Metal Bank Limited (ASX: MBK) has continued to extend mineralisation with exploration activities at its Millennium copper-cobalt-gold (Cu-Co-Au) project in Queensland.
All assay results have now been received for MBK’s diamond drill (DD) hole depth extensions in the Southern and Central Resource areas, along with results for reverse circulation (RC) exploration drilling in the Northern Area, as part of the resource infill and extension drilling completed in September.
Notable results include:
Diamond drill extensions:
o 17m @ 0.43% Cu, 0.11% Co and 0.08g/t Au from 234m (MI22RD02)
o 1m @ 2.08% Co and 0.15g/t Au from 179m (MI22RD05)
o 2m @ 0.52% Co from 237m (MI22RD05)
o 6m @ 0.52% Cu, 0.08% Co and 0.18g/t Au from 265m (MI22RD05)
RC results from the Northern Area:
o 16m @ 0.42% Cu from 9m (MI22RC016)
o 6m @ 0.27% Cu from 35m (MI22RC018) towards the Fountain Range/Quamby Fault
Zone
The cobalt grades reiterate Millennium as one of Australia’s highest grade undeveloped battery metals projects, contained within granted mining licenses and will form part of the Millennium resource update along with metallurgical sampling.
Of particular note are strong cobalt (Co) grades hosted in hydrothermal veins and crackle breccias including discrete high-grade zones at depth potentially amenable to underground extraction below the bulk of the near surface Cu-Co-Au resource.
Importantly, diamond drilling results confirm the size and continuity of copper-cobalt-gold mineralisation at depth consistent with previous results. This continuity of grades at depth in several areas will allow for an increase to the existing 2012 Inferred Resource of 5.9Mt @ 1.08% CuEq.
In addition, the encouraging copper values returned in the Northern Area towards the regional Fountain Range/Quamby Fault Zone represent newly identified mineralisation west of the existing Millennium Resource.
These results follow on from the first diamond drill hole assays and RC drilling results reported earlier this month, which also returned high cobalt grades and validated and extended the existing Resource, including holes MI22RC08 and MI22RC09 which extended the scope of the Central Area resource some 120m north of the existing JORC 2012 Inferred Resource.
“Our work demonstrates the critical minerals opportunity at the Millennium Project extends to depth below the existing bulk near surface copper-cobalt-gold Resource,” Chair, Inés Scotland, said.
“The high-grade cobalt intersections at depth show strong support for potential underground extraction and the results in the Northern Area provide potential for adding further to the mineralisation at Millennium. We are now in the process of reviewing all results and planning the next phase of work.”
Millennium 2022 Work Programme
All results from the recently completed drilling programme have now been received, including one shallow infill DD hole (MI22DD02) in the Southern Area, three DD tail extensions to existing RC holes toward the base of the existing resource (MI22RD02, MI22RD04 and MI22RD05) in the Southern and Northern Areas, and seven RC drill holes in the Northern Area testing for extensions to copper mineralisation as reported in initial preliminary drilling in 2021.
For further information please visit: https://metalbank.com.au/
