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Metal Bank Limited Announces Completion of Millennium Drilling with First 2 Holes Assayed

09/07/2021 | 09:47pm EDT

Metal Bank Limited advised its initial drilling program at the Millennium copper, cobalt and gold (Cu-Co-Au) project near Mt Isa, Queensland (`Millennium Project') has been completed and priority assays from the first two drill holes have been received. Drilling was focussed on resource validation work in the southern part of Project area and on assessing whether the mineralised system continues in the Northern Extension Area. The first two drill holes 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 intersected, 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. Initial RC drill testing of the Northern Extension Area has been completed with visual Cu mineralisation observed and results awaited. The Millennium Project is an advanced exploration and development project located in the Mount Isa region on northwest Queensland, 19km from the Rocklands copper-cobalt processing facility. The Millennium Project holds a 2012 JORC-compliant Inferred Resource of 5.9MT @ 1.08% CuEq across 5 granted Mining Leases with significant potential for expansion, all proximal to processing solutions and excellent infrastructure in the Mount Isa region. MBK has an exclusive 6 month option over the Millennium Project under its agreement with Global Energy Metals Corporation and its wholly owned subsidiary, Element Minerals Australia Pty Ltd. At the end of the option period, MBK will have the right to commence a formal earn-in to earn up to an 80% interest in the Project. MILLENNIUM DRILLING PROGRAM: The Millennium drilling program commenced 11 August 2021 in the Southern, with two reverse circulation (RC) holes for 195m (MI21RC01-02) aimed at testing resource gaps and low confidence zones as part of Resource validation work. A further 5 RC holes for 478m (MI21RC03-07) were completed in the Northern Extension Area testing potential for mineralisation in the northern part of the Project area as indicated by previous mapping, geochemistry and structural interpretation. SOUTHERN AREA DRILLING: MI21RC01 was undertaken to infill a gap in the 2016 resource model in an area of low confidence drilling. Two main, broad zones of Cu-Co mineralisation and associated alteration were noted including semi-massive sulphides of bornite, chalcopyrite and pyrite. These two zones returned assay results of 17m @ 0.33% Cu, 0.08% Co and 0.12g/t Au from 56m (including peak 1m assay values of 0.91% Cu), and 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. In addition, several other intervals of notable elevated Cu and Co were returned. These MI21RC01 results support up-dip continuity of mineralisation into an area outside the 2016 Resource model area and in addition, identify potential for lateral extension of the Resource to the north within the current gap region between the Southern Area and Central Area resources. Importantly, the results highlight significant Co values in areas previous indicated to be marginal, and also suggests that other high-grade zones may be present at Millennium in structurally controlled shoots not previously targeted by drilling. Drilling successfully validated the model with mineralisation observed over a broad interval returning 16m @ 0.34% Cu, 0.06% Co and 0.06g/t Au from 64m. Notably, as with MI21RC01, there are peripheral higher grades of interest including 2m @ 0.07% Cu and 0.29% Co from 41m above this broader zone, and a lower zone of 3m @ 0.59% Cu and 0.14% Co from 84m. The results from the two southern drill holes, combined with previous drilling results by GEMC summarised below, are considered very encouraging, providing confidence in the potential to expand and upgrade the current Resource. Southern Area previous drilling: GEMC conducted a 10-hole, 1,141 metre drilling campaign on the Millennium Project during 2017 and 2018 to test the up-dip continuity at the Millennium North deposit and confirm historical estimates of cobalt mineralisation reported in 2016 by Hammer Metals. GEMC were successful in both duplicating historical results, demonstrating the continuity of mineralisation within the mineralised zone and in determining mineralisation continues to depth, including 28m @0.35% Cu and 0.2% Co (MIRC026). Significantly, cobalt and copper mineralisation was encountered along the entire targeted 1500 metre strike length with the zones remaining open in all directions. 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. NORTHERN AREA DRILLING: First-pass drilling in the Northern Area for (MI21RC03-07) has been completed, testing anomalous Co-Cu geochemistry, previously mapped geological units and structure coincident with anomalous Cu-Co geochemistry similar to the mineralisation in the Southern and Central Areas. This area has had no previous drilling and does not form part of the existing JORC Resource area. Visual copper oxides and sulphides were observed downhole and appear best associated with contact zones between metasedimentary units and graphitic siltstones, however, some variation to previously interpreted geology was noted. Assay results are awaited.

© S&P Capital IQ 2021
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