Triumph Update - New High Grade Gold Targets Identified
Sydney, July 12, 2016 AEST (ABN Newswire) - Metal Bank Limited (
ASX:MBK) (MBK or the Company) is pleased to provide the following update on the Triumph project, eastern Australia following an aircore bedrock drilling programme combined with a project-wide review.
Highlights:
- Orientation bedrock sampling (aircore) has defined new gold targets under shallow cover
- These encouraging results confirm the undercover prospectivity of the Triumph project highlighted by the recent high grade gold drill results intersected under 4m of cover at the Bald Hill prospect
- Updated geological model based on new data provides strong indicators for bulk tonnage gold potential
- Drilling to date creates a solid platform for the rapid delineation of high grade gold resources near surface
- Additional drilling is scheduled for Bald Hill in the near term
A total of 107 aircore drill holes (715m) were completed on wide spaced traverses to enable sampling of the concealed basement beneath <5m of cover sediments. This programme represents the first drilling completed through the shallow cover and has been successful in identifying three large scale zoned gold targets with strongly anomalous pathfinder elements Au (max 0.43g/t), Ag-As-Bi. The three new targets of Harmony, Handbrake Hill and interpreted western extension of Bald Hill provide over 2.5km of additional strike potential beneath shallow cover.
In conjunction with the bedrock drilling results, a revision of the geological model for the Triumph gold camp now provides strong indication for a bulk tonnage gold target. Large intrusion related gold systems in eastern Australia (and around the world) are commonly zoned in both hydrothermal alteration and multi-element geochemistry patterns. Improved understanding of the zoning patterns within the >15km2 Triumph gold camp has directly contributed to the recent near surface high grade gold drilling success at both Bald Hill and New Constitution prospects and underpins the Company's confidence in the other high priority targets in the project pipeline yet to be tested.
Additional drilling on near surface high grade mineralisation at Bald Hill is planned for August subject to rig availability.
Inés Scotland, Chair of MBK said:
"This is the first time we have focused our drilling on concealed targets at Triumph and it has confirmed that excellent gold prospectivity exists beneath the shallow cover. Our aim now is to prove up near-surface high grade gold resources particularly at Bald Hill. We are also excited by the prospect that the high grade mineralisation intersected to date may represent gold leakage from a significant bulk tonnage gold system.
Intrusion related gold systems like Triumph are well represented in Eastern Australia and have formed the basis for significant gold production in the region."
Triumph high grade gold targets are presented in Figure 2 (see link below) and are displayed as a schematic cross section in Figure 3 (see link below).
MBK has defined a large zoned hydrothermal gold system at Triumph. Bulk tonnage gold is interpreted to be associated with the core of the system and high grade gold zones occur both proximal to and distal to the core zone.
The Triumph gold camp is an intrusion related gold system of the type encountered in a number of large systems in Queensland (refer Figure 5, in link below) such as Kidston (3.7Moz Au), Mt Leyshon (3.5Moz Au) and Ravenswood (3Moz Au). All large intrusion related gold system exhibit zonation patterns with respect to alteration and associated metal zoning. MBK's understanding of zoning patterns within the Triumph gold system will contribute significantly to reducing exploration risk in targeting high grade gold mineralisation as well as targeting the causative mineralising intrusive that may host a bulk tonnage gold system.
Previous exploration focus (including the historical goldfield) has centred on the topographic high areas of outcrop. MBK's findings now highlight that the highest grade gold results to date on the entire Triumph project occur in the topographic low areas exposed as small windows through the shallow cover sediments. It is believed that this could be due to the sulphide rich and silica poor nature of the high grade gold mineralisation which could weather more readily to form a topographic low rather than a resistant topographic high (or hill).
The Triumph project is located 80km from the industrial hub of Gladstone and 200km from Evolution Mining's Mt Rawdon gold mine producing 100,000oz Au pa1 with over 1.4Moz of Au produced since 2001.
Mt Mackenzie Project Update
Limited soil and rock chip geochemical sampling was completed on the Mt Mackenzie project over a Cu-Mo porphyry system identified in historical data and overlooked by modern gold exploration. The sampling by MBK did not identify anomalous gold associated with the mineral system. A review of the project will be conducted however the exploration focus will be directed towards MBK's other gold projects of Triumph and Eidsvold.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/6C749YE5
About Metal Bank Limited
Metal Bank Limited (ASX:MBK) core focus is creating value through a combination of exploration success and quality project acquisition. The company's key projects are the Triumph, Eidsvold and Mt Mackenzie Gold Projects situated in the northern New England Fold Belt of central Queensland, which also hosts the Cracow (3Moz Au), Mt Rawdon (2Moz Au), Mt Morgan (8Moz Au, 0.4Mt Cu) and Gympie (5Moz Au) gold deposits.
The company has an experienced Board and management team that brings regional knowledge, expertise in early stage exploration and development, relevant experience in the mid cap ASX-listed resource sector and a focus on sound corporate governance.
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