- Shares in Metal Bank (MBK) opened red today after the junior explorer revealed the results from a drilling program at its 8 Mile project in Queensland
- The drilling program was made up 10 reverse circulation (RC) holes and one diamond hole
- Gold and molybdenum mineralisation were struck in the drilling program, with the diamond hole designed to test for bulk tonnage mineralisation at the Flori’s Find prospect
- Metal Bank Chair Inés Scotland says the company is “very encouraged” by the drilling results
- Nevertheless, it seems investors may have been expecting more
- Metal Bank shares opened almost 8 per cent lower this morning, worth 1.2 cents each before the ASX closed amid technical issues
Shares in Metal Bank (MBK) opened red today after the junior explorer revealed the results from a drilling program at its 8 Mile project in Queensland.
The 11-hole drilling program was made up of 10 reverse circulation (RC) holes and one diamond hole, designed to test for bulk tonnage mineralisation at the Flori’s Find prospect in the project area.
This diamond hole was the first test of its kind at the prospect. It struck a 52-metre zone with four key intersections showing gold and molybdenum mineralisation.
The intersections included a four-metre hit grading 0.84 grams per tonne of gold from 219 metres, a five-metre hit at 0.64 grams per tonne of gold from 266 metres, and a 10-metre zone at 519 parts per million (ppm) molybdenum.
On top of this, an uncut interval over the entire zone returned 52 metres at 0.3 grams per tonne of gold and 250 ppm molybdenum.
Metal Bank Executive Chair Inés Scotland said the company is “very encouraged” by the drilling results.
“The intersection of bulk tonnage style mineralisation was our exploration objective and supports our modelling,” Inés said.
She said further drilling at Flori’s Find is planned once the company finishes a current program at the nearby Eidsvold project, also in Queensland.
Importantly, Metal Bank said today’s drilling results support its exploration strategy of finding a bulk tonne gold system at depth and down-dip from Flori’s Find. The next drilling program in the area will target an area immediately north of the latest diamond hole.
Other results from the latest reverse circulation holes at Flori’s Find include a six-metre hit at 1.87 grams per tonne of gold from 159 metres and a three-metre hit at 1.95 grams per tonne of gold from 70 metres.
Nevertheless, despite Metal Bank’s confidence, it seems investors were expecting more from this first bout of drilling at Flori’s Find.
MBK shares opened 7.69 per cent in the red this morning, worth 1.2 cents each before the ASX shut down for the day amid technical issues. Metal Bank has a $14.21 million market cap.