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Metal Bank Limited Provides an Update on the Exploration Program At Its Eidsvold

05/30/2021 | 07:25pm EDT

Metal Bank Limited provided an update on the exploration program at its Eidsvold intrusion-related gold project in Southeast Queensland. A follow-up drill program to the successful Collaborative Exploration Initiative Round 4 work completed in December 1 has intersected further alteration and high grade precious and base metal veining overprinting basement host rock, 1,600m west of previous drilling. An additional IP/resistivity geophysical line has extended the subsurface information on the system further west and at shallower target depths. Work to date has defined the shallowing altered basement to the west and confirmed the size of the hydrothermal system. Encouraging grades of precious and base metal mineralisation were observed suggesting intersection of the outer part of the hydrothermal system. The results have refined the bulk-tonnage target to the south-west margin of the intrusive complex where an area of structural complexity is co-incident with a reverse-magnetised signature and inferred magnetite destruction. Great Eastern Target Extension Drill Program: Following successful identification of intrusion-related alteration and veining at the Great Eastern Target as part of the Queensland Government's Collaborative Exploration Initiative and subsequent work, two additional PCD/DD holes for 954.3m were completed in April (GET004-5). These holes targeted the western magnetic anomaly interpreted as the possible causative intrusion for the intrusion-related Au and Cu-Mo mineralisation as intersected in GET002. GET004 drilled 1,600m west of GET002 intersected further alteration and narrow high grade precious and base metal veining overprinting basement host rock. The basement of altered and weakly veined variably hornfelsed quartz monzonite to monzodiorite (similar to GET002) was intersected at 228m below cover sequence sediments. Sulphide-rich veining was intersected at 303-304m consisting of a moderately south-east dipping narrow quartz-pyrite-sphalerite-galena- chalcopyrite vein with strong clay alteration halo returning 1m @ 0.25g/t Au, 139g/t Ag, 3.6% Pb, 1.6% Zn and 0.12% Cu (Figure 4). High accessory Bi (422ppm) and Sb (268ppm) is also present. Minor narrow sheeted veinlets, phyllic alteration zones and propylitic (chlorite+/-epidote) altered xenoliths were intersected to end of hole with anomalous Cu-Pb-Zn, Sb and Bi values. While a causative intrusion for precious and base metal overprint of the early weak Cu-Mo porphyry style system, as identified in the central area of the Great Eastern Target in previous drilling, was not intersected, metal associations in the veins indicate marginal to intermediate position from the intrusive metal source. GET005 was drilled between GET004 and GET002 intersecting basement at 323m comprising variably propylitic altered quartz monzonite/monzodiorite. Minor sheeted veining with phyllic alteration selvedges were intersected throughout with a dominant southeast dip. No significant assay results were returned. IP survey extension: In addition to the drilling, a western extension of the existing Induced Polarisation (IP)/resistivity line was conducted. This was aimed at continuing deep detection of electrical signatures characteristic of altered zones in a Mt Leyshon-style system and to provide better reconciliation of basement depths for favourable drill testing. The response showed a clear shallowing of basement lithology to the west towards a large scale western bounding structure, extending the open target area further west and at shallower target depths. Due to the deep and conductive cover sequence in the centre of the target area the basement response was inconclusive, however, structural features were observed at the western edge of the survey indicating a north-south trending fault. The Company is encouraged by the continued growth of observed alteration and the shallowing of the system to the west. Interpretation of the latest geological and geophysical data suggest the possible causative intrusive/s may be coincident with the western bounding structure identified in recent IP, structural orientations taken from drill core, zones of magnetite destruction and a complex reverse-magnetic anomaly approximately 1km to the south of GET004. Forward Work Programs: A further work program for the Eidsvold project is being developed based on the results to include additional detailed geophysics and structural analysis with the aim of fine targeting the location of the causative intrusive/s prior to drilling. In addition to the Great Eastern Target, the Eidsvold project area covers the historical Eidsvold 100,000oz goldfield and presents a number of additional targets with bulk tonnage potential. Assessment of the historical goldfield for linkage to the Great Eastern Target is ongoing and additional work is planned to assess other targets with the Eidsvold project area, including Mt Jones and Tower Hill.

© S&P Capital IQ 2021
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