Initial drilling at Metal Bank’s (ASX: MBK) Advance prospect has generated near surface gold grading up to 69.8 grams per tonne, which is inline with historical production which pulled out up to 177g/t tonne from shallow workings.
Part of the Metal Banks’s Triumph project, drilling at Advance returned 3m grading 25g/t gold, with a 1m interval grading 69.8g/t gold from 17m.
The project contains numerous old workings and assays remain pending from more than half of the latest drilling program.
Meanwhile, follow up drilling where gold has been identified has already begun.
“It is a rarity in the Queensland mining community to have tenements with such a high concentration of historical gold workings which have never been drill tested,” Metal Bank managing director Tony Schreck said.
“The Advance prospect is a very exciting addition to our strong portfolio of recent discoveries and enhances our strategy to define a near surface high-grade gold resource on the Triumph project,” Mr Schreck added.
Metal Bank claims the Advance prospect comprises multiple high-grade structures across a potential 1km of strike.
The company has been drilling at Triumph for 18-months and is evaluating the potential of developing an open pit mine at Triumph with five feeder pits.
Other significant drill intersections at Triumph have returned 10m grading 26.9g/t gold, 165g/t silver and 6% zinc from the New Constitution prospect, 15m grading 10.3g/t gold and 76g/t silver from Bald Hill, and 18m grading 4g/t gold and 15g/t silver from the Big Hans prospect.
A 5,000m reverse circulation drilling campaign currently underway is testing several targets at Triumph. However only about 5% of the project has been drilled to-date, which has produced the gold discoveries. This leaves Metal Bank open to find many more gold targets across the 15 square kilometre project area.
In addition to Triumph, Metal Bank is also actively exploring the Eidsvold gold project in Queensland with airborne surveys scheduled to begin in April to fast-track exploration.
Shares in Metal Bank lifted more than 5% in early morning trade to A$0.020.