- Metal Bank (MBK) wraps up initial drilling at the Millennium Project as part of its exclusive option to earn up to 80 per cent of the Queensland project
- MBK drilled seven holes to validate the resource in the project’s south and assess whether the mineralised system continues into the northern extension
- Priority assays from the first two holes have returned high-grade copper and cobalt intersections, supporting up-dip continuity and a potential extension
- Shares closed in the red by 10 per cent at 0.9 cents on September 8
Metal Bank (MBK) has wrapped up an initial drilling program at the Millennium Copper-Cobalt-Gold Project near Mt Isa in northwest Queensland.
The company completed seven holes for 673 metres as part of its exclusive earn-in option with Global Energy Metals and its subsidiary, Element Minerals Australia, to acquire up to 80 per cent of Millennium.
Drilling focused on validating the resource in the southern project area and aimed to assess whether the mineralised system continued into the northern extension
Following the work, priority assays for the first two drill holes have already been received and returned high-grade copper and cobalt intersections.
Specifically, results from one hole returned 16 metres at 1.07 per cent copper, 0.26 per cent cobalt and 0.4 grams of gold per tonne (g/t) from 80 metres.
This intercept also contained five metres at 2.92 per cent copper, 0.5 per cent cobalt and 1.19g/t gold from 82 metres.
The second hole recovered two metres at 0.29 per cent cobalt from 41 metres and three metres at 0.59 per cent cobalt from 84 metres within broader copper-cobalt intervals.
MBK said the findings supported the up-dip continuity of the resource and a potential northern extension of the southern resource model, particularly within the current gap area between the southern and central resources.
The results also point to higher-grade zones, which remain untested, providing confidence in significant growth of the existing inferred resource in the southern and central areas.
The company’s executive chair Inés Scotland said MBK was excited to see assays from the first two holes return higher grades than previous work.
“The results provide us with confidence in the existing resource and the significant potential for expansion and upgrading,” she said.
“While we await the northern results we will now focus on reviewing the existing resource to evaluate the potential for updating that resource and identifying further extension testing and work requirements in both the southern and central areas of the project.”
Results are pending for initial reverse circulation drill testing completed in Millenium’s northern extension area where visual copper mineralisation has been observed.
Shares closed in the red by 10 per cent at 0.9 cents on September 8, 2021.