Total
0
Shares
Metal Bank (ASX:MBK) - Executive Chair, Inés Scotland
Executive Chair, Inés Scotland
Source: Metal Bank
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Metal Bank (MBK) begins exploration work at the Millennium Copper-Cobalt-Gold Project in Queensland
  • Last month, the company signed an agreement with Global Energy Metals Corporation to potentially earn an 80 per cent interest in the project
  • Exploration is being conducted under a six-month option period for MBK to decide whether it wants to move forward with the earn-in and joint venture
  • After identifying near-surface copper mineralisation in the northern area, Metal Bank will conduct an 800-metre drilling program early next month
  • Company shares are up 12.5 per cent to trade at 0.9 cents at 10:55 am AEST

Metal Bank (MBK) has begun exploration work at the Millennium Copper-Cobalt-Gold Project in Queensland.

The exploration program is part of a six-month exclusive option to earn-in and joint venture (JV) the project.

As announced last month, Metal Bank signed an agreement with Global Energy Metals Corporation (GEMC) to potentially earn up to an 80 per cent interest in the Millennium Project.

The six-month period gives the company time to scope out the project before it decides whether or not to earn a majority stake and form a JV with GEMC.

The Millennium Project hosts an inferred JORC resource of 5.9 million tonnes at 1.08 per cent copper equivalent across five granted mining leases. Metal Bank believes it presents a significant opportunity to acquire a copper-cobalt asset with potential to expand mineralisation within the world-class Mt Isa mining region.

Earlier this month, field reconnaissance and mapping confirmed outcropping copper mineralisation to the north of the project and that the target zone may be wider than originally thought due to the visible copper mineralisation at surface.

Following this, Metal Bank plans to undertake 800 metres of reverse circulation drilling to test the Northern Extension target zone. This is expected to begin in early August.

The company will also focus exploration work on the Corella and Federal prospects which contain copper-cobalt-gold anomalism and historical workings which haven’t been drill tested.

Company shares were up 12.5 per cent to trade at 0.9 cents at 10:55 am AEST.

MBK by the numbers
More From The Market Herald

" Peregrine Gold (ASX:PGD) identifies new prospect at Pilbara

Peregrine Gold (PGD) has identified a second high-grade gold and silver prospect at the Pilbara gold project in Western Australia.
Golden Mile Resources (ASX:G88) - Managing Director, James Merrillees (right)

" Golden Mile Resources (ASX:G88) Managing Director resigns

Golden Mile Resources’ (G88) Managing Director has resigned as the company undertakes surveys and testwork across its Western Australia-based projects.
Poseidon Nickel (ASX:POS) - Managing Director & CEO, Peter Harold

" Poseidon Nickel (ASX:POS) receives Golden Swan MRE

Poseidon Nickel (POS) has unveiled a maiden mineral resource estimate for the Golden Swan deposit at its Black Swan Project in WA.

" Torian Resources (ASX:TNR) hits high-grade results at Diorite

Torian Resources (TNR) has intercepted high-grade results from the Diorite North prospect which is part of the company’s wider Mt Stirling Gold Project.