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METAL BANK LIMITED

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Metal Bank : Successful Direct Test for Bulk Tonnage Au and Mo Mineralisation at 8 Mile

11/15/2020 | 05:19pm EDT

ASX ANNOUNCEMENT 16 November 2020

ASX: MBK

Successful Direct Test for Bulk Tonnage Au and Mo

Mineralisation at 8 Mile

Highlights

  • The first direct test for a bulk tonnage intrusive related Au system at Flori's Find, within the 8 Mile project, (ETDD037), intersected broad mineralisation on the edge of the system and 125m further down-dip from previous drilling, including:
    • 52m @ 0.3g/t Au and 250 ppm Mo from 219m
  • High-gradeMo component emerging with results up to:
    • 5m @ 1343 ppm Mo from 68m (ETRC029)
    • 10m @ 519 ppm Mo from 248m (ETDD037)
  • Additional support for the Exploration Target1 grade and tonnes at Floris's Find including:
    • 6m @ 1.87 g/t Au from 159m (ETRC035)
    • 3m @ 1.95 g/t Au from 70m (ETRC 033)
    • 7m @ 1.57g/t Au from 132m (ETRC031)
  • Increased technical understanding indicates that ETDD037 is on the southern margin of the intrusive system and the main part of the system lies to the immediate northwest of Flori's Find.
  • Further drilling planned 100m north of ETDD037.

Metal Bank Limited (ASX:MBK) ('Metal Bank', 'MBK' or the 'Company') is pleased to advise the results of its 11 hole drilling program from Phase 1 of its exploration program at the Company's Eastern Target, 8 Mile Project2. The 8 Mile project is centred on the Perry goldfield and represents a large hydrothermal mineral system near the Mt Rawdon gold mine (2 M oz) in Southeast Queensland.

The drill program included the first direct test for bulk tonnage style mineralisation at Flori's Find prospect (ETDD037). The hole returned four intercepts within a 52m zone of strong alteration from 219m downhole and 125m down-dip of previous drilling. Results include 4m @ 0.84 g/t Au from 219m, 5m @ 0.64 g/t Au from 266m and anomalous molybdenum zones up to 10m @ 519ppm Mo from 248m. A composite uncut interval over the entire altered zone returned 52m @ 0.3g/t Au and 250ppm Mo. Further details are provided in Table 1.

  1. MBK: ASX Release 23 April 2020
  2. MBK: ASX Release 28 August 2020

P a g e | 1 Metal Bank Limited ABN 51 127 297 170 Suite 506 Level 5 50 Clarence Street Sydney NSW 2000

Geological logging confirms mineralisation and alteration are increasing in scale and intensity with depth. The geometry of the mineralised system has now been established as plunging to the northwest and ETDD037 appears to have intersected mineralisation on the southern margin of the system.

The drill results strongly support the Company's exploration strategy for locating a potentially mineralised bulk tonnage Au system at depth, down-dip of Flori's Find deposit. Additional drilling is now planned to the immediate north of ETDD037 with the aim to intersect the main mineral system.

Executive Chair, Inés Scotland, said:

"We are very encouraged by the success in demonstrating the exploration model at Flori's Find. The intersection of bulk tonnage style mineralisation was our exploration objective and supports our modelling. Further drilling in building a bulk tonnage discovery at 8 Mile at Flori's Find will commence upon completion of the current Eidsvold drilling program"

Figure 1: Cross section of Flori's Find and Flori's Copper show prospects showing alteration continues for 375m down dip from surface based on visual alteration observations in ETDD037 and a second parallel dipping system emerging from initial drilling in the west.

P a g e | 2

Phase 1 Drilling Program

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 (Figure 6).

The recent drill program of 11 holes for 1656.1m was focused on two objectives:

  • discovering a potential bulk tonnage intrusion source at Flori's Find and Flori's Copper Show prospects; and
  • demonstrating down dip and strike extensions to the Inferred Mineral Resource in support of the Exploration Target3 at Flori's Find prospect.

Geophysical and geochemical studies completed immediately prior to Phase I drilling supported mineralising fluids as derived from the southwest. Accordingly, drilling to test the exploration model was focused to the southwest of Flori's Find with the completion of nine RC holes.

These nine RC holes provided additional support for the 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-off4), as infill and step out holes. Results include 6m @ 1.87 g/t from 159m (ETRC035) and 3m @ 1.95 g/t Au from 70m (ETRC 033). The holes also demonstrate that mineralisation was likely derived more from the west, with the location of the first diamond drill hole to test for bulk tonnage style mineralisation (ETDD037) adjusted and the hole completed.

ETDD037 collared 150m west of previous drilling, designed as a step back hole and the first direct test for bulk tonnage intrusion-related Au mineralisation in support of the exploration model of a large-scale intrusive system at depth driving Au (and Mo) mineralisation.

ETDD037 terminated at 297.1m after intersecting a broad (52m downhole) strongly altered zone from 219m downhole. Detailed analysis of drill core demonstrates the occurrence of small fingers or dykes of intensely altered porphyry intrusive (Figure 3). These dykes are coincident with broad Au mineralisation and strong peripheral alteration, and are interpreted as emanating out of the main intrusive body, providing the first direct evidence for bulk tonnage style Au mineralisation potential.

This drillhole also demonstrates an increasing intensity of alteration and associated mineralisation in proximity to an intrusion source, and a strong molybdenum component is emerging within the Flori's Find system. This is identified as a separate phase from the Au mineralised component and Mo results from this program build on previous results5 including 5m @ 1343 ppm Mo from 68m (ETRC029) and 10m @ 519 ppm Mo from 248m (ETDD037).

The completed drilling program has established the geometry of the mineralised system as plunging to the northwest, and ETDD037 appears to have intersected mineralisation on the southern margin of the system.

  1. MBK: ASX Release 6 July 2020
  2. MBK: ASX Release 23 April 2020
  3. MBK: ASX Release 7 July 2020

P a g e | 3

Figure 2: Drill plan of Flori's Find showing Mineral Resource, Exploration Target and location of porphyry leaking into

the main shear zone.

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 16 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2020 22:18:06 UTC


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