- Metal Bank (MBK) validates and extends the existing resource at its Millennium project in Queensland
- As part of its efforts to earn an 80 per cent interest in the project, the company completed resource extension and infill drilling last month
- Initial results extend the scope of the Central Area resource, including a 12-metre hit at 0.53 per cent copper and 0.14 per cent cobalt and one metre at 2.19 per cent copper
- The company says it is now due to commence resource upgrade work upon the receipt of the final assay results
- Metal Bank shares close 12.5 per cent higher at 0.45 cents
Metal Bank (MBK) has validated and extended the existing resource at its Millennium project in Queensland.
As part of its efforts to earn an 80 per cent interest in the project, the company completed resource extension and infill drilling last month.
Results have been received for one diamond drill hole and three reverse circulation holes, with assays including 12 metres at 0.62 per cent copper, 0.14 per cent cobalt and 0.34 grams of gold per tonne from 51 metres downhole, as well as three metres at 0.22 per cent cobalt from 61 metres.
Two drill holes extended the scope of the Central Area resource, striking 12 metres at 0.53 per cent copper 0.14 per cent cobalt from 39 metres and one metre at 2.19 per cent copper from 40 metres.
These results form part of the Millennium resource update, infilling gaps and extending mineralisation and resource confidence, along with metallurgical sampling acquisition.
Metal Bank Chair Inés Scotland labelled the initial results as “great” and said the near-surface extensions in the Central Area were particularly encouraging.
“Cobalt is recognised as a critical mineral for the production of renewable energy technologies, and only yesterday there was significant media coverage regarding the Quad Fund and their charter to invest in Cobalt and Copper companies,” Ms Scotland said.
The company said it was now due to commence resource upgrade work upon the receipt of the final assay results
Metal Bank shares closed 12.5 per cent higher at 0.45 cents.