ASX ANNOUNCEMENT 14 Sept 2016
ASX: MBK
High Grade Gold Zone Defined in Shallow Drilling at Bald HillDrilling at Bald Hill prospect defines high grade gold zone with coincident IP geophysical anomaly that extends to >300m depth
o 7m @ 4.9g/t Au, 27g/t Ag, 0.2% Cu from 11m o 14m @ 2.6g/t Au, 34g/t Ag, 1.1% Cu from 18m o 10m @ 3.0g/t Au, 26g/t Ag, 0.2% Cu from 16m
Metal Bank Limited (ASX: MBK) (MBK or the Company) is pleased to provide the following update on the recently completed shallow Reverse Circulation ("RC") drill programme on the Triumph project in south-east Queensland, Australia. Thirteen RC holes totalling 776m were completed at the Bald Hill prospect to follow up and investigate the geometry of near surface high grade gold mineralisation intersected in previous drilling including 15m @ 10.3g/t Au, 76g/t Ag, 0.5% Cu from 9m, released in June 20161.
Drill results show continuity of near surface ore grade gold mineralisation (2which extends to greater than 300m depth, i.e. the limit of the survey / model (Figure 2).
Inés Scotland, Chair of MBK said:
"The Triumph project is a genuine 'first mover opportunity' which we are confident has significant upside. So far, only initial drilling has been completed on two of over ten high priority targets, with both the Bald Hill and New Constitution prospects intersecting early spectacular high grade mineralisation."
1 MBK ASX Release 21 June 2016
2 MBK ASX Release 22 July 2014
Metal Bank Limited ABN: 51 127 297 170
Telephone: +61 2 8268 8691| Facsimile: +61 2 8268 8699| Email: info@metalbank.com.au
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www.metalbank.com.au
Figure 1: Bald Hill prospect long section showing preliminary gold results.
Figure 2: (Left) - Bald Hill 3D induced polarisation inversion model (geophysical data) showing 8mV/V IP 'shell' which corresponds to sulphide mineralisation from drilling data. (Right) - Slice through model with the upper portion of the model corresponding to the long section shown in Figure 1, 8mV/V and 9mV/V shells shown.
A summary of significant results returned from this shallow programme include:
o 7m @ 4.9g/t Au, 27g/t Ag, 0.2% Cu from 11m (TDH040)
o incl. 2m @ 12.7g/t Au, 74g/t Ag, 0.5% Cu from 11m
-
8m @ 2.0g/t Au, 23g/t Ag from 27m (TDH041)
o 14m @ 2.6/t Au, 34g/t Ag, 1.1% Cu from 18m (TDH046)
o Incl. 2m @ 10.6g/t Au, 152g/t Ag, 7.2% Cu from 25m
o 10m @ 3.0g/t Au, 24g/t Ag, 0.2% Cu from 16m (TDH047)
- 6m @ 2.0g/t Au, 9g/t Ag, 0.1% Zn from 35m (TDH048)
-
8m @ 2.0g/t Au, 23g/t Ag from 27m (TDH041)
o 14m @ 1.0g/t Au, 10g/t Ag, 0.1% Cu from 12m (TDH049)
Figure 3: Triumph gold camp showing the location of Bald Hill and other priority targets.
Oxidation / weathering of the gold mineralisation extends down to approximately 5 - 10m below surface with drill results now indicating that supergene gold depletion is likely to have occurred in the weathered profile. Understanding that these secondary processes are present will enable better interpretation of geochemical data and greater confidence in targeting high grade mineralisation. All gold mineralisation intersected in this drill programme was intersected below the base of oxidation (i.e. in fresh rock).
Figure 4: Drill plan of Bald Hill prospect highlighting latest drilling locations.
Metal Bank Limited published this content on 14 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 September 2016 00:00:03 UTC.
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