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Metal Bank Ltd.
Summary
| Project: | Eidsvold | |
|---|---|---|
| Deposit: | Eidsvold | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/18/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 18-9-2017: Metal Bank Ltd. announces an Exploration/Drilling Update report for its Eidsvold deposit at the Eidsvold project. Drilling results incl. 3m @ 2.3g/t Au from 37m. Metal Bank Limited (ASX: MBK) is pleased to provide the following drilling update | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Trevor Wright (Internal) | |
| ABSTRACT: | Metal Bank Limited (ASX: MBK) is pleased to provide the following drilling update from the Eidsvold Project in south-east Queensland, Australia. Results have been received from a five hole Reverse Circulation (RC) drill programme for 684m completed as a preliminary widespaced campaign investigating regional geophysical anomalies beneath cover sediment. Two of the five drill holes targeted broad regional scale magnetic lows (airborne magnetics 400m line spacing) beneath cover sediment and intersected alteration and mineralisation up to 3m @ 2.3g/t Au from 37m (EDH005), refer to Figures 1 and 2. These results are a significant development for the project, confirming MBK’s exploration strategy of targeting magnetic lows as representing alteration associated with gold mineralisation within the Eidsvold intrusive complex. This is a common geophysical response in many Eastern Queensland intrusion related gold deposits. Multiple new large-scale gold targets have been elevated to high priority status based on the recent exploration results. These new targets are located on an untested 10km trend identified in the regional magnetics data, along strike to the north of the Eidsvold historical goldfield, which produced 100,000oz gold circa 1900 (Figure 1). A second area, also defined by a broad magnetic low concealed by cover sediment, is located 5km north-east of the Eidsvold goldfield (Figure 1). It has many similarities to the magnetic response over the Mt Leyshon gold deposit (3Moz Au) in Queensland where the broad magnetic low is directly associated to magnetite destructive alteration. | |
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