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Metal Bank Ltd.
Summary
| Project: | Triumph | |
|---|---|---|
| Deposit: | New Constitution | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/28/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 28-11-2016: Metal Bank Ltd. announces an Exploration/Drilling Update report for its New Constitution deposit at the Triumph project. Drilling results incl. 3m @ 6.2g/t Au, 55g/t Ag, 0.7% Zn, 0.1% Cu, 0.2% Pb from 61m. Metal Bank Limited (ASX: MBK) (MBK or | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Tony Schreck (Internal) | |
| ABSTRACT: | Metal Bank Limited (ASX: MBK) (MBK or the Company) is pleased to provide the following drilling update at the New Constitution prospect, Triumph project in south-east Queensland, Australia. A recent drilling programme at New Constitution, comprising twenty-four drill holes totalling 2171m, has now been completed. This included 21 Reverse Circulation (“RC”) holes, and three diamond (“DD”) drill holes with results received for 15 RC holes. Drilling intersected further extensions to near surface high grade Au-Ag-Zn mineralisation and new high grade zones associated with parallel structures. Structural analysis in diamond core supports a high grade plunging ore geometry associated with a dilational jog or ‘opening’ both along and down the plunge of the mineralised structures (refer to Figure 1). This is characteristic of many large gold deposits in Eastern Australia. Remodelling of Induced Polarisation (“IP”) geophysical data at New Constitution has highlighted an excellent correlation between near surface high grade mineralisation and IP chargeability models (refer to Figure 2). Importantly, the new IP models highlight two large and untested chargeability anomalies less than 200m below surface. The near surface mineralisation discovered to date could well represent ‘leakage’ structures and breccia above a large gold system. Further drilling will be planned to work systematically down the depth extensions of near surface mineralisation intersected to date to enable high quality targeting of the IP chargeability anomalies. Inés Scotland, Chair of MBK said: “These new results strengthen our confidence that the near surface mineralisation intersected at New Constitution could represent leakage from a much larger gold system immediately below. Testing of these deeper targets at New Constitution will occur in parallel with ongoing definition of near-surface high grade gold resources across the entire Triumph project. Diamond drilling is expected to commence at Bald Hill prospect this week and is designed to target the extension of the high grade mineralisation already intersected.” | |
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