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Metal Bank Ltd - Millennium Project Update Significant graphite intersected at Millennium Co-Cu-Au Project
Metal Bank Ltd - Millennium Project Update Significant graphite intersected at Millennium Co-Cu-Au
About this update from Metal Bank Ltd
Metal Bank Ltd (ASX: MBK) (' Metal Bank , 'MBK' or the 'Company') is pleased to announce initial observations from recent drilling1 at its Millennium Project in northwest QLD, including significant and extensive graphite intervals adjacent to the existing Co-Cu-Au mineral resource of 8.4Mt @ 1.23% CuEq. Commenting on these recent developments, Metal Bank Executive Chair, Ines Scotland said: 'Ongoing exploration at Millennium demonstrates there is significant under-explored potential and value to be unlocked, not only for cobalt, copper and gold mineralisation but valuable transition products like graphite that have been identified adjacent to the existing resource on granted mining leases. Taking into account the increased activity in the region, Millennium may play an important role in the new anode materials supply within the NW QLD battery mineral projects region. We also continue to focus on our MENA strategy with two applications underway for copper projects in Jordan and we are working with our Saudi JV partner to identify base metal and critical minerals projects in Saudi Arabia .' Given strong historic graphite values adjacent to the 2023 Millennium mineral resource, drill core from 166m to end of hole has been submitted for graphitic carbon analysis. Likewise, previous visual graphite intersections in MBK drilling from 2021-2022 have been compiled together with the graphitic carbon rock chip results in the southern area from previous explorers. Thisreview supports a greater than 2km trend of graphite in both drilling and rock chip sampling. Previous unreleased sampling results by ASX-listed explorer Hammer Metals ('HMX') returned an average of 17.0% total graphitic carbon from 37 samples in the south over an area greater than 1300m strike and up to 100m wide. No assay results have been received for the recent drill core sample to date, however, the prospective graphitic unit is evident in multiple previous drill holes, and recent drilling has demonstrated it continues beneath recent alluvial sediment to the north. NW Queensland District Graphite Development Millennium is strategically located between other NW QLD graphite development projects which are currently undergoing consolidation. The Corella deposit is located 14km to the south (13.5Mt @ 9.5% TGC) and the Burke deposit 107km due north (9.1Mt @ 14.4% TGC) of Millenium, both held by Lithium Energy (ASX: 'LEL'), and the Mt Dromedary deposit (14.3Mt @ 13.3% TGC) held by Novonix (ASX: 'NVX' and NASDAQ: 'NVX') is immediately adjacent to the Burke Deposit. Millennium displays matching geology to the Corella deposit, with metamorphosed graphitic shales, slates and schists of the Milo Beds within the Tommy Creek Domain hosting both deposits, and both deposits are proximal to mafic units and structural corridors which are considered key factors for the development of high quality, high-grade graphite mineralisation. Metallurgical test work to date on these nearby deposits3 has returned high-grade concentrate with high graphite recoveries coincident with electrochemical test work indicative of material highly suitable for downstream graphite processing and integration into modern battery manufacturing and other technologies. Contact: Ines Scotland Email: [email protected] Sue-Ann Higgins Email: [email protected] About Metal Bank Metal Bank Limited is an ASX-listed minerals exploration company (ASX: MBK) holding a significant portfolio of advanced gold and copper exploration projects with substantial growth upside, including: - Mineral exploration and reconnaissance rights in southern Jordan , focusing on identifying copper deposits within Wadi Araba4; - the right to earn up to 80% of the Millennium Copper & Cobalt project which holds an Inferred 2012 JORC Resource of 8.4Mt @ 1.23% CuEq5, across 5 granted Mining Leases with significant potential for expansion; - a 75% interest in the advanced Livingstone Gold Project in WA which holds a JORC 2012 Inferred Resource of 40,300oz Au6 at the Homestead prospect, a JORC 2012 Inferred Resource of 30,500oz7 Au at Kingsley, and an Exploration Target7 of 290 - 400Kt at 1.8 - 2.0 g/t Au for 16,800 - 25,700oz Au at Kingsley and - the 8 Mile, Wild Irishman and Eidsvold Gold projects in South East Queensland where considerable work by MBK to date has drill-proven both high grade vein-style and bulk tonnage intrusion-related Au mineralisation. Metal Bank's exploration programs at these projects are focussed on: - Short term resource growth - advancing existing projects to substantially increase JORC Resources; - Identifying additional mineralisation at each of its projects and - Assessing development potential and including fast tracking projects through feasibility and development to production, particularly at the Millennium Project in Queensland , where the copper and cobalt project is contained within granted mining licenses. Metal Bank is also committed to a strategy of diversification and growth through identification of new exploration opportunities which complement its existing portfolio and pursuit of other opportunities to diversify the Company's assets. Competent Person's Statement The information in this announcement that relates to MBK Exploration Results, Mineral Resources and Exploration Target statements is based on information compiled or reviewed by Mr Trevor Wright . Mr Wright is a contractor to the Company and eligible to participate in the Company's equity incentive plan. Mr Wright is a Member of The Australasian Institute of Geoscientists has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Wright consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant ASX announcements and News Releases. In the case of Mineral Resource estimates and Ore Reserve estimates, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original ASX announcements or News Releases. (C) 2024 Electronic News Publishing, source ENP Newswire