ASX ANNOUNCEMENT 5 MAY 2020
ASX: MBK
Significant Gold Target Defined at Eidsvold Project
The Great Eastern Target offers a drill ready opportunity to test a highly
prospective target
- Drill ready, 7 km2 very large-scale gold target
- Similar scale and geophysical response as 3 Moz Mt Leyshon deposit
- Located within highly prospective Eidsvold intrusive complex, host to the Eidsvold Goldfield (100,000 oz Au historical production)
- 3D geophysical modelling defines core and potentially mineralized alteration halo of the target
Metal Bank Limited (ASX: MBK) is pleased to provide the following update from the Eidsvold Project in south-east Queensland, Australia. The Great Eastern Target now presents a new opportunity to drill an untested large-scale gold target within a proven region of multi-million ounce intrusion related gold (IRG) deposits.
MBK has modelled a 7 km² alteration system interpreted as a very large IRG system beneath surface geochemical anomalies at the Great Eastern Target (Figure 1), overlain by 50 - 100 m of sediment.
The geophysical responses are of the same scale and very similar to those at the 3 Moz Mt Leyshon gold deposit1. At both Mt Leyshon and the Great Eastern Target, broad resistivity lows occur on top of and at the sides of a deep reverse polarised core.
At Mt Leyshon, the low resistivity reflects gold mineralisation within overprinting alteration surrounding the early hot intrusive phase defined by a deep reversely magnetised core. It appears the same process has occurred at the Great Eastern Target where significant surface geochemistry results are coincident with the low resistivity response around the core. Refer to Figure 1 for the location of the resistivity low and coincident surface geochemistry with respect to the core.
The Great Eastern Target is considered to be the likely source of gold mineralising fluids 6 km to the southwest at the historical Eidsvold goldfield and the Mt Brady historical workings 5 km to the northwest, where MBK intersected up to 1 m @ 17.4 g/t Au2 in scout drilling. Refer to Figure 2 for the location of the Great Eastern Target and satellite target areas.
- The Mt Leyshon Magnetic Anomaly, Exploration Geophysics, (1995) 26, 84-91
- MBK ASX Release 15 Apr 2014
P a g e | 1 Metal Bank Limited ABN 51 127 297 170 Suite 506 Level 5 50 Clarence Street Sydney NSW 2000
Inés Scotland, Executive Chair of MBK said:
"We are excited to have defined a significant untested intrusion related gold target in Queensland. The scale of the target places it at a similar size to many other multi-million ounce gold deposits in the region. The Great Eastern Target is now a genuine drill ready opportunity within a highly prospective area as attested to by the nearby presence of a 100,000 oz Au historical goldfield."
Figure 1: 7 km2 Great Eastern Target defined by coincident surface geochemistry and geophysics
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Figure 2: Location of the Great Eastern Target at the Eidsvold Project
Introduction
MBK's Eidsvold, 8 Mile and Triumph gold projects are situated in the northern New England Fold Belt of central Queensland, which also hosts the Cracow (3 Moz Au), Mt Rawdon (2 Moz Au), Mt Morgan (8 Moz Au, 0.4 Mt Cu) and Gympie (5 Moz Au) gold deposits. Refer to Figure 3.
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Figure 1: Location of Metal Bank Limited gold projects including 8 Mile project
The Eidsvold Project is 100% owned by MBK and centred on the historical Eidsvold goldfield (100,000 oz Au mined in the early 1900's) within the 280 km2 Eidsvold Intrusive Complex.
Exploration by MBK has shown the Eidsvold Intrusive Complex (granodiorite-diorite-gabbro) represents an overlooked and highly prospective intrusion related gold system. The vast majority of the intrusive complex is concealed beneath post mineral sedimentary cover.
MBK has completed limited scout drilling along strike of the historical Eidsvold Goldfield3 and a five hole drill program 10 km to the north at Mt Brady, which returned up to 3 m @ 2.3 g/t Au4 and 1 m @ 17.4 g/t Au5. Refer to Figure 2 for the location of the Eidsvold goldfield and Mt Brady.
The only other previous exploration outside of the Eidsvold historical goldfield was by Newcrest (1998), which completed a 15 hole district wide scout drilling program returning encouraging results up to 16 m @ 0.2 g/t Au6 in altered intrusives.
Mineralised and altered zones intersected by MBK drilling at the Mt Brady prospect display a distinct geophysical signature. Airborne magnetics define an area of quiescence. Induced polarisation (IP) geophysics define an area of low resistivity. Together these responses
- MBK ASX Release 18 Sept 2017
- MBK ASX Release 18 Sept 2017
- MBK ASX Release 15 Apr 2014
- Newcrest Mining Limited, Eidsvold Project Annual and Final Report 1998
P a g e | 4
identify hydrothermal alteration at Mt Brady and can be used as a proven geophysical response for targeting alteration in other areas of the Eidsvold Intrusive Complex.
MBK completed an airborne electromagnetic EM survey in 2018 to obtain resistivity data over the project and combined this data with airborne magnetics to identify multiple large-scale alteration targets.
In 2019, MBK completed geochemical ultra-trace soil sampling and pH analysis across the highest priority of these targets to confirm geochemical signatures typical of IRG systems. A low pH response with elevated pathfinder geochemistry is direct evidence for weathering out of sulphides (producing acidic conditions) in the sediment immediately above the alteration zone of an IRG system.
The Great Eastern Target is the highest priority target at the Eidsvold Project due to the large 7 km2 geophysical anomaly coincident with elevated pathfinder geochemistry, including ±Au- Ag-Sn-Te-Bi-(Mo-Zn-Hg-As-Cu-Sb-Pb), and a substantial drop in pH levels. (Refer to Figure 1 showing elevated pathfinder geochemistry and low pH areas).
The success of the surface geochemistry program led MBK to engage a leading industry consultant specialising in geophysical targeting of IRG systems in Queensland, to produce a 3D model to guide the design of an initial drill program at the Great Eastern Target.
The results of this study have identified a very large IRG target with some very distinct geophysical properties similar to the 3 Moz Au Mt Leyshon deposit. At Mt Leyshon, the core of the deposit is a reversely polarised magnetic anomaly associated with very fine magnetite preserved in the reverse direction of the early hot core. Later phases of mineralisation, breccia pipe development and alteration occur peripheral to the core and it is where the main gold deposit was located.
The Great Eastern Target has a 2.5 km long, by 750 m wide, reversely polarised magnetic zone in the centre of the target area, which is also interpreted to be an early hot core. Modelling of both magnetic and resistivity data define a wide area of approximately 3.5 km x 2 km encompassing the core and coincident with surface geochemistry, interpreted as widespread late stage alteration. In most IRG systems of Eastern Queensland, it is the later phases which are often responsible for gold mineralisation and it is this area which is the focus for drill targeting.
There is also evidence at Eidsvold for a late alteration and mineralisation phase based on drilling at the Mt Brady prospect 5 km to the northwest.7,8 Petrological studies on drill core confirm mineralisation occurred as a late phase associated with breccia development and as part of a series of peripheral "ring structures" to the Great Eastern Target. These ring structures, shown in Figure 2, are ideal fluid pathways for escaping mineralising fluids over kilometres of scale and form a 15 km zone between Mt Brady and south of the Eidsvold
- MBK ASX Release 15 Apr 2014
- MBK ASX Release 18 Sept 2017
P a g e | 5
historical goldfield. In the case of the Eidsvold Intrusive Complex, ring structures represent the response to the emplacement of the Great Eastern Target intrusion.
The combined data obtained across the Eidsvold Intrusive Complex by MBK over the last six years strongly supports the Great Eastern Target as the primary source of gold mineralising fluids distributed over a massive area encompassing both Mt Brady and the Eidsvold goldfield.
The Eidsvold Project now has a long drill ready exploration pipeline for moving forward. This not only includes the Great Eastern Target, but also at least four other drill ready high priority target areas identified along peripheral ring structures. Refer to Figure 2 for the location of additional target areas.
Eidsvold Project - Next Phase
Initial drill design has commenced for a 1500m drilling program to test for large scale alteration in support of a large-scale IRG system with the area of the Great Eastern Target.
Metal Bank continues to investigate the potential for a Joint Venture for the Eidsvold project as a means to accelerate this drilling program.
Authorised by the Board:
For further information contact:
Inés Scotland
Executive Chair
Email: ines@metalbank.com.au
About Metal Bank
Metal Bank Limited is an ASX-listed minerals exploration company (ASX: MBK).
Metal Bank's core focus is creating value through a combination of exploration success and quality project acquisition. The company's key projects are the Eidsvold, 8 Mile and Triumph 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.
P a g e | 6
Board of Directors and Management | Registered Office | |
Inés Scotland | Metal Bank Limited | |
(Executive Chairman) | Suite 506, Level 5 | |
50 Clarence Street | ||
Guy Robertson | Sydney NSW 2000 | |
(Executive Director) | AUSTRALIA | |
Sue-Ann Higgins | Phone: | +61 2 9078 7669 |
(Executive Director and Company | Email: | info@metalbank.com.au |
Secretary) | www.metalbank.com.au | |
Trevor Wright | Share Registry | |
(Executive Director) | Automic Registry Services | |
Phone: | 1300 288 664 (local) | |
+61 2 9698 5414 (international) | ||
Email: | hello@automic.com.au | |
Web site: | www.automic.com.au | |
Please direct all shareholding enquiries to | ||
the share registry. | ||
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr Trevor Wright, who is a Member of The Australasian Institute of Geoscientists. Mr Wright is engaged as a contractor to the Company. Mr Wright has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Wright consents to the inclusion in the report of the matters based on his information in the form and context in which it applies.
The Exploration Targets described in this report are conceptual in nature and there is insufficient information to establish whether further exploration will result in the determination of Mineral Resources. Any resources referred to in this report are not based on estimations of Ore Reserves or Mineral Resources made in accordance with the JORC Code and caution should be exercised in any external technical or economic evaluation.
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JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria | JORC Code explanation | Commentary | |||||||
Sampling | • | Nature and quality of sampling (e.g. cut channels, random | Soil Sampling | ||||||
techniques | chips, or specific specialised industry standard measurement | ||||||||
tools appropriate to the minerals under investigation, such as | • 250gm soil samples were taken using a -10# (2mm) mesh sieve | ||||||||
down hole gamma sondes, or handheld XRF instruments, | • Samples were taken from between 20 to 30 cm depth in B | ||||||||
etc.). These examples should not be taken as limiting the | horizon soils where possible. | ||||||||
broad meaning of sampling. | • 50 grams of the soil sample was removed on site for pH analysis | ||||||||
• Include reference to measures taken to ensure sample | in a slurry of 1:5 ratio with deionised water and measurements | ||||||||
representivity and the appropriate calibration of any | were completed on site with a hand held pH meter. | ||||||||
measurement tools or systems used. | • The pH meter was calibrated at the beginning of each batch of | ||||||||
• Aspects of the determination of mineralisation that are | measurements and control measurements were taken at every | ||||||||
Material to the Public Report. In cases where 'industry | 5th reading. | ||||||||
standard' work has been done this would be relatively simple | • 200 grams of dry soil sample was sent to ALS for analysis | ||||||||
(e.g. 'reverse circulation drilling was used to obtain 1 m | using Au-ST43 and ME-MS41 assay methods. | ||||||||
samples from which 3 kg was pulverised to produce a 30 g | |||||||||
charge for fire assay'). In other cases more explanation may | |||||||||
be required, such as where there is coarse gold that has | |||||||||
inherent sampling problems. Unusual commodities or | |||||||||
mineralisation types (e.g. submarine nodules) may warrant | |||||||||
disclosure of detailed information. | |||||||||
Drilling | • | Drill type (e.g. core, reverse circulation, open-hole hammer, | • No new drill results are presented in this report | ||||||
techniques | rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. | ||||||||
core diameter, triple or standard tube, depth of diamond tails, | |||||||||
face-sampling bit or other type, whether core is oriented and | |||||||||
if so, by what method, etc.). | |||||||||
Drill sample | • | Method of recording and assessing core and chip sample | • No new drill results are presented in this report | ||||||
recovery | • | recoveries and results assessed. | |||||||
Measures taken to maximise sample recovery and ensure | |||||||||
representative nature of the samples. | |||||||||
• Whether a relationship exists between sample recovery and | |||||||||
grade and whether sample bias may have occurred due to | |||||||||
preferential loss/gain of fine/coarse material. | |||||||||
Logging | • | Whether core and chip samples have been geologically and | • No new drill results are presented in this report | ||||||
geotechnically logged to a level of detail to support | |||||||||
appropriate Mineral Resource estimation, mining studies and | |||||||||
metallurgical studies. | |||||||||
• Whether logging is qualitative or quantitative in nature. Core | |||||||||
(or costean, channel, etc.) photography. | |||||||||
• The total length and percentage of the relevant intersections | |||||||||
logged. | |||||||||
Sub-sampling | • | If core, whether cut or sawn and whether quarter, half or all | • The nature, quality and appropriateness of sample preparation | ||||||
techniques | • | core taken. | techniques for soil sampling is deemed appropriate | ||||||
and sample | If non-core, whether riffled, tube sampled, rotary split, etc. | • Due to the low level detection analysis and inability to duplicate | |||||||
and whether sampled wet or dry. | soil samples exactly, no field duplicates were taken. | ||||||||
preparation | • | For all sample types, the nature, quality and appropriateness | • Sample sizes are appropriate to the grain size of the soil | ||||||
of the sample preparation technique. | samples. | ||||||||
• Quality control procedures adopted for all sub-sampling | |||||||||
stages to maximise representivity of samples. | |||||||||
• Measures taken to ensure that the sampling is representative | |||||||||
of the in situ material collected, including for instance results | |||||||||
for field duplicate/second-half sampling. | |||||||||
• Whether sample sizes are appropriate to the grain size of the | |||||||||
material being sampled. | |||||||||
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Criteria | JORC Code explanation | Commentary | |||||||
Quality of data | • | The nature, quality and appropriateness of the assaying and | • Assaying for soil sampling was completed using ALS method ME- | ||||||
and laboratory | laboratory procedures used and whether the technique is | MS41L with additional 25 g Au by ST43. This is an ultra-trace | |||||||
tests | considered partial or total. | package specifically designed for testing very low detection | |||||||
• | For geophysical tools, spectrometers, handheld XRF | limits in covering sediments. | |||||||
instruments, etc., the parameters used in determining the | • Due to variable nature of low detection analysis, no duplicates | ||||||||
analysis including instrument make and model, reading times, | or standards were used in quality control. | ||||||||
calibrations factors applied and their derivation, etc.. | |||||||||
• Nature of quality control procedures adopted (e.g. standards, | |||||||||
blanks, duplicates, external laboratory checks) and whether | |||||||||
acceptable levels of accuracy (i.e. lack of bias) and precision | |||||||||
have been established. | |||||||||
Verification of | • | The verification of significant intersections by either | • As soil sampling was designed for low level detection, no | ||||||
sampling and | independent or alternative company personnel. | verification of significant results was undertaken. | |||||||
assaying | • | The use of twinned holes. | • All data is entered digitally into data logging spreadsheets and | ||||||
• | Documentation of primary data, data entry procedures, data | uploaded to a database manager who incorporates the data. | |||||||
verification, data storage (physical and electronic) protocols. | • No adjustments have been made to the assay data | ||||||||
• Discuss any adjustment to assay data. | |||||||||
Location of | • | Accuracy and quality of surveys used to locate drill holes | • All EM geophysical lines were surveyed using airborne GPS units | ||||||
data points | (collar and down-hole surveys), trenches, mine workings and | using AGD94 Z56 coordinate system | |||||||
other locations used in Mineral Resource estimation. | • All soil sampling locations were surveyed using hand GPS units | ||||||||
• Specification of the grid system used. | respectively using AGD94 Z56 coordinate system | ||||||||
• Quality and adequacy of topographic control. | |||||||||
Data Spacing | • | Data spacing for reporting of Exploration Results. | • Soil samples were taken at 200m or 100m intervals on various | ||||||
and | • | Whether the data spacing and distribution is sufficient to | lines bisecting geophysical anomalies. | ||||||
distribution | establish the degree of geological and grade continuity | • The data spacing and distribution is insufficient to establish the | |||||||
appropriate for the Mineral Resource and Ore Reserve | degree of geological and grade continuity appropriate for the | ||||||||
estimation procedure(s) and classifications applied. | Mineral Resource and Ore Reserve estimation procedure(s) and | ||||||||
• Whether sample compositing has been applied. | classifications applied. | ||||||||
Orientation of | • | Whether the orientation of sampling achieves unbiased | • Best endeavours were made to ensure soil lines crossed | ||||||
data in | sampling of possible structures and the extent to which this is | geophysical anomalies so as best to represent a cross section of | |||||||
relation to | known, considering the deposit type. | the anomalism. | |||||||
• | If the relationship between the drilling orientation and the | ||||||||
geological | orientation of key mineralised structures is considered to | ||||||||
structure | have introduced a sampling bias, this should be assessed and | ||||||||
reported if material. | |||||||||
Sample | • | The measures taken to ensure sample security. | • Samples were stored in sealed polyweave bags on site and | ||||||
security | transported to the laboratory at regular intervals by MBK staff. | ||||||||
Audits or | • | The results of any audits or reviews of sampling techniques | • The sampling techniques are regularly reviewed. | ||||||
reviews | and data. | ||||||||
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Section 2 - Reporting of Exploration Results
(Criteria in this section apply to all succeeding sections.)
Criteria | JORC Code explanation | Commentary | ||||||
Mineral | • Type, reference name/number, location and ownership | • The Eidsvold project is within EPM18431, EPM18753 are all | ||||||
tenement and | including agreements or material issues with third parties | 100% owned by Roar Resources Pty Ltd a wholly owned | ||||||
land tenure | such as joint ventures, partnerships, overriding royalties, | subsidiary of Metal Bank Limited. | ||||||
native title interests, historical sites, wilderness or national | The tenement is in good standing and no known impediments | |||||||
status | park and environmental settings. | exist. | ||||||
• The security of the tenure held at the time of reporting along | ||||||||
with any known impediments to obtaining a licence to | ||||||||
operate in the area. | ||||||||
Exploration | • Acknowledgment and appraisal of exploration by other | • Newcrest completed exploration activities including ground | ||||||
done by other | parties. | magnetic and regional spaced RC drilling (15 holes) in 1998 over | ||||||
parties | a portion of the project adjacent to the historical goldfield. | |||||||
• All other exploration data and drill data presented was collected | ||||||||
by Metal Bank and Roar Resources Pty Ltd (a 100% subsidiary of | ||||||||
Metal Bank Limited). | ||||||||
Geology | • Deposit type, geological setting and style of mineralisation. | • EPM18431 and EPM18753 lie on the Eidsvold 1:100,000 map | ||||||
sheet. | ||||||||
• The style of mineralisation intersected is intrusion related gold | ||||||||
mineralisation within the multiphase Eidsvold Intrusive complex | ||||||||
as a part of the northern New England Orogen. | ||||||||
• Mt Brady lies 10 km north of the Eidsvold goldfield where | ||||||||
100,000 oz of gold was produced during the early 1900's. | ||||||||
Drill hole | • A summary of all information material to the understanding | • No new drill results are presented in this report | ||||||
information | of the exploration results including a tabulation of the | |||||||
following information for all Material drill holes: | ||||||||
o easting and northing of the drill hole collar | ||||||||
o elevation or RL (Reduced Level - elevation above sea | ||||||||
level in metres) of the drill hole collar | ||||||||
o dip and azimuth of the hole | ||||||||
o down hole length and interception depth | ||||||||
o hole length. | ||||||||
Data | • In reporting Exploration Results, weighting averaging | • Unless specified otherwise, a nominal 0.1 g/t Au lower cut‐off | ||||||
aggregation | techniques, maximum and/or minimum grade truncations | has been applied incorporating up to 2m of internal dilution | ||||||
methods | (e.g. cutting of high grades) and cut-off grades are usually | below the reporting cut‐off grade to highlight zones of gold | ||||||
Material and should be stated. | mineralisation. | |||||||
• Where aggregate intercepts incorporate short lengths of high | • High grade gold intervals internal to broader zones of | |||||||
grade results and longer lengths of low grade results, the | mineralisation are reported as included intervals. A nominal 10 | |||||||
procedure used for such aggregation should be stated and | g/t Au cut-off has been applied to reporting high grade gold | |||||||
some typical examples of such aggregations should be shown | intervals contained within broader zones of mineralisation. | |||||||
in detail. | These are routinely specified in the summary results tables. | |||||||
• The assumptions used for any reporting of metal equivalent | • No metal equivalent values have been used for reporting | |||||||
values should be clearly stated. | exploration results. | |||||||
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Criteria | JORC Code explanation | Commentary | |||||||
Relationship | • These relationships are particularly important in the reporting | • | No new drill results are presented in this report | ||||||
between | of Exploration Results. | ||||||||
mineralisation | • If the geometry of the mineralisation with respect to the drill | ||||||||
hole angle is known, its nature should be reported. | |||||||||
widths and | • If it is not known and only the down hole lengths are | ||||||||
intercept | reported, there should be a clear statement to this effect (e.g. | ||||||||
lengths | 'down hole length, true width not known'). | ||||||||
Diagrams | • Appropriate maps and sections (with scales) and tabulations | • | Refer to figures contained within this report. | ||||||
of intercepts should be included for any significant discovery | |||||||||
being reported These should include, but not be limited to a | |||||||||
plan view of drill hole collar locations and appropriate | |||||||||
sectional views. | |||||||||
Balanced | • Where comprehensive reporting of all Exploration Results is | • | All results are presented in figures contained within this report. | ||||||
reporting | not practicable, representative reporting of both low and high | ||||||||
grades and/or widths should be practiced to avoid misleading | |||||||||
reporting of Exploration Results. | |||||||||
Other | • Other exploration data, if meaningful and material, should be | Soil sampling program | |||||||
substantive | reported including (but not limited to): geological | • Advice on sampling methodology for the surface soil sampling | |||||||
exploration | observations; geophysical survey results; geochemical survey | program was provided by Dr Dennis Arne, Consultant | |||||||
results; bulk samples - size and method of treatment; | Geochemist, Telemark Geosciences. | ||||||||
data | metallurgical test results; bulk density, groundwater, | Airborne Electromagnetic Survey | |||||||
geotechnical and rock characteristics; potential deleterious or | |||||||||
contaminating substances. | • A 1000 km time domain EM geophysical survey was completed | ||||||||
by Graham Boyd, Geosolutions Limited, Adelaide using their | |||||||||
inhouse developed REPTEM helicopter-borne transient | |||||||||
electromagnetic prospecting system on 200m and 400m spaced | |||||||||
east-west lines with a mean terrain clearance of 40m. Data was | |||||||||
checked for quality and poor quality data containing outside | |||||||||
interference was removed. | |||||||||
Geophysical Modelling | |||||||||
• | 3D inversion modelling and geophysical interpretations were | ||||||||
completed by Michael Sexton, Consultant Geophysicist, Mykea | |||||||||
Geophysics. | |||||||||
Further Work | • The nature and scale of planned further work (e.g. tests for | • | Follow up soil sampling over high priority areas | ||||||
lateral extensions or depth extensions or large-scalestep-out | • | A follow up drilling program has been designed to enable initial | |||||||
drilling). | testing of the Great Eastern Target | ||||||||
• Diagrams clearly highlighting the areas of possible extensions, | |||||||||
including the main geological interpretations and future | |||||||||
drilling areas, provided this information is not commercially | |||||||||
sensitive. |
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Metal Bank Limited published this content on 05 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2020 23:48:00 UTC