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- Metal Bank (MBK) is ready to begin drilling on an untested large scale gold target at its historical Eidsvold project
- MBK has modelled a large seven square kilometre alteration system within the proven multi-million-ounce region of gold deposits
- Its Great Eastern Target is six kilometres north of the Eidsvold historical goldfield and is MBK’s highest priority, due to the coincidence of surface soil geochemistry and the recently discovered large geophysical anomaly
- Initial drilling program design has commenced and the company isn’t ruling out a joint venture to accelerate the process
- Metal Bank’s share price has jumped 42.8 per cent today, with company shares trading for one cent each
Metal Bank (MBK) is ready to begin drilling on an untested large scale gold target at its historical Eidsvold project.
The company has modelled a large seven square kilometre alteration system within the proven multi-million-ounce region of gold deposits.
Its Great Eastern Target is six kilometres north of the Eidvsold historical goldfield and is MBK’s highest priority due to the coincidence of surface soil geochemistry and recently discovered a large geophysical anomaly.
MBK said the geophysical responses are of the same scale and very similar to those at the three million-ounce Mt Leyshon gold deposit.
At both Mt Leyshon and the Great Eastern Target, broad resistivity lows occur on top of and at the sides of a deep reverse polarised core.
“The scale of the target places it at a similar size to many other multi-million ounce gold deposits in the region. The Great Eastern Target is now a genuine drill ready opportunity within a highly prospective area as attested to by the nearby presence of a 100,000 oz Au historical goldfield.”
Metal Bank Limited (MBK) Executive Chair Inés Scotland.
Eidsvold’s historical goldfield
Gold production at the Eidsvold site dates back to the 1900s, when 100,000 ounces of gold was mined within the 280 square kilometre project.
It’s now fully owned by Metal Bank Limited, who’ve completed limited scout drilling along strike of the historical Eidsvold Goldfield and a five-hole drill program 10 kilometres to the north at Mt Brady, which returned up to 2.3 grams per tonne of gold (g/t) from a three-metre stretch as well as a 17.4 g/t from one metre.
Next phase
Initial drill design has commenced for a 1500 metre drilling program to test for large scale alteration in support of a large-scale intrusion-related gold (IRG) system with the area of the Great Eastern Target.
Metal Bank isn’t ruling out a joint venture to accelerate the drilling process.
MBK’s stock has shot up 42.8 per cent today, with company shares trading for one cent each.
