- Mineral exploration company Metal Bank (MBK) is set to begin drilling at Eidsvold gold project in southeast Queensland
- Metal Bank has put together five independent datasets which all support the existence of a large intrusion-related gold system at the Great Eastern target
- The program will start within the next seven days and include two drill holes at a depth of 250 metres
- Additionally, the company has completed its 11 hole drill program at 8 Mile Project
- On the market today, Metal Bank is up 8.33 per cent, trading for 1.3 cents per share
Metal Bank (MBK) will commence drilling at Eidsvold gold project in southeast Queensland after completing drilling at 8 Mile.
Eidsvold Project
At Eidsvold, induced polarisation (IP) geophysics and surface soil programs have been completed at the Great Eastern and Forty Horse Targets.
Metal Bank has now put together five independent datasets, all of which support the existence of a large intrusion-related gold system at the Great Eastern target.
All five datasets will now be targeted in an upcoming drilling program — the first to be completed at the project.
The program is expected to begin within the next seven days and will include two drill holes, each executed at a 250-metre depth.
If the results of this first phase drilling are positive, the company will begin a second phase drilling program in early 2021.
8 Mile Project
Over at the 8 Mile Project, an 11-hole drilling program has been completed. Samples from the program have since been submitted for assay.
Metal Bank said it will update the market on the results from 8 Mile once it receives them.
“While we eagerly await the results of the 8 Mile drill program, we are very excited to commence the first ever drilling program at Eidsvold’s Great Eastern Target,” Inés Scotland said.
“It is very rare to have five different exploration datasets all supporting the existence of a large intrusion-related gold system and we look forward to the opportunity of being the first to explore this very large target with our upcoming drill program,” she added.
On the market today, Metal Bank is up 8.33 per cent and is trading for 1.3 cents per share at 11:43 am AEDT.