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Be the first with the news that moves the market- Metal Bank (MBK) completes phase one drilling at the Livingstone gold project in WA
- A total of 3000 metres of reverse circulation and aircore drilling was undertaken at the Kingsley and Homestead deposits to extend and upgrade the mineral resources at both
- Drilling at Kingsley encountered visible sulphides and samples are currently being processed in Perth with results expected in eight to 10 weeks
- The company also completed RC drilling at the Millennium project in preparation for future diamond drilling programs
- Metal Bank has ended the day down 18.2 per cent with shares closing at 0.5 cents
Metal Bank (MBK) has completed phase one drilling at the Livingstone gold project in Western Australia.
Under the phase one program, 3000 metres of reverse circulation (RC) and aircore drilling was completed at the Kingsley and Homestead deposits.
The aim of this drilling was to infill and extend the existing mineral resource of 30,500 ounces of gold at 1.42g/t gold at Kingsley and upgrade the JORC 2004 inferred resource at Homestead to JORC 2012.
Drilling at Kingsley was encouraging with visible sulphides observed along strike from the main body of the deposit.
The samples are currently being processed at ALS laboratories in Perth and results are expected in eight to 10 weeks.
RC drilling was also completed at the Millennium Project with 1580 metres drilled at the South and Central resource areas in preparation for future diamond drilling programs.
Copper oxide and sulphides were observed in all holes with mineralisation encountered in all rocks.
Assays are expected in late July or early August and will be used in a resource update planned for later in the year.
“We are very pleased to have progressed so far with our 2022 drill programs at both Millennium and Livingstone despite numerous, weather, supply-chain and COVID-19 related delays,” Chair Inés Scotland said.
“Although lab delays are frustrating, we are encouraged by visual observations and are looking forward to receiving assays and commencing phase two of our exploration campaigns at both projects in line with our exploration plans for 2022.”
Phase two drilling will begin at Homestead in August with up to 1700 metres of RC drilling planned to validate historical results and test significant gold-in-soil anomalism.
Metal Bank ended the day down 18.2 per cent with shares closing at 0.5 cents.
