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    MBK   AU000000MBK5

METAL BANK LIMITED

(MBK)
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Metal Bank : Quarterly Activities Report

10/28/2020 | 06:05pm EDT

ASX ANNOUNCEMENT 29 October 2020

ASX: MBK

METAL BANK LIMITED

QUARTERLY ACTIVITIES REPORT

For the Quarter ended 30 September 2020

Highlights

8 Mile

Eidsvold

CEI Grant

Corporate

Capital Raise

Phase 1 of the Company's exploration program, including an 11 hole drill program, was completed at the Company's 8 Mile project located near the Mt Rawdon gold mine (2 Moz) in SE Queensland. Assay results are awaited.

Five coincident, independent datasets compiled - all strongly support the existence of a very large Intrusion related gold system at the Great Eastern Target, Eidsvold Project. Drilling has now commenced.

A Collaborative Exploration Grant was secured from the Qld Government of up to $86,000 to fully fund the costs of two drill holes each up to 250m deep at the Eidsvold Project.

The sale of the Company's Triumph tenements was completed receiving a $400,000 cash payment with total potential additional consideration of $6 million plus a 1% gross royalty.

The Company successfully completed a Placement raising $927,007 and an Entitlement Offer to Shareholders raising an additional $1,184,508.

Metal Bank Limited ABN: 51 127 297 170

Telephone: +61 2 9078 7669| Facsimile: +61 2 9078 7661| Email: info@metalbank.com.au

Suite 506, Level 5, 50 Clarence Street, SYDNEY NSW 2000 | GPO Box Q128 Queen Victoria Building NSW 1230 Australia

www.metalbank.com.au

Exploration Summary

8 Mile Project

  • A 3 step program for Phase 1 of exploration at 8 Mile was completed, comprising:
  1. An IP geophysical survey to provide geophysical confidence over the extent of the bulk tonnage target areas, including, Flori's Find, Flori's Copper show and south of the Perry prospect;
  1. Shallow drilling down from the Flori's Copper show mineralization to confirm the exploration model of leakage above a bulk tonnage system; and
    1. Drill testing for bulk tonnage mineralization south along strike from Flori's Copper Show and beneath Flori's Find.
  • 10 drill holes have been completed at Flori's Find and one drill hole at Flori's Copper show prospects. Samples have been submitted for assay and results are awaited.

Eidsvold Project

  • Five independent datasets now compiled which all support the existence of a very large intrusion related gold system at the Great Eastern Target.
  • Additional IP geophysics and surface soil programs at the Great Eastern and Forty Horse Targets have been completed.
  • The maiden Great Eastern Target drill program commenced following the end of the Quarter.

Figure 1: Location of MBK projects.

P a g e | 2

Metal Bank Limited (ASX:MBK)

Metal Bank Limited ('MBK' or 'the Company') is pleased to outline below the activities for the Quarter ended 30 September 2020 ('Quarter').

Business Overview

MBK's 8 Mile and Eidsvold projects are high quality large-scale gold projects with multimillion -ounce potential in a region that hosts several gold mines including Cracow (3 Moz Au), Mt Rawdon (2 Moz Au), Mt Morgan (8 Moz Au, 0.4 Mt Cu) and Gympie (5 Moz Au), refer to Figure 1. Both projects are associated with historical goldfields and represent intrusion related gold systems (IRGS) with multi-million-ounce upside within the northern New England Orogen of eastern Australia.

8 Mile 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 Moz).

Mineralisation at the Eastern Target of the 8 Mile project is focused along a >3.6km long structural corridor which hosts the Perry prospect in the north and Flori's Find prospect in the south. The Western Target and northern extensions of the Eastern Target remain untested.

A near surface maiden Inferred Mineral Resource of 195,000t @ 2.4g/t Au has been identified at the Flori's Find prospect forming the basis for an Exploration Target of 3.6 to 5.1 Mt grading between 1.60 - 2.14 g/t Au for a total of 180,000 to 355,000 oz Au using a nominal 1 g/t Au cut-off1.

Drilling at Flori's Find in the previous Quarter demonstrated down dip and strike extensions to the Inferred Mineral Resource and in support of the Exploration Target2. Mineralisation remains open down-dip and northeast along strike and is now interpreted to be much closer to a potential bulk tonnage intrusion source than previously recognised. This is due to the strong correlation between gold mineralisation and broad zones of anomalous molybdenum in a number of drill-holes. The bulk tonnage target zone is defined by a strong IP geophysical anomaly directly down dip to the west of drilling at Flori's Find and also beneath Flori's Copper Show, a historical Cu-Ag-Au mine where rockchip mine dump sampling by MBK returned up to 15% Cu. Mineralisation at the mine is interpreted to be leakage directly above the bulk tonnage target.

A three step program was completed during the Quarter for Phase 1 of exploration at 8 Mile comprising:

  • An IP geophysical survey to provide geophysical confidence over the extent of the bulk tonnage target areas, including, Flori's Find, Flori's Copper show and south of the Perry prospect;
  1. MBK ASX Release 23 April 2020
  2. MBK ASX Release 6 July 2020

P a g e | 3

  • Shallow drilling down from the Flori's Copper show mineralization to confirm the exploration model of leakage above a bulk tonnage system; and
  • Drill testing for bulk tonnage mineralization south along strike from Flori's Copper Show and beneath Flori's Find.

An 11 hole drill program was completed during the Quarter, including 10 drill holes completed at Flori's Find and one drill hole at Flori's Copper show prospects. Samples have been submitted for assay and a further update will be made once all results are received. The drill program focused on step out and infill drilling adjacent to the Inferred Mineral Resource at Flori's Find and a step back drill hole 175m down dip from the Inferred Mineral Resource, as the first test for bulk tonnage style mineralization. Figure 2 shows the location of the Flori's Find prospect and new drill collar locations.

Figure 2: Work program at 8 Mile Project.

P a g e | 4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Metal Bank Limited published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 23:04:09 UTC


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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 8,63 M 8,63 M
EV / Sales 2019 106x
EV / Sales 2020 661x
Nbr of Employees -
Free-Float 46,6%
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InÚs Louise Scotland Executive Chairman
Guy Robertson Executive Director
Sue-Ann Higgins Secretary & Executive Director
Trevor Wright Exploration Manager
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