Metal Bank Ltd. has commenced diamond drilling at the Millennium Copper Cobalt Gold Graphite Project ("Millennium" andor the "Project") as part of a AUD 250,000 Queensland Government-funded Collaborative Exploration Initiative (CEI) program . Global Energy is fully carried on exploration spend as part of Metal Bank's earn-in for 80% of the Millennium. This drilling targets high grade near surface extensions to previously announced graphite results (Figure 1), plus bulk metallurgical samples within and adjacent the JORC2012 Mineral Resource Estimate (MRE) of 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq.
CuEq = Cu% +(Co% x 9.16) + (Au g/t x 0.678) using long term metal prices of Cu: US$3.50/lb ($7716/t); Co:US$32.00/lb ($70 547.84/t); Au: US 1900/oz; Cu recovery=95.1%; Co recovery=95.3%; Au recovery=81.4%; Cu payability=80%; Co payability = 80%; Au payability = 80% Metal Bank has also submitted an application for an additional mining lease (ML) at Millennium to facilitate further exploration and operations for both Co-Cu-Au and graphite resources (Figure 1). This application area consists of some 159 hectares which encompass the southern granted leases and importantly includes the Gap Zone, a previously inaccessible 200m x 200m area not included in the current MRE.
