viewMetal Bank Ltd

Metal Bank about to drill large intrusion-relation gold system at Eidsvold

After compiling five independent datasets that support the existence of a large intrusion-related gold system at the Great Eastern Target, the company plans to start a maiden drill program within seven days.

Metal Bank Ltd - Metal Bank about to drill large intrusion-relation gold system at Eidsvold
The Great Eastern Target is 6 kilometres northeast of the historical Eidsvold Goldfield.

Metal Bank Ltd (ASX:MBK) is about to start its maiden drilling program at Great Eastern Target of the Eidsvold Gold Project in southeast Queensland.

The program is expected to start within seven days and includes two fully-funded drill holes to 250 metres depth each as part of the Queensland Government Collaborative Exploration Initiative (CEI).

Metal Bank has compiled five independent datasets which support the existence of a large intrusion-related gold system at the Great Eastern Target.

This target is interpreted to lie 50 to 80 metres beneath overlying post-mineral sediments.

The company has also completed an 11-hole drill program at the 8 Mile Project with step-out, infill and step-back drilling testing for a bulk tonnage intrusion-related system.

“Excited to commence drilling”

Metal Bank’s non-executive chairman Inés Scotland said: “While we eagerly await the results of the 8 Mile drill program, we are very excited to commence the first-ever drilling program at Eidsvold’s Great Eastern Target.

“It is very rare to have five different exploration datasets all supporting the existence of a large intrusion-related gold system and we look forward to the opportunity of being the first to explore this very large target with our upcoming drill program.”

Eidsvold program

The maiden Great Eastern Target and Forty Horse drill program at Eidsvold are due to start next week.

This first phase has been designed to investigate the Great Eastern Target as a new, large IRG system and Forty Horse as a possible additional intrusion-related gold system along strike from the Eidsvold Goldfield.

The drill program will include two drill holes of up to 250 metres each funded by the CEI to test the Great Eastern Target.

Subject to the results of the first phase, the second phase of exploration will commence in early 2021.

The aim for the second phase is to continue investigating the Great Eastern Target to provide further evidence of the Eidsvold Intrusive Complex hosting additional gold systems at Forty Horse and Tower Hill prospects, similar to the historical high-grade Eidsvold Goldfield.

8 Mile update

Of the 11 holes drilled at 8 Mile, 10 were completed at Flori’s Find and one at Flori’s Copper show prospects.

Samples have been submitted for assay and a further update will be made once all results are received.

The program focused on step out and infill drilling adjacent to the inferred resource at Flori’s Find and a step-back drill hole 175 metres down dip from the resource, as the first test for bulk tonnage style mineralisation.

MBK has two gold projects in South East Queensland – 8 Mile and Eidsvold – with both associated with historical goldfields and represent intrusion-related gold systems (IRGS) with multi-million-ounce upside.

Quick facts: Metal Bank Ltd

Price: 0.011 AUD

Market: ASX
Market Cap: $13.03 m

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