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Metal Bank Limited Announces the Results of Phase 2 of its Exploration Program at the company's 8 Mile Project 1 and Provide an Update on the Work Program at its Eidsvold Project

04/20/2021 | 06:25pm EDT

Metal Bank Limited announced the results of Phase 2 of its exploration program at the company's 8 Mile Project 1 and provide an update on the work program at its Eidsvold Project. The 8 Mile project is centred on the Perry goldfield and represents a large hydrothermal mineral system near the Mt Rawdon gold mine (2 M oz) in Southeast Queensland. A total of 8 holes for 1270.3m were completed at the Perry and Flori's Find Au prospects during February and March 2021. The drill program focused on two objectives: testing 200m along strike of the first bulk tonnage test at Flori's Find to identify the geometry of the main mineralised shoot; and evaluating the southern extension of Perry target mineralisation towards Flori's Find. The drilling at Flori's Find confirms that the down dip extension towards a bulk tonnage target appears to be focused within a 75-100m wide shoot before extending out to a >400m long zone in the near surface. This near surface zone forms the current Mineral Resource of 195,000t @ 2.4g/t Au and Exploration Target of 3.6 to 5.1 Mt @1.6-2.14g/t Au 2. The mineralised system is open along strike to the northeast and at depth. The next phase of work at Flori's Find will be aimed at infilling the near surface Exploration Target to convert it to a Mineral Resource. Extensional drilling at Perry returned broad low-grade gold zones up to 25m @ 0.16g/t Au (ETRC043). Two combined RC/diamond drill holes for 619.3m were completed to follow up on mineralisation associated with the interpreted source intrusive as identified in late 2020 (Figure 2) (ETDD037 - 52m @ 0.3g/t Au and 250ppm Mo from 219m)3. Drilling was conducted northeast along strike of ETDD037 at approximately 100m spacing and similar target depth for intersecting mineralisation. ETDD045 intersected an altered and veined 14m downhole thickness interval from 300m and confirms the down-dip extension of modelled mineralisation, also observed in ETDD037 and ETDD044. Minor pyrite, chalcopyrite and pyrrhotite was encountered within hydrothermal veining, with best results of 1m @ 2.51g/t Au from 312m. Petrological analysis of core samples from Flori's Find demonstrates precious and minor base-metal mineralisation is associated with dacite to quartz diorite intrusives emplaced into the host metasediments. Further detailed analysis of the deep testing at Flori's Find is underway to evaluate the likely target depth of the main intrusion system. Six RC drill holes for 651m (ETRC038-043) were completed at the Perry Prospect. These exploration holes targeted southern extensions of high-grade Au veins within metasediments and minor metavolcanics. ETRC043 returned 25m @ 0.16g/t Au from 45m depth, with limited results from other holes. The results demonstrate that the main Perry system is a 150m long northwest plunging shoot. The Company continues to develop understanding of the 8 Mile project area towards expanding the Mineral Resource and realising the Exploration Target 5. The most recent drilling has indicated continuity of the mineralised system over greater than 400m along strike (open to the northeast) and greater than 200m at depth. The Company is currently developing future work programs in the area focused on: stepping out Flori's Find along strike to the northeast; infill drilling of the near surface Exploration Target to convert it to a Mineral Resource; and further detailed analysis of the deep testing at Flori's Find to evaluate the likely target depth of the main intrusion system.

© S&P Capital IQ 2021
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Sales 2020 0,01 M 0,01 M 0,01 M
Net income 2020 -1,33 M -0,97 M -0,97 M
Net cash 2020 0,63 M 0,46 M 0,46 M
P/E ratio 2020 -5,97x
Yield 2020 -
Capitalization 11,9 M 8,66 M 8,66 M
EV / Sales 2019 106x
EV / Sales 2020 661x
Nbr of Employees -
Free-Float 46,6%
Duration : Period :
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Managers and Directors
Inés Louise Scotland Executive Chairman
Guy Robertson Executive Director
Sue-Ann Higgins Secretary & Executive Director
Trevor Wright Exploration Manager
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