METAL BANK LIMITED Metal Bank Limited provided an update on exploration at its Livingstone gold project in Western Australia (75% MBK). Assays from the remaining 14 RC holes at Livingstone North have been received. These holes formed part of the Livingstone Phase 2 drilling program, completed in early September.
These encouraging initial results validate historically noted high grade gold zones and also demonstrate mineralisation of substantial aggregate strike extent along multiple artisanal mine workings, interpreted as a parallel series of mineralised lodes. The final results for the initial evaluation of Livingstone North have been received from the northern part of the prospect. Drilling tested downdip and along strike from historical artisanal mine workings and results confirm multiple parallel zones of high-grade gold mineralisation with an aggregate strike length of over 500m.
Gold is dominantly hosted in quartz-tourmaline breccia zones within a schistose host rock. Mineralisation remains open and untested to east and west. The drilling results confirm that the Livingstone North project has the potential to host a significant gold system.
Work is underway to design the next phase of drilling to progress a maiden gold Resource for this project in 2023. The Livingstone Project is an advanced gold exploration project with ~80,000oz1 of defined gold resources and multiple exploration targets. Located 140km northwest of Meekatharra in Western Australia, it includes 395 km2 of granted exploration licences covering the entire western arm of the Proterozoic Bryah-Padbury Basin (host to the Fortnum, Horseshoe and Peak Hill gold deposits and>2Moz Au endowment).
The Livingstone Project provides: a JORC 2004 Inferred Resource of 49,900oz Au2 at the Homestead prospect with potential for expansion; the Kingsley deposit hosting JORC 2012 Inferred Resource of 30,500oz Au; the Kingsley Exploration Target of 290 - 400kt at 1.8 -2.0 g/t for 16,800 25,700oz Au; the Livingstone North prospect with extensive Au-in soil anomaly, historical mining activities and historical high-grade drilling intersections; multiple advanced gold targets, inadequately tested to date including Hilltop, Stanley, Winja, Winja West, VHF; multi element targets including Kirba (Ni) and Iron Ore (Fe); and over 10 regional greenfields targets identified by independent experts with 40km prospective strike length.
