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- Metal Bank (MBK) has commenced exploration programs at the 8 Mile and Eidsvold Projects in Queensland
- Work at 8 Mile will focus on a bulk tonnage discovery while work Eidsvold will focus on the Great Eastern Target
- Depending on results from phase one work at both projects, phase two will begin next year
- Metal Bank has ended the day 11.1 per cent in the red with shares trading for 0.8 cents each
Metal Bank (MBK) has begun exploration programs at the 8 Mile and Eidsvold Projects in Queensland.
The 8 Mile Project
The 8 Mile Project is located within the Perry Goldfield, near Evolution Mining’s Mt Rawdon Gold Mine.
It has an inferred mineral resource of 195,000 tonnes at 2.4g/t gold for 15,000 ounces and remains open at depth and near surface.
Further, it has an exploration target of 3.6 to 5.1 million tonnes at 1.60g/t to 2.14g/t gold for 180,000 to 355,000 ounces.
Metal Bank’s first phase of work at 8 Mile is to make a bulk tonnage discovery at the Flori’s Find prospect.
Drilling is scheduled to begin in mid-September and it will be refined following the results of an induced polarisation (IP) survey.
Depending on the results, the second phase of exploration is scheduled in early 2021 that will focus on expansion drilling on the bulk tonnage target.
Infill drilling will also be carried out with aims to convert the exploration target to a resource.
The Eidsvold Project
The Eidsvold Project is centred on the historical Eidsvold goldfield within the highly prospective Eidsvold Intrusive Complex.
The first phase of exploration has been designed to investigate the Great Eastern Target with initial drilling consisting of two holes, each fully funded by the Queensland Government’s Collaborative Exploration Initiative.
Drilling is planned for October 2020 and results will aid in refining drilling locations for future work.
Subject to results from this work, Metal Bank will undertake a second phase in early 2021 to continue investigating the Great Eastern Target.
“The funds raised from our recent capital raising have enabled us to develop an exploration strategy aimed at achieving step change development advances at both 8 Mile and Eidsvold,” Executive Chair Ines Scotland said.
“At 8 Mile we are focused on a bulk tonnage discovery and at Eidsvold we are aiming to demonstrate that the Great Eastern Target is a new large IRG (intrusion related gold) system,” she added.
Metal Bank has ended the day 11.1 per cent in the red with shares trading for 0.8 cents each in a $10.66 million market cap.
