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    MBK   AU000000MBK5


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Metal Bank Limited Commences Initial Exploration

07/15/2021 | 09:49am EDT

Metal Bank Limited has commenced initial exploration as part of a six month exclusive option (`Option') for MBK 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)1. The Millennium Project holds an inferred 2012 JORC resource of 5.9MT @ 1.08% CuEq2 across 5 granted Mining Leases with significant potential for expansion. IniUal 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 pro-vided an opportunity to ground truth potential drill pad locations. The fieldwork, combined with pXRF spot rock chip sampling, has provided 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 at surface extends over 800m x 300m. Mapping, soil geochemistry and rock sampling conducted by MBK has con-firmed, 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 Ex-tension 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
09/27Metal Bank Limited Reports Earnings Results for the Full Year Ended June 30, 2021
09/24GLOBAL ENERGY METALS : Announces Drilling Results at Millennium North Identifies Significa..
09/22METAL BANK : Uncovers Broad, Shallow Copper at Millennium Project
09/22Metal Bank Limited Announces Full Assay Results from the Initial RC Drilling Program At..
09/08METAL BANK : Concludes Preliminary Drilling at Queensland's Millennium Project
09/07Metal Bank Limited Announces Completion of Millennium Drilling with First 2 Holes Assay..
08/16Metal Bank Limited Announces Drilling Underway at the Millennium Cobalt-Copper-Gold Pro..
08/04METAL BANK : Expands 8 Mile Project in Queensland After Securing Wild Irishman Permit; Sha..
08/03Metal Bank Limited Announces EPM27693 "Wild Irishman" Has Now Been Granted
07/15Metal Bank Limited Commences Initial Exploration
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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%
Duration : Period :
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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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