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- Metal Bank (MBK) commences drilling at the Livingstone gold project in Western Australia
- According to the company, the early indications from the drilling at Kingsley deposit are “encouraging”
- The current drilling program includes more than 3000 metres of drilling at the Kingsley and Homestead deposits in hopes to increase and update the project’s resources
- Additionally, Metal Bank also commences drilling at its Millennium copper-cobalt-gold project in northwest Queensland
- MBK shares are down 8.33 per cent and trading at 0.6 cents per share at 1:25 pm AEST
Metal Bank (MBK) has commenced drilling at the Livingstone gold project in Western Australia.
The company said there are early indications that the Kingsley deposit is “encouraging” with visible sulphides observed.
The current drilling program includes more than 3000 metres of drilling at the Kingsley and Homestead deposits in hopes to increase and update the project’s resources, which is currently 80,000 ounces of gold.
Metal Bank also received $75,000 to drill test a deep structural target at the Stanley prospect, which is around 2.5 kilometres north of Kingsley. The funds are from the West Australian Government under the Exploration Incentive Scheme (EIS) grant.
Additionally, the company has also commenced drilling at its Millennium copper-cobalt-gold project in northwest Queensland.
This drilling program included over 2500 metres of drilling, with the company aiming to double the exiting resource of 5.9 million tonnes at 1.08 per cent copper equivalent.
“We are very excited to have commenced our 2022 drill programs at both Livingstone and Millennium,” Chair Inés Scotland said.
“As Australia looks to establish itself as a global critical minerals supplier, at a time of supply constraint and unprecedented copper and cobalt prices, the Millennium project’s current resource already provides significant value not yet factored into the current share price.”
MBK shares were down 8.33 per cent on the market today, trading at 0.6 cents per share at 1:25 pm AEST.
