Metal Bank : Near Surface High Grade Gold – Bald Hill Prospect

d3b26106-4cec-4f63-9265-8c962f21cfab.pdf

ASX ANNOUNCEMENT 06 June 2016

ASX: MBK Near Surface High Grade Gold Preliminary Drill Results - Bald Hill Prospect

• Preliminary drill assay results received for one of nine RC holes

  o 15m @ 10.3g/t Au from 9m incl. 4m @ 34.2g/t Au from 14m

• Highest grade results to date on Triumph project

  Metal Bank Limited (ASX: MBK) (MBK or the Company) is pleased to provide the following interim update on the recently completed shallow RC drill programme on the Triumph project, eastern Australia. The programme consisted of 23 RC holes for 363m testing outcropping high grade gold targets on the Triumph project, including the Bald Hill prospect where nine holes were completed for 195m.

  Preliminary 'gold only' results have been received for one hole (TDH039) from the Bald Hill prospect which was submitted for priority analysis due to the intensity of sulphide mineralisation and alteration clearly visible in the fresh rock. Other holes intersected zones of variable thickness containing iron oxides likely after weathered / leached sulphide mineralisation. Further announcements will be made once further results are received and interpreted from this programme.

  Inés Scotland, Chair of MBK said:

  "This is exciting for us and we eagerly await the other assays. This re-affirms the Company's belief in the potential of the Triumph gold camp and provides further evidence of an extensive, underexplored mineralised centre extending over 15km2 and concealed by previously unrecognised shallow sedimentary cover. We just completed a capital raising to support this program so this is good news for our shareholders. We've been working hard to balance our capital and associated dilution with solid work programs and a money-in-the-ground attitude."

  The drill hole TDH039 sought the western extension of the outcropping Bald Hill mineralisation before it is concealed by shallow alluvium (

  Metal Bank Limited ABN: 51 127 297 170

  Telephone: [phone]| Facsimile: [phone]| Email: [e-mail]

  Suite 2508, Level 25, 31 Market St, SYDNEY NSW 2000 | GPO Box 128 Queen Victoria Building NSW 1230 Australia

  www.metalbank.com.au

  Preliminary 'gold only' results from TDH039 include:

  • 15m @ 10.3g/t Au from 9m incl. 4m @ 34.2g/t Au from 14m Refer to Table 1 below showing assay results.

Figure 1: Bald Hill prospect long section showing preliminary gold results.

Figure 3: Drill plan of Bald Hill prospect showing the location of TDH039.

MBK completed the first modern drilling programme on the Bald Hill prospect in 2014 with a nine drill hole programme with the best results returned including 9m @ 3.6g/t Au and 8g/t Ag from 114m incl. 1m @ 21.8g/t Au and 19g/t Ag1.

Previous exploration in the region has almost entirely focused on a very small area centred on the historical Norton goldfield. Subsequent exploration by Metal Bank has now established strong evidence of an extensive, underexplored mineralised system which extends over 15km2. This mineral system is dominantly concealed by previously unrecognised shallow sedimentary cover (

1 MBK ASX Release 29 April 2014

Table 1: Preliminary Gold Results

Note: There is insufficient information at this time to determine the true width of the mineralisation. Indications from field mapping are that the mineralisation dips sub-vertical.

Hole_ID	From_m	To_m	Original Sample Au g/t	Duplicate Sample Au g/t	Average Results Au g/t
TDH039	0	1	0.15
1	2	0.05
2	3	0.03
3	4	0.07
4	5	0.11
5	6	0.02
6	7	0.02	0.03	0.03
7	8	0.1	0.16	0.13
8	9	0.35	0.4	0.38
9	10	1.11	1.34	1.23
10	11	2.12	1.88	2.00
11	12	1.06	1.06	1.06
12	13	1.26	1.35	1.31
13	14	1.15	1.09	1.12	15m @ 10.3 g/t A
14	15	29.1	25.1	27.1	Incl. 4m @ 34.2
15	16	58.0	41.1	49.6
16	17	42.8	47.5	45.2
17	18	14.5	15.6	15.0
18	19	5.29	4.82	5.06
19	20	2.71	2.6	2.66
20	21	2.01	1.52	1.77
21	22	0.64	0.7	0.67
22	23	0.55	0.52	0.54
23	24	0.7	0.75	0.73

Sulphides Py + Apy

Geology and Alteration

Cover alluvium and historical mine mullock
top of fresh rock u from 9m g/t Au from 14m		strong sericite	Strongly
	5-20%
	5-20%
	5-20%
	5-20%
	5-20%
	>60% >60% >60%
		+/-	Altered
		potassic	Intrusive
		alteration
	5-20%

End of Hole