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    MBK   AU000000MBK5

METAL BANK LIMITED

(MBK)
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Metal Bank Limited Announces Commencement of Phase 1 Work Program at Millennium

07/14/2021 | 07:24pm EDT

Metal Bank Limited announced that it has commenced initial exploration as part of its 6 month exclusive option (`Option') to earn-in and joint venture the Millennium Copper, Cobalt and Gold Project in Mt Isa, Queensland (`Millennium Project'). Initial field reconnaissance and mapping completed in early July have confirmed outcropping copper mineralisation and key stratigraphic units, adding support to target continuity in the north of the Project. MBK is now progressing and finalising an RC drill program to test the northern extensions of the Project, with drilling scheduled to commence in early August 2021. The Millennium Project is an advanced exploration and development project located in the Mount Isa region, 19km from the Rocklands copper-cobalt project which is host to 55.4Mt of Resources grading 0.64%Cu, 0.15 g/t Au, 290ppm Co (0.90% CuEq) . The Millennium Project holds an inferred 2012 JORC resource of 5.9MT @ 1.08% CuEq across 5 granted Mining Leases with significant potential for expansion. Initial fieldwork, conducted in early July was centred around the `Northern extension' zone of Millennium. This fieldwork confirmed and refined geological mapping, provided infilled pXRF soil data on 50m x 25m spacing and provided an opportunity to ground truth potential drill pad locations. The fieldwork, combined with pXRF spot rock chip sampling, has provided MBK with confidence that the mineralising system does continue to the north, and importantly, that the target zone may in fact be wider than originally thought due to visible copper mineralisation at surface in zones adjacent to the ferruginous quartzite `host' rock. Strong Cu-Co-As anomalism (>200ppm Cu) at surface extends over 800m x 300m. Mapping, soil geochemistry and rock sampling conducted by MBK has confirmed, with a high level of detail, anomalous cobalt-copper mineralisation in geological analogues that occur along a potential strike extension in the northern half of the tenement package (`Northern Extension'). This area has no previous drilling and provides an excellent opportunity to increase the overall resource potential of the Millennium Project. MBK proposes to undertake up to 800m RC drilling to test the Northern Extension target zone, which is scheduled to commence in early August. In addition to the Northern Extension, the Millennium mining leases also include the Corella and Federal prospects, along a parallel zone of significant surface Cu-Co-Au anomalism and historical workings, that are untested by drilling and provide yet further potential to grow the resource base.


© S&P Capital IQ 2021
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07/15Metal Bank Limited Commences Initial Exploration
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Financials
Sales 2021 0,11 M 0,08 M 0,08 M
Net income 2021 -0,36 M -0,27 M -0,27 M
Net cash 2021 1,00 M 0,75 M 0,75 M
P/E ratio 2021 -21,9x
Yield 2021 -
Capitalization 11,8 M 8,85 M 8,84 M
EV / Sales 2020 661x
EV / Sales 2021 68,9x
Nbr of Employees -
Free-Float 46,4%
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Managers and Directors
Inés Louise Scotland Executive Chairman
Guy Robertson Executive Director
Sue-Ann Higgins Secretary & Executive Director
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