(via TheNewswire)
Highlights
- Drilling results received from Northern Area target at the
Millennium Cu-Co-Au Project in northwest QLD as part of MBK’s exclusive option to earn-in up to 80% of the project;- Broad copper intersections returned including:
- 8m @ 0.76% Cu from 62m (MI21RC05)
- 24m @ 0.29% Cu from 0m (MI21RC06)
- Preliminary review underway regarding current Inferred Resource of of 5.9Mt @ 1.08% CuEq1and recent results; and
- Further work on metal zonation and structural relationships to adjacent Pilgrim/Fountain Range Fault in Northern Extension Area in progress.
Results reported are from 5 drill holes targeting northern extensions 800-1000m along strike of the main Millennium Inferred Resource of 5.9Mt @ 1.08% CuEq1as defined by Hammer Metals in 2016. Results include:
- 7m @ 0.30% Cu from 18m (MI21RC03)
- 8m @ 0.76% Cu from 62m (MI21RC05)
- 5m @ 0.29% Cu from 1m and 13m @ 0.32% Cu from 11m within a broader interval of 24m @ 0.29% Cu from 0m (MI21RC06)
Results support Metal Bank’s exploration approach at Millennium to expand the known mineralisation and justify the surface soil copper anomalism within basement rock on the eastern contact of the regional Pilgrim/Fountain Range Fault system. Importantly, substantial hydrothermal alteration is developed in this area and may indicate proximal siting for metal transport and/or deposition. This may open up potential for additional resources along strike and/or peripheral to the known resource.
Commenting on the findings at Millennium,
“The expansion of the Millenmium footprint to the north compliments the recent findings presented to the market in early September with the results validating our belief that there is a high potential to substantially increase the Resource at Millennium. They also highlight the high-grade nature of the projectand the near-surface potential of the mineralization. We believe the trends seen from current and past exploration to be very promising and further support our strategy of advancing scalable high-grade battery metal projects through a partnership model.”
Also commenting on the exploration work, Inés
“Our northern extension drilling has opened up scope for additional resources at Millennium North providing us with further confidence in the expansion potential of this Project over and above the expansion of the existing Resource. We are now evaluating potential to update that Resource and planning further extension test work for the existing Resource area and the Northern Area.”
MBK has an exclusive 6 month option over the
Millennium Drilling Program
The Millennium drilling program commenced
A further 5 RC holes for 478m (MI21RC03-07) were completed in the Northern Area (also shown in Figure 1) testing potential for mineralisation extensions in the northern part of the Project area as indicated by previous mapping, geochemistry and structural interpretation. Refer to Table 1 and Table 2 for full drilling details.
Click Image To View Full Size
Figure 1:
Northern Area Drilling
First-pass drilling in the Northern Area for (MI21RC03-07) has been completed, testing anomalous surface Co-Cu geochemistry, previously mapped geological units and structures similar to mineralisation features in the Southern and Central Areas. This area is approximately 800-1000m north along strike, has had no previous drilling and does not form part of the existing Millennium resource. Drilling was conducted in two fences on two lines 250m apart.
Copper oxides were observed near surface and sulphides were observed deeper downhole, including 8m @ 0.76% Cu from 62m (MI21RC05), associated with contact zones between metasedimentary units and graphitic siltstones. Individual Cu assays peak at 1.50% from 67m depth.
While appearing restricted to the south and east, Cu mineralisation in the Northern Area remains open to the west, north and at depth. The relationship between this mineralisation and the
Click Image To View Full Size
Figure 2: Millennium 7724700N section showing previous resource drill holes, 2016 resource model, MI21RC05-7 drill holes and working preliminary interpretation.
Review
A review of the existing JORC 2012 Resource is underway to assess current scope for tonnage and grade updates, additional target areas and further work requirements in both the Southern and Central Areas of the resource.
The Resource review will include the two holes completed by MBK in the Central Area of the Resource and previous drilling completed by GEMC.
The two holes completed by MBK tested gaps in the existing resource and the potential for extensions in the northern margin of the southern area of the resource with excellent results. Several broad zones of Cu-Co mineralisation were intersected2, with results including:
MI21RC01
- 17m @ 0.33% Cu, 0.08% Co and 0.12g/t Au from 56m
- 16m @ 1.07% Cu, 0.26% Co and 0.40g/t Au from 80m including a high-grade zone of 5m @ 2.92% Cu, 0.50% Co and 1.19g/t Au from 82m (MI21RC01)
MI21RC02
- 2m @ 0.07% Cu and 0.29% Co from 41m
- 16m @ 0.34% Cu and 0.06% Co from 64m
- 3m @ 0.59% Cu and 0.14% Co from 84m
These results support the up-dip continuity of the Resource and potential northern extension of the southern resource model, in particular, within the current gap area between the southern and central resources.
In addition, the results have identified that some higher-grade zones may remain untested within the Resource area, providing confidence in the significant growth upside of the existing Inferred Resource located in the southern and central areas of the Project.
Southern Area Previous Drilling
GEMC conducted a 10-hole, 1,141 metre drilling campaign on the
Prior the GEMC’s involvement, the project area had been tested by only 73 drill holes (percussion, RC and diamond) for a total of 7,891 metres. Most holes have been drilled within 200 metres of surface, with few holes reaching to depths greater than 250 metres below surface. At present mineralisation remains open at depth and along the strike extent of the JORC resource area.6
Further Work
Pending outcomes from the Resource review and scoping work, in light of the encouraging copper results in the Northern Area further work is underway to extend the basement mineralisation, define high grade target zones and understand mineralisation relationships with the adjacent Quamby/Pilgrim Fault system. Work will also seek to determine the metal zonation aspects noted between the Northern and Central/Southern Areas.
In addition, the Federal and Corella Trends require assessment for potential to add additional targets and resources to the project.
Table 1: Completed drill hole details
------------------------------------------------------------- |Hole ID |Easting|Northing|RL |DIP|MAG AZI|AMG AZI|Depth (m)| |-----------------------------------------------------------| |MI21RC01|415946 |7722858 |237|-82|90 |96 |100 | |-----------------------------------------------------------| |MI21RC02|415939 |7722807 |241|-78|82 |88 |95 | |-----------------------------------------------------------| |MI21RC03|416316 |7724444 |248|-55|81 |87 |100 | |-----------------------------------------------------------| |MI21RC04|416387 |7724453 |245|-55|83 |89 |95 | |-----------------------------------------------------------| |MI21RC05|416337 |7724695 |250|-55|83 |89 |94 | |-----------------------------------------------------------| |MI21RC06|416388 |7724697 |248|-55|83 |89 |100 | |-----------------------------------------------------------| |MI21RC07|416450 |7724700 |250|-55|83 |89 |89 | -------------------------------------------------------------
Table 2: MI21RC01-02 notable intersections
----------------------------------------------- |Hole ID |From|Interval (m)|Cu% |Co% |Au g/t| |---------------------------------------------| |MI21RC01 |46 |3 |0.48|0.03 |0.29 | |---------------------------------------------| |MI21RC01 |56 |17 |0.33|0.08 |0.12 | |---------------------------------------------| |MI21RC01 |80 |16 |1.07|0.26 |0.40 | |---------------------------------------------| |including|82 |5 |2.92|0.50 |1.19 | |---------------------------------------------| |and |91 |1 |0.12|0.50 |0.02 | |---------------------------------------------| |MI21RC02 |41 |2 |0.07|0.29 |0.07 | |---------------------------------------------| |MI21RC02 |45 |1 |0.33|0.02 |0.18 | |---------------------------------------------| |MI21RC02 |64 |16 |0.34|0.06 |0.06 | |---------------------------------------------| |MI21RC02 |81 |82 |0.08|0.20 |0.02 | |---------------------------------------------| |MI21RC02 |84 |3 |0.59|0.14 |0.02 | |---------------------------------------------| |MI21RC03 |18 |7 |0.30|<0.01|<0.01 | |---------------------------------------------| |MI21RC03 |24 |1 |0.35|<0.01|<0.01 | |---------------------------------------------| |MI21RC03 |30 |1 |0.21|<0.01|<0.01 | |---------------------------------------------| |MI21RC03 |67 |1 |0.01|0.10 |<0.01 | |---------------------------------------------| |MI21RC04 |- -- -- -- -- | |---------------------------------------------| |MI21RC05 |20 |1 |0.28|<0.01|<0.01 | |---------------------------------------------| |MI21RC05 |54 |1 |0.29|<0.01|<0.01 | |---------------------------------------------| |MI21RC05 |62 |8 |0.76|<0.01|<0.01 | |---------------------------------------------| |including|67 |1 |1.50|<0.01|<0.01 | |---------------------------------------------| |MI21RC05 |75 |4 |0.29|<0.01|<0.01 | |---------------------------------------------| |MI21RC06*|1 |5 |0.29|<0.01|<0.01 | |---------------------------------------------| |MI21RC06*|11 |13 |0.32|0.01 |<0.01 | |---------------------------------------------| |MI21RC07 |59 |1 |0.21|0.01 |<0.01 | -----------------------------------------------
NOTE: 0.2% Cu cut-off, 3m maximum internal dilution unless indicated by *. * within 24m @0.29% Cu from 0m (with 5m <0.2% Cu). Co values > 0.2% listed outside Cu% cut-off ranges. All results reported are downhole intervals and interpreted 70-75% true width. MI21RC01-02 results previously reported on
The Project presents as an excellent opportunity to acquire a copper-cobalt asset of significant size with potential to expand mineralisation. Processing solutions and excellent infrastructure exist within the
Hammer Metals Ltd (ASX: HMX) (‘Hammer Metals’) announced a maiden JORC (2012) resource in 2016 on the
Table 3: Millennium JORC (2012) Resource
--------------------------------------------------------- |Cu Eq Cut-off|Tonnes |CuEq (%)|Cu (%)|Co (%)|Au (ppm)| |-------------------------------------------------------| |1.00% |3,070,000|1.29 |0.35 |0.14 |0.12 | |-------------------------------------------------------| |0.70% |5,890,000|1.08 |0.32 |0.11 |0.11 | ---------------------------------------------------------
1HMX ASX Announcement dated
Copper equivalent (CuEq) calculation was based solely on commodity prices using prices as follows: Cu:
2GEMC News Release dated
3GEMC News Release dated
4GEMC News Releases dated
5GEMC News Release dated
6GEMC News Release dated
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