Metal Bank Limited (ASX: MBK) has identified high-grade cobalt at its Millennium copper-cobalt-gold (Cu-Co-Au) project in Queensland.
Following resource extension and infill drilling program completion in mid-September, assay results have now been received for the first of MBK’s diamond drill (DD) holes (MI22DD01) and additional reverse circulation (RC) drilling (MI22RC04, MI22RC08-11) at the Southern and Central Resource Areas of the Millennium project.
Results include:
o 12m @ 0.62% Cu, 0.14% Co and 0.34g/t Au from 51m (MI22DD01)
o 3m @ 0.22% Co from 61m (MI22RC04)
o 12m @ 0.53% Cu and 0.14% Co from 39m (MI22RC08, outside current resource) o 1m @ 2.19% Cu from 40m (MI22RC10, outside current resource)
These results form part of the Millennium resource update, infilling gaps, extending mineralisation and resource confidence, along with metallurgical sampling acquisition. Of particular note are the strong cobalt (Co) grades hosted in hydrothermal veins and crackle breccias. The cobalt grades reiterate Millennium as one of Australia’s highest grade undeveloped battery metals projects, contained within granted mining licenses.
Furthermore, results from holes MI22RC08 and MI22RC09 have extended the scope of the Central Area resource some 120m north of the existing JORC 2012 Inferred Resource of 5.9Mt @ 1.08%1 CuEq.
Results for a further four diamond drill (DD) holes and seven reverse circulation (RC) holes including the deep resource drilling and exploration and extension work in the Northern Area are awaited.
In addition, a small Induced Polarisation/resistivity electrical geophysical survey (as utilised to excellent effect at Carnaby Resources and Hammer Metals Cloncurry region projects) was also conducted. This survey aimed to better delineate key structural and geological features to aid drill targeting over untested parts of the project.
“Great results. Cobalt is recognised as a critical mineral for the production of renewable energy technologies and only yesterday there was significant media coverage regarding the Quad Fund and their charter to invest in Cobalt and Copper companies. The additional near surface extensions in the Central Area are particularly encouraging, and we still waiting on the assay results of the deeper drilling,” Chair, Inés Scotland said.
Millennium 2022 Work Programme
Results from the recently completed drilling programme have been received, including one diamond (DD) and five Reverse Circulation (RC) drill holes validating and extending the existing resource (MI22RC04, MI22RC08-11). An additional four DD holes and seven RC holes were also completed as part of the recently completed drilling programme, with full assay results expected in the next few weeks.
Hole MI22DD01 (metallurgical hole) was targeted into a resource gap. Encouraging results of up to 12m @ 0.62% Cu, 0.14% Co and 0.34g/t Au were returned from sheeted veinlet to vein and crackle breccias, with strong Co grades consistent with previous results for the deposit enhanced by low-grade Cu and minor oxide Au mineralisation.
Central Area
Central Area drilling successfully extended mineralisation 120mnorth of the current resource. Drill hole MI22RC08 collared north of the current resource, intersected 12m @ 0.53% Cu and 0.14% Co from 39m and drill hole MI22RC09, collared 120m north of MI22RC08 intersected 1m @ 2.19% Cu from 40m. Further infill and step out drilling is required in this northern extension to enable for its inclusion in future resource estimates.
Importantly, broad intervals of prospective alteration and Cu-Co+/-Au mineralisation (including high grade Co zones) were intersected in deeper drilling within the Central Area. Results from these holes are awaited.
Northern Area
Results from the copper-dominant Northern Area are awaited. The two northernmost holes aimed at extending the Northern Area mineralisation a further 200m+ north were unable to be completed due to track access issues.
Pilgrim/Fountain Range/Quamby Fault Zone
The Pilgrim/Fountain Range/Quamby Fault zone remains an important target for additional new zones of mineralisation, however, the relationship between these structures and Cu-Co-Au mineralisation at Millennium remains unclear. One scout hole drilled in this program (MI22RC18) was terminated prematurely due to poor ground conditions without intersecting the target fault zone. MBK anticipates initial drill testing of this fault zone in 2023.
IP/Resistivity Geophysical Survey
Results from a five-line pole-dipole Induced Polarisation/resistivity electrical geophysical survey (as used to recent success in the area by Carnaby Resources and Hammer Metals) have been received.
The survey has been successful in identifying the fault zone hosting Cu-Co-Au mineralisation which is reflected in the geophysical data as the contrast between areas of high resistivity/low chargeability (hard rocks), and low resistivity/high chargeability (softer rocks). This greatly enhances MBK’s ability to directly target strike extensions of mineralisation at Millennium.
Millennium Project – MBK earning up to 80%
The Millennium Copper and Cobalt Project near Cloncurry in NW QLD currently holds a JORC 2012- compliant Inferred Resource of 5.9Mt @ 1.08% CuEq2 (Cu-Co-Au-Ag) across five granted Mining Leases with significant potential for expansion. It is located 19km from the Rocklands copper-cobalt project with an established processing plant capable of treating Millennium-style ores once recommissioned.
MBK’s 2021 drill results and other previous drilling, in conjunction with significant appreciation in copper and cobalt prices since maiden Resource reporting, provided support for an initial Exploration Target for the Project of 8 – 10Mt @ 1.0 – 1.1% CuEq.
MBK developed a three-phase work program for Millennium in 20223 seeking to confirm the Exploration Target for the Project, and future Resource expansion and development potential. The Exploration Target is based on extensions both along strike and at depth in both the Southern and Central Area copper-cobalt-gold Resources and in the Northern Area, where shallow copper intervals at broad spacing have been returned some 800-1000m north of the closest Resource.
Upon receipt and assessment of all results from the current 2022 drilling program, MBK will embark on a JORC 2012-compliant Resource update and Scoping Study utilising appropriate economic parameters aimed for completion late 2022.
It should be noted that the Exploration Target is conceptual in nature. There has been insufficient drilling at depth of the existing Resource and in the Northern Area of the project and insufficient information relating to the Reasonable Prospects of Eventual Economic Extraction (RPEEE) of the Millennium project to estimate a Mineral Resource over the Exploration Target area, and it is uncertain if further study will result in the estimation of a Mineral Resource over this area.
It is acknowledged that the currently available data is insufficient spatially in terms of the density of drill holes, and in quality, in terms of MBK’s final audit procedures for down hole data, data acquisition and processing, for the results of this analysis to be classified as a Mineral Resource in accordance with the JORC Code.
For further information please visit: https://metalbank.com.au/
