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    MBK   AU000000MBK5

METAL BANK LIMITED

(MBK)
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Metal Bank Limited Confirms Large Hydrothermal System at Eidsvold

02/01/2021 | 05:10pm EDT

Metal Bank Limited provided an update on the exploration program at its Eidsvold intrusion related gold project in Southeast Queensland. An eight-hole drilling program has been completed including the drilling of two holes as the maiden testing of the large 7km2 blind, conceptual Great Eastern Target located 6 km northeast of the 100,000 oz Au Eidsvold Goldfield. These drill holes were completed to fulfill the Queensland Government Collaborative Exploration Incentive (CEI) drilling initiative awarded to MBK in 2020 1. The aim of the CEI funded drilling was to determine if the large target area is hydrothermally altered, consistent with IRG mineralized systems and supported by multiple surface and geophysical evaluations 2, or a large unaltered intrusive plug. Additional drilling was completed at Mt Brady Target for three drill holes and an initial evaluation of the Forty Horse Target with three drill holes. The Great Eastern Target drilling has exceeded expectations and successfully identified peripheral alteration which represents the potential presence of a late-stage Cu-Au IRGS hydrothermal system. The source of the system is interpreted to be centered 1 km to the west of the completed drill holes and which overprints an early weakly mineralized Cu-Mo style porphyry system. This interpretation is based on vein styles, alteration intensities, petrological analysis, pathfinder geochemistry of drill core and reinterpretation of airborne magnetic geophysics. Additional drilling is planned to investigate the refined target area which is expected to be significantly closer to surface (


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Financials
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 8,71 M 8,68 M
EV / Sales 2019 106x
EV / Sales 2020 661x
Nbr of Employees -
Free-Float 46,6%
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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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