Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Metal Bank has completed an initial reverse circulation drill program at its 8 Miles Project
  • The drill was designed to investigate and expand on historical drill results
  • Approximately 10 holes, for 872 metres, were drilled at the Flori’s Find and Perry prospects
  • Broad zones of gold mineralisation were identified at both prospects

Metal Bank has received results from an initial reverse circulation drill program at its 8 Mile Project in southeast Queensland. The program was designed to investigate and expand on historical drill results.

Approximately 10 holes, for 872 metres, were completed at the Flori’s Find and Perry prospects and broad zones of gold mineralisation were intersected at both.

Significant results from Flori’s Find include 4 metres at 5.5 g/t gold from 76 metres, and 12 metres at 2.1 g/t gold from 4 metres at Perry.

At both prospects the gold mineralisation is closely associated with high-level strongly altered intrusive rocks. These rocks have many similarities to the alteration and intrusives suite at the nearby Mt Rawdon gold mine.

High priority induced polarisation geophysical targets that were intersected from shallow drilling at both the Flori’s Find and Perry prospects are interpreted as bulk tonnage gold systems.

Multi-element and gold surface geochemistry highlight at least four near-surface gold systems within an overall north-east trending structural corridor greater than 3.6 kilometres by 800 metres.

Metal zone models derived from the interpretation of the multi-element soil geochemistry suggest that the near surface gold anomalies are in the upper levels of a large intrusion related gold system.

While 8 Mile is the primary focus of exploration activities Metal Bank is also pursuing options to advance its Triumph and Eidsvold projects, including potential Joint Venture agreements.

As well as this Metal Bank is also conducting an advanced review and analysis of new growth opportunities through the purchase and corporate transactions with the primary focus on cash-flow generating assets. This will assist with funding its exploration portfolio.

Metal Bank are up 12.5 per cent trading for 0.9 cents as of 4:47pm AEST with a market cap of $7.062 million.

MBK by the numbers
More From The Market Herald

" Red River Resources (ASX:RVR) commences drilling program at Thalanga

Red River Resources (RVR) has commenced a drilling program targeting gold areas near its Thalanga Operations in northern Queensland.
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.