- Metal Bank (MBK) has completed drilling at the Eidsvold Project in Queensland
- The program was funded by the Queensland Government Collaborative Exploration Incentive
- Two drill holes are aiming to determine whether the Great Eastern Target area is a hydrothermal mineralised system or a large unaltered intrusive plug
- Pleasingly, drilling identified peripheral alteration, which represents the strong potential of a copper-gold hydrothermal system
- Further drilling has been planned to follow up on this copper-gold system
- Company shares are up 16.7 per cent and are trading at 1.4 cents each
Metal Bank (MBK) has completed a drilling program at the Eidsvold Project in Queensland.
The program was funded by the Queensland Government Collaborative Exploration Incentive, which was awarded last year.
A total of two holes were completed at the Great Eastern Target area to determine whether it’s a hydrothermal mineralised system or a large unaltered intrusive plug.
Pleasingly, the program successfully identified peripheral alteration which represents the potential presence of a copper-gold hydrothermal system.
While the individual results returned lower grades of 0.13 per cent copper and 0.43g/t gold, there are strong indications for a potential copper-gold intrusion-related gold system located one kilometre west of the initial drilling. This belief is based on detailed core logging, petrological and geochemical studies and airborne magnetics modelling.
“The Queensland Government drilling grant has enabled MBK to establish Great Eastern Target as a very large hydrothermal system. These first two drill holes are highly encouraging and establish that two main intrusion systems are in play,” Chair Inés Scotland said.
Additionally, the company drilled three holes at the Mt Brady Target and a further three holes at the Forty Horse Target, which is located along strike from the Eidsvold Goldfield.
Drilling at Mt Brady returned a discreet zone of sub-economic, elevated gold and copper mineralisation whereas drilling at Forty Horse intersected weak pathfinder geochemistry.
Metal Bank has already planned further drilling at the new target area to the west of the central intrusive.
Company shares are up 16.7 per cent and are trading at 1.4 cents at 12:51 pm AEDT.