophysical properties similar to the 3 Moz Au Mt Leyshon deposit.
Similarities with Mt Leyshon
The company reported that the geophysical responses of Great Eastern Target are of the same scale and very similar to those at the 3 Moz Mt Leyshon gold deposit. At both Mt Leyshon and the Great Eastern Target, broad resistivity lows occur on top of and at the sides of a deep reverse polarised core.
At Mt Leyshon, the low resistivity reflects gold mineralisation within overprinting alteration surrounding the early hot intrusive phase defined by a deep reversely magnetised core.
It appears the same process has occurred at the Great Eastern Target where significant surface geochemistry results are coincident with the low resistivity response around the core.
Significant gold potential at Great Eastern Target
MBK reported that the Great Eastern Target is considered to be the likely source of gold mineralising fluids 6 km to the southwest at the historical Eidsvold goldfield and the Mt Brady historical workings 5 km to the northwest.
The company said that the Great Eastern Target now presents a new opportunity to drill an untested large-scale gold target within a proven region of multi-million-ounce intrusion related gold (IRG) deposits.
7 km² alteration system
MBK said that it has modelled a 7 km² alteration system interpreted as a very large IRG system beneath surface geochemical anomalies at the Great Eastern Target, overlain by 50 – 100 m of sediment.
The company said that the Great Eastern Target has a 2.5 km long, by 750 m wide, reversely polarised magnetic zone in the centre of the target area, which is also interpreted to be an early hot core.
MBK said that the modelling of both magnetic and resistivity data defined a wide area of approximately 3.5 km x 2 km encompassing the core and coincident with surface geochemistry, interpreted as widespread late stage alteration.
It may be noted that in most IRG systems of Eastern Queensland, it is the later phases which are often responsible for gold mineralisation and it is this area which is the focus for drill targeting.
The company reported that the combined data obtained across the Eidsvold Intrusive Complex by MBK over the last six years strongly supports the Great Eastern Target as the primary source of gold mineralising fluids distributed over a massive area encompassing both Mt Brady and the Eidsvold goldfield.
Further drill targets identified
The company announced that the Eidsvold Project now has a long drill ready exploration pipeline for moving forward. This includes the Great Eastern Target as well as at least four other drill ready high priority target areas identified along peripheral ring structures.
Metal Bank reported that Initial drill design has commenced for a 1500m drilling program to test for large scale alteration in support of a large-scale IRG system with the area of the Great Eastern Target.
The company said that it is continuing to investigate the potential for a Joint Venture for the Eidsvold project as a means to accelerate this drilling program.
MBK said that a follow up soil sampling is being planned over high priority areas. The company announced that a follow up drilling program has been designed to enable initial testing of the Great Eastern Target.
Executive Chair of MBK, Inés Scotland said: “We are excited to have defined a significant untested intrusion related gold target in Queensland. The scale of the target places it at a similar size to many other multi-million ounce gold deposits in the region.
The Great Eastern Target is now a genuine drill ready opportunity within a highly prospective area as attested to by the nearby presence of a 100,000 oz Au historical goldfield.”