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Metal Bank Ltd.
Summary
| Project: | Triumph | |
|---|---|---|
| Deposit: | Triumph | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 6/23/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 23-6-2017: Metal Bank Ltd. announces an Exploration/Drilling Update report for its Triumph deposit at the Triumph project. Drilling results incl. 2m @ 0.6g/t Au, 22g/t Ag from 26m. Metal Bank Limited (ASX: MBK) is pleased to provide the following drilling | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Tony Schreck (Internal) | |
| ABSTRACT: | Metal Bank Limited (ASX: MBK) is pleased to provide the following drilling update from the Triumph Project in southeast Queensland, Australia. Results have been received from an initial diamond drilling programme (8 holes for 1012.5m) testing various Induced Polarisation (IP) geophysical targets under shallow cover. The results provide strong support for multiple bulk tonnage style mineral systems on the project, with the first hole into the Chief Adachi target returning strong Au-Ag-Mo-Bi geochemistry within intense feldspathic alteration typical of leakage above the ‘roof zone’ of a potentially much larger mineralised Au-Cu-Mo system concealed by shallow cover. Nine new Au-Cu-Mo bulk tonnage exploration targets have been defined; underpinned by the latest drilling, new IP geophysics and further supported by incorporation of existing geological, geochemical and geophysical evidence. Tony Schreck, Managing Director of Metal Bank said: “We now have direct evidence for a connection between the widespread high-grade Au-Ag mineralisation targeted to date and bulk tonnage Au-Cu-Mo style mineralisation of a potentially significant scale. This is a pivotal step change for the Triumph project and importantly, it provides the geological indication that the project can host large bulk tonnage systems similar to other multi-million ounce gold deposits of Eastern Australia.” The company’s forward exploration strategy is to systematically explore these concealed new bulk tonnage targets for multi-million ounce potential in parallel with the continuation of testing for high-grade Au-Ag near surface mineralisation. Follow-up drilling is planned to commence in early July at Chief Adachi targeting the IP geophysics concealed by shallow cover. Further drilling is also planned to continue to evaluate the high-grade Au-Ag targets at Bald Hill, Handbrake Hill, Big Hans, and New Constitution prospects, the subject of previous drill programmes. | |
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