ASX ANNOUNCEMENT 05 Sept 2016

ASX: MBK High Grade Gold Mineralisation Intersected at New Constitution
  • Follow-up drilling at the New Constitution prospect intersects high grade gold mineralisation near surface including:

    o 10m @ 26.9g/t Au, 165g/t Ag and 6.0% Zn from 51m (open), including:

    7m @ 36.3g/t Au, 220g/t Ag and 7.9% Zn

    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 its Triumph gold project in south-east Queensland, Australia. Two RC holes totalling 121m were completed at the New Constitution prospect to follow up and investigate the geometry of near surface gold mineralisation intersected in previous drilling1.

    Significant results from the drill programme at New Constitution include:

    • 10m @ 26.9g/t Au, 165g/t Ag and 6.0% Zn from 51m (open) (TDH056) including

      o 7m @ 36.3g/t Au, 220g/t Ag and 7.9% Zn from 51m (open - note an historical stope void was intersected from 41.5m to 51m)

    • 3m @ 8.1 g/t Au, 79g/t Ag from 35m (TDH055)

The true width of high grade mineralisation will only be determined with further drilling. However, TDH056 intersected 0.5m @ 2.6g/t Au prior to entering a 9.5m historically mined stope (downhole length) and then intersected 10m @ 26.9g/t Au, 165g/t Ag, and 6% Zn from 51m. If the stope represents historically mined high grade mineralisation, then the true width may be approximately 8m. Historical workings at surface can be traced along this particular target zone for over 500m with the majority of this trend being concealed by shallow cover. The historical underground stope intersected in drilling was not previously mapped and no production records are available.

Across the New Constitution prospect, multiple interpreted target zones have been identified through surface geochemistry/geophysics and supported by an initial programme of 12 shallow scout RC holes (average depth of 12m) reported in June 20162. Collectively, the

1 MBK ASX Release 21 June 2016

2 MBK ASX Release 21 June 2016

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multiple zones indicate over 3km of strike potential, the majority of which is concealed by shallow cover (

Please refer to Figure 1 showing drill section, Figure 2 showing the drill plan at New Constitution and Figure 3 showing the location of New Constitution prospect. Drill assay results with individual assays are shown in Table 1.

Inés Scotland, Chair of MBK said:

"This is Metal Bank's second high grade gold discovery on the Triumph Project. Such early results from New Constitution underpin the prospect as a high exploration priority alongside Bald Hill which is located 1.5km away. We are confident of discovering further high grade mineralisation within the 15km2 Triumph Gold Camp as our programmes advance."

Figure 1: Drill section looking north-west showing high grade mineralisation intersected in TDH056 with section location shown in Figure 2.

Figure 2: Drill plan of New Constitution prospect showing drill hole locations.

Figure 3: Triumph gold camp showing the location of New Constitution and other priority targets.

A total of 17 RC holes (981m) have been completed on the Triumph project as part of the recent drill programme and the results from the remaining 15 holes from the Bald Hill and Harmony prospects will be released once available.

New Constitution and Bald Hill prospects represent just two of the current 10 high priority underexplored prospects within the Triumph gold camp, with the other eight prospects yet to be drill tested.

Metal Bank Limited published this content on 05 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 September 2016 11:30:01 UTC.

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